The Manufacturers Life Insurance Company Has $2.21 Million Holdings in RadNet, Inc. (NASDAQ:RDNT)

The Manufacturers Life Insurance Company grew its holdings in RadNet, Inc. (NASDAQ:RDNT) by 12.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 37,473 shares of the medical research company’s stock after purchasing an additional 4,074 shares during the period. The Manufacturers Life Insurance Company owned about 0.05% of RadNet worth $2,208,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in RDNT. Clearbridge Investments LLC acquired a new position in RadNet during the first quarter worth $26,617,000. Allspring Global Investments Holdings LLC increased its holdings in RadNet by 103.8% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,011,974 shares of the medical research company’s stock worth $59,626,000 after buying an additional 515,342 shares during the last quarter. 8 Knots Management LLC acquired a new position in RadNet during the first quarter worth $20,273,000. Vanguard Group Inc. increased its holdings in RadNet by 8.1% during the first quarter. Vanguard Group Inc. now owns 4,600,539 shares of the medical research company’s stock worth $223,862,000 after buying an additional 345,822 shares during the last quarter. Finally, Whittier Trust Co. acquired a new position in RadNet during the second quarter worth $11,069,000. 77.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Michael N. Murdock sold 15,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $62.78, for a total value of $941,700.00. Following the completion of the sale, the executive vice president now owns 48,144 shares of the company’s stock, valued at approximately $3,022,480.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.12% of the stock is currently owned by company insiders.

RadNet Trading Down 1.5 %

Shares of RadNet stock opened at $66.38 on Thursday. The firm has a 50-day moving average of $64.75 and a 200-day moving average of $58.83. The stock has a market cap of $4.90 billion, a PE ratio of 221.27 and a beta of 1.74. RadNet, Inc. has a 52-week low of $25.11 and a 52-week high of $71.92. The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.12 and a current ratio of 2.12.

RadNet (NASDAQ:RDNT) last announced its earnings results on Wednesday, August 7th. The medical research company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). The business had revenue of $459.70 million during the quarter, compared to the consensus estimate of $438.53 million. RadNet had a net margin of 0.58% and a return on equity of 4.30%. The company’s revenue was up 13.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.24 EPS. As a group, sell-side analysts forecast that RadNet, Inc. will post 0.6 EPS for the current year.

Analysts Set New Price Targets

RDNT has been the topic of a number of recent analyst reports. Barclays upgraded shares of RadNet from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $57.00 to $79.00 in a report on Friday, September 6th. Sidoti upgraded shares of RadNet to a “strong-buy” rating in a report on Friday, October 4th. Jefferies Financial Group upped their price objective on shares of RadNet from $75.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Finally, Truist Financial upped their price objective on shares of RadNet from $70.00 to $80.00 and gave the company a “buy” rating in a report on Monday, September 23rd. One analyst has rated the stock with a sell rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $74.75.

RadNet Profile

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. The company operates in two segments: Imaging Centers and Artificial Intelligence. Its services include magnetic resonance imaging, computed tomography, positron emission tomography, nuclear medicine, mammography, ultrasound, diagnostic radiology, fluoroscopy, and other related procedures, as well as multi-modality imaging services.