Whittier Trust Co. Grows Stake in RadNet, Inc. $RDNT

Whittier Trust Co. raised its position in shares of RadNet, Inc. (NASDAQ:RDNT) by 10.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 241,509 shares of the medical research company’s stock after purchasing an additional 22,216 shares during the period. Whittier Trust Co.’s holdings in RadNet were worth $13,297,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Geneos Wealth Management Inc. bought a new stake in shares of RadNet in the fourth quarter valued at about $25,000. Allworth Financial LP raised its holdings in shares of RadNet by 346.6% in the 3rd quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock valued at $30,000 after purchasing an additional 305 shares in the last quarter. Danske Bank A S bought a new stake in shares of RadNet in the 3rd quarter valued at about $30,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of RadNet in the 4th quarter worth approximately $36,000. Finally, Harbour Investments Inc. purchased a new stake in shares of RadNet in the 4th quarter worth approximately $42,000. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Barclays cut their price objective on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, May 20th. Weiss Ratings cut RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $87.43.

RadNet Stock Performance

Shares of RadNet stock opened at $68.75 on Monday. The company has a market capitalization of $5.41 billion, a PE ratio of -381.92 and a beta of 1.37. The company has a 50-day simple moving average of $56.57 and a two-hundred day simple moving average of $63.28. RadNet, Inc. has a one year low of $50.76 and a one year high of $85.84. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.17 and a current ratio of 1.17.

RadNet (NASDAQ:RDNT) last released its quarterly earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.14). RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The firm had revenue of $575.63 million during the quarter, compared to the consensus estimate of $557.93 million. During the same quarter in the prior year, the business posted ($0.50) earnings per share. The firm’s quarterly revenue was up 22.1% on a year-over-year basis. Research analysts expect that RadNet, Inc. will post 0.54 EPS for the current fiscal year.

Insider Activity at RadNet

In other news, CEO Cornelis Wesdorp sold 4,750 shares of the firm’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total value of $276,022.50. Following the completion of the sale, the chief executive officer owned 69,075 shares of the company’s stock, valued at $4,013,948.25. This trade represents a 6.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David L. Swartz sold 2,699 shares of the business’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $53.89, for a total value of $145,449.11. Following the transaction, the director owned 177,013 shares in the company, valued at approximately $9,539,230.57. This trade represents a 1.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 5.60% of the stock is owned by company insiders.

RadNet Company Profile

RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.

Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.