Masimo Corporation (NASDAQ:MASI) Shares Sold by Westfield Capital Management Co. LP

Key Points

• Westfield Capital Management Co. LP has decreased its stake in Masimo Corporation by 12.7%, now owning approximately 671,479 shares valued at around $111.9 million.
• Institutional investors hold a significant portion of Masimo, with 85.96% of the stock owned by such investors and several, including Envestnet and GAMMA Investing LLC, increasing their stakes recently.
• Masimo has received mixed ratings from analysts, with a consensus rating of "Moderate Buy" and a target price of $191.60, but some recent price targets have been lowered.

Westfield Capital Management Co. LP reduced its stake in shares of Masimo Corporation (NASDAQ:MASI - Free Report) by 12.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 671,479 shares of the medical equipment provider's stock after selling 97,379 shares during the period. Westfield Capital Management Co. LP owned approximately 1.24% of Masimo worth $111,868,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of Nova Scotia acquired a new stake in Masimo during the 1st quarter worth approximately $15,528,000. PNC Financial Services Group Inc. lifted its stake in shares of Masimo by 21.3% in the first quarter. PNC Financial Services Group Inc. now owns 5,684 shares of the medical equipment provider's stock valued at $947,000 after purchasing an additional 999 shares during the period. Commerce Bank raised its position in Masimo by 2.5% during the first quarter. Commerce Bank now owns 5,024 shares of the medical equipment provider's stock worth $837,000 after acquiring an additional 124 shares during the last quarter. Wealthquest Corp purchased a new stake in shares of Masimo during the first quarter worth about $352,000. Finally, Vestcor Inc purchased a new stake in shares of Masimo during the first quarter worth about $637,000. Hedge funds and other institutional investors own 85.96% of the company's stock.

Masimo Stock Down 11.7%

Shares of NASDAQ:MASI traded down $19.23 during mid-day trading on Wednesday, hitting $144.65. 3,725,097 shares of the company traded hands, compared to its average volume of 569,227. The stock has a market cap of $7.84 billion, a P/E ratio of -16.98 and a beta of 1.21. The stock has a 50-day moving average price of $163.04 and a two-hundred day moving average price of $165.04. The company has a current ratio of 2.17, a quick ratio of 1.62 and a debt-to-equity ratio of 0.67. Masimo Corporation has a 12-month low of $107.98 and a 12-month high of $194.88.

Masimo (NASDAQ:MASI - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The medical equipment provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.11. Masimo had a positive return on equity of 25.91% and a negative net margin of 24.85%. The company had revenue of $370.90 million for the quarter, compared to the consensus estimate of $368.65 million. During the same quarter in the prior year, the business posted $0.86 EPS. The firm's quarterly revenue was up 7.7% compared to the same quarter last year. On average, equities research analysts forecast that Masimo Corporation will post 4.1 earnings per share for the current year.

Insider Transactions at Masimo

In other news, COO Bilal Muhsin sold 10,000 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $163.28, for a total transaction of $1,632,800.00. Following the sale, the chief operating officer directly owned 24,172 shares in the company, valued at $3,946,804.16. This trade represents a 29.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 9.70% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

MASI has been the topic of a number of recent research reports. Piper Sandler boosted their target price on shares of Masimo from $200.00 to $210.00 and gave the stock an "overweight" rating in a research report on Wednesday. Needham & Company LLC reaffirmed a "hold" rating on shares of Masimo in a research note on Thursday, April 10th. Wall Street Zen downgraded Masimo from a "buy" rating to a "hold" rating in a report on Friday, May 30th. Wells Fargo & Company lowered their price objective on shares of Masimo from $205.00 to $190.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. Finally, Raymond James Financial reduced their target price on Masimo from $204.00 to $185.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Masimo currently has an average rating of "Moderate Buy" and an average target price of $193.60.

Masimo Company Profile

Masimo Corporation develops, manufactures, and markets various patient monitoring technologies, and automation and connectivity solutions worldwide. The company offers masimo signal extraction technology (SET) pulse oximetry with measure-through motion and low perfusion pulse oximetry monitoring to address the primary limitations of conventional pulse oximetry; Masimo rainbow SET platform, including rainbow SET Pulse CO-Oximetry products that allows noninvasive monitoring of carboxyhemoglobin, methemoglobin, hemoglobin concentration, fractional arterial oxygen saturation, oxygen content, pleth variability index, rainbow pleth variability index, respiration rate from the pleth, and oxygen reserve index, as well as acoustic respiration monitoring, SedLine brain function monitoring, NomoLine capnography and gas monitoring, and regional oximetry.