State of Michigan Retirement System Sells 100 Shares of Insulet Co. (NASDAQ:PODD)

State of Michigan Retirement System decreased its holdings in Insulet Co. (NASDAQ:PODD) by 0.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 19,000 shares of the medical instruments supplier’s stock after selling 100 shares during the period. State of Michigan Retirement System’s holdings in Insulet were worth $4,960,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Baillie Gifford & Co. lifted its stake in Insulet by 20.7% in the 3rd quarter. Baillie Gifford & Co. now owns 2,275,701 shares of the medical instruments supplier’s stock valued at $529,669,000 after purchasing an additional 389,639 shares during the last quarter. Mizuho Securities USA LLC lifted its stake in shares of Insulet by 5,928.1% in the 3rd quarter. Mizuho Securities USA LLC now owns 325,821 shares of the medical instruments supplier’s stock valued at $75,835,000 after acquiring an additional 320,416 shares during the last quarter. Alecta Tjanstepension Omsesidigt acquired a new stake in shares of Insulet during the 4th quarter valued at $53,184,000. Charles Schwab Investment Management Inc. grew its position in Insulet by 43.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 636,265 shares of the medical instruments supplier’s stock worth $148,091,000 after acquiring an additional 193,839 shares during the last quarter. Finally, Westfield Capital Management Co. LP grew its position in Insulet by 27.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 754,872 shares of the medical instruments supplier’s stock worth $175,697,000 after acquiring an additional 163,388 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PODD. Piper Sandler lifted their price target on Insulet from $285.00 to $310.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Stifel Nicolaus lifted their target price on shares of Insulet from $245.00 to $293.00 and gave the stock a “hold” rating in a research report on Friday, February 21st. Royal Bank of Canada assumed coverage on shares of Insulet in a research report on Thursday. They issued an “outperform” rating and a $340.00 price target for the company. BTIG Research raised their price target on shares of Insulet from $260.00 to $270.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, Barclays boosted their price objective on shares of Insulet from $220.00 to $234.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $292.06.

Insulet Trading Down 4.1 %

Shares of PODD stock opened at $259.67 on Friday. Insulet Co. has a fifty-two week low of $160.19 and a fifty-two week high of $289.46. The company has a debt-to-equity ratio of 1.21, a quick ratio of 2.80 and a current ratio of 3.68. The stock has a 50 day simple moving average of $274.48 and a two-hundred day simple moving average of $251.93. The company has a market cap of $18.24 billion, a P/E ratio of 44.85, a PEG ratio of 3.62 and a beta of 1.29.

Insulet (NASDAQ:PODD) last released its quarterly earnings data on Thursday, February 20th. The medical instruments supplier reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.15. The company had revenue of $597.50 million during the quarter, compared to analyst estimates of $582.02 million. Insulet had a net margin of 20.19% and a return on equity of 24.46%. Research analysts forecast that Insulet Co. will post 3.92 earnings per share for the current year.

Insider Buying and Selling at Insulet

In other Insulet news, EVP Eric Benjamin sold 12,394 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $280.00, for a total value of $3,470,320.00. Following the completion of the sale, the executive vice president now owns 11,383 shares of the company’s stock, valued at approximately $3,187,240. This trade represents a 52.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Lauren Budden sold 915 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $275.62, for a total value of $252,192.30. Following the transaction, the chief accounting officer now directly owns 5,733 shares in the company, valued at $1,580,129.46. The trade was a 13.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.47% of the company’s stock.

About Insulet

Insulet Corporation develops, manufactures, and sells insulin delivery systems for people with insulin-dependent diabetes. The company's Omnipod platform includes the Omnipod 5 Automated Insulin Delivery System (Omnipod 5) which includes a proprietary AID algorithm embedded in the Pod that integrates with a third-party continuous glucose monitor to obtain glucose values through wireless bluetooth communication; Omnipod DASH that features a bluetooth enabled Pod that is controlled by a smartphone-like Personal Diabetes Manager with a color touch screen user interface; and Omnipod GO, a standalone, wearable, insulin delivery system that provides a fixed rate of continuous rapid-acting insulin for 72 hours.