Bessemer Group Inc. Has $30.75 Million Stock Position in RadNet, Inc. $RDNT

Bessemer Group Inc. grew its holdings in shares of RadNet, Inc. (NASDAQ:RDNT) by 11.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 550,172 shares of the medical research company’s stock after purchasing an additional 56,173 shares during the quarter. Bessemer Group Inc. owned about 0.70% of RadNet worth $30,749,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of RDNT. Geneos Wealth Management Inc. acquired a new position in RadNet during the fourth quarter worth $25,000. Allworth Financial LP lifted its position in shares of RadNet by 346.6% in the third quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock worth $30,000 after buying an additional 305 shares during the last quarter. Danske Bank A S bought a new position in shares of RadNet in the third quarter valued at approximately $30,000. Eurizon Capital SGR S.p.A. acquired a new stake in shares of RadNet in the fourth quarter worth $36,000. Finally, Harbour Investments Inc. acquired a new stake in shares of RadNet in the fourth quarter worth $42,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on RDNT. Barclays lowered their target price on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 20th. Weiss Ratings cut shares of RadNet from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Finally, Zacks Research cut shares of RadNet from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $87.43.

Insider Activity

In related news, CEO Cornelis Wesdorp sold 4,750 shares of RadNet stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total transaction of $276,022.50. Following the sale, the chief executive officer directly owned 69,075 shares of the company’s stock, valued at $4,013,948.25. This trade represents a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a filing 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 dated Thursday, June 18th. The shares were 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 $9,539,230.57. This 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 currently owned by company insiders.

RadNet Trading Down 1.3%

Shares of RadNet stock opened at $62.19 on Friday. RadNet, Inc. has a 1 year low of $50.76 and a 1 year high of $85.84. The company’s fifty day simple moving average is $57.99 and its 200-day simple moving average is $62.76. The company has a market cap of $4.89 billion, a price-to-earnings ratio of -345.48 and a beta of 1.37. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.79.

RadNet (NASDAQ:RDNT) last released its earnings results on Monday, May 11th. The medical research company reported ($0.28) EPS for the quarter, missing the consensus estimate 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 company had revenue of $575.63 million for the quarter, compared to analyst estimates of $557.93 million. During the same quarter in the previous year, the company earned ($0.50) earnings per share. RadNet’s revenue for the quarter was up 22.1% compared to the same quarter last year. As a group, sell-side analysts expect that RadNet, Inc. will post 0.54 EPS for the current year.

RadNet 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.