Principal Financial Group Inc. Sells 8,748 Shares of RadNet, Inc. $RDNT

Principal Financial Group Inc. trimmed its position in shares of RadNet, Inc. (NASDAQ:RDNT) by 0.8% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,133,089 shares of the medical research company’s stock after selling 8,748 shares during the quarter. Principal Financial Group Inc.’s holdings in RadNet were worth $80,846,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of RDNT. Polar Capital Holdings Plc bought a new position in shares of RadNet in the third quarter valued at approximately $63,423,000. Van Berkom & Associates Inc. grew its position in RadNet by 14,163.6% during the 3rd quarter. Van Berkom & Associates Inc. now owns 823,582 shares of the medical research company’s stock worth $62,765,000 after acquiring an additional 817,808 shares during the last quarter. Ameriprise Financial Inc. grew its position in RadNet by 79.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,394,552 shares of the medical research company’s stock worth $79,364,000 after acquiring an additional 618,392 shares during the last quarter. Westfield Capital Management Co. LP acquired a new stake in RadNet during the 3rd quarter valued at $40,073,000. Finally, Alyeska Investment Group L.P. increased its holdings in RadNet by 34.6% during the 3rd quarter. Alyeska Investment Group L.P. now owns 1,152,293 shares of the medical research company’s stock valued at $87,816,000 after purchasing an additional 296,392 shares in the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

Insider Transactions at RadNet

In other RadNet news, insider Alma Gregory Sorensen sold 15,000 shares of the company’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $62.15, for a total transaction of $932,250.00. Following the transaction, the insider directly owned 1,208,923 shares in the company, valued at approximately $75,134,564.45. This represents a 1.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 5.60% of the company’s stock.

Wall Street Analyst Weigh In

RDNT has been the topic of a number of recent analyst reports. KeyCorp raised RadNet to a “strong-buy” rating in a research note on Friday, January 9th. Barclays lowered their target price on RadNet from $86.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday, April 21st. UBS Group set a $92.00 price target on RadNet in a report on Friday, January 9th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $91.00 price objective on shares of RadNet in a report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $88.14.

RadNet Stock Down 1.9%

NASDAQ RDNT opened at $57.50 on Friday. The stock has a fifty day moving average of $60.26 and a 200-day moving average of $69.81. The stock has a market capitalization of $4.50 billion, a P/E ratio of -230.00 and a beta of 1.43. RadNet, Inc. has a 52 week low of $50.76 and a 52 week high of $85.84. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.76 and a current ratio of 1.76.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings results on Monday, March 2nd. The medical research company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.04. The business had revenue of $547.71 million for the quarter, compared to analyst estimates of $515.67 million. RadNet had a positive return on equity of 2.52% and a negative net margin of 0.91%.The firm’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.22 earnings per share. On average, equities research analysts forecast that RadNet, Inc. will post 0.62 EPS for the current year.

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.