Principal Financial Group Inc. Has $80.85 Million Stake in RadNet, Inc. $RDNT

Principal Financial Group Inc. reduced its holdings in RadNet, Inc. (NASDAQ:RDNT) by 0.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,133,089 shares of the medical research company’s stock after selling 8,748 shares during the quarter. Principal Financial Group Inc. owned about 1.47% of RadNet worth $80,846,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in RDNT. WCM Investment Management LLC boosted its stake in RadNet by 32.6% during the 3rd quarter. WCM Investment Management LLC now owns 285,778 shares of the medical research company’s stock valued at $21,348,000 after purchasing an additional 70,244 shares during the period. Mairs & Power Inc. increased its position in RadNet by 68.9% in the 3rd quarter. Mairs & Power Inc. now owns 97,483 shares of the medical research company’s stock worth $7,429,000 after buying an additional 39,752 shares during the period. US Bancorp DE lifted its holdings in shares of RadNet by 485.4% during the third quarter. US Bancorp DE now owns 28,350 shares of the medical research company’s stock worth $2,161,000 after buying an additional 23,507 shares during the last quarter. Penserra Capital Management LLC lifted its holdings in shares of RadNet by 43.4% during the third quarter. Penserra Capital Management LLC now owns 479,077 shares of the medical research company’s stock worth $36,510,000 after buying an additional 144,897 shares during the last quarter. Finally, New York State Teachers Retirement System boosted its position in shares of RadNet by 53.1% in the third quarter. New York State Teachers Retirement System now owns 30,855 shares of the medical research company’s stock valued at $2,351,000 after acquiring an additional 10,700 shares during the period. 77.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RDNT. KeyCorp upgraded shares of RadNet to a “strong-buy” rating in a research note on Friday, January 9th. Barclays reduced their price target on shares of RadNet from $86.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday, April 21st. UBS Group set a $92.00 price target on shares of RadNet in a research report on Friday, January 9th. Finally, Jefferies Financial Group restated a “buy” rating and set a $91.00 price objective on shares of RadNet in a report on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.14.

RadNet Stock Down 1.9%

Shares of RDNT opened at $57.50 on Friday. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.79. The company has a 50-day moving average price of $60.26 and a two-hundred day moving average price of $69.81. The stock has a market cap of $4.50 billion, a price-to-earnings ratio of -230.00 and a beta of 1.43. RadNet, Inc. has a 12 month low of $50.76 and a 12 month high of $85.84.

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

Insider Transactions at RadNet

In other RadNet news, insider Alma Gregory Sorensen sold 15,000 shares of the stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $62.15, for a total transaction of $932,250.00. Following the completion of the transaction, the insider directly owned 1,208,923 shares in the company, valued at $75,134,564.45. This represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.60% of the stock is owned by corporate insiders.

About RadNet

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.