Bessemer Group Inc. Has $21.30 Million Stock Holdings in RadNet, Inc. $RDNT

Bessemer Group Inc. lifted its position in RadNet, Inc. (NASDAQ:RDNT) by 4.5% during the second quarter, HoldingsChannel.com reports. The fund owned 374,347 shares of the medical research company’s stock after purchasing an additional 16,254 shares during the period. Bessemer Group Inc.’s holdings in RadNet were worth $21,304,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Xponance Inc. raised its position in shares of RadNet by 5.0% in the 1st quarter. Xponance Inc. now owns 5,010 shares of the medical research company’s stock valued at $249,000 after acquiring an additional 239 shares during the period. GAMMA Investing LLC raised its holdings in RadNet by 22.3% during the 1st quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company’s stock worth $82,000 after buying an additional 300 shares during the period. AQR Capital Management LLC raised its holdings in RadNet by 5.4% during the 1st quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company’s stock worth $340,000 after buying an additional 350 shares during the period. Maryland State Retirement & Pension System raised its holdings in RadNet by 2.2% during the 2nd quarter. Maryland State Retirement & Pension System now owns 19,404 shares of the medical research company’s stock worth $1,104,000 after buying an additional 423 shares during the period. Finally, HighTower Advisors LLC raised its holdings in RadNet by 6.2% during the 1st quarter. HighTower Advisors LLC now owns 9,345 shares of the medical research company’s stock worth $465,000 after buying an additional 548 shares during the period. 77.90% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Ranjan Jayanathan sold 65,598 shares of the firm’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $67.50, for a total value of $4,427,865.00. Following the completion of the transaction, the insider directly owned 138,198 shares of the company’s stock, valued at approximately $9,328,365. This trade represents a 32.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Stolper sold 35,000 shares of the firm’s stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $73.89, for a total transaction of $2,586,150.00. Following the completion of the transaction, the executive vice president directly owned 68,012 shares of the company’s stock, valued at $5,025,406.68. This represents a 33.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 135,098 shares of company stock valued at $9,430,715 in the last ninety days. 5.60% of the stock is currently owned by insiders.

RadNet Price Performance

Shares of RDNT opened at $79.10 on Wednesday. The stock has a market capitalization of $6.08 billion, a P/E ratio of -395.48 and a beta of 1.59. RadNet, Inc. has a twelve month low of $45.00 and a twelve month high of $93.65. The company has a 50 day moving average of $74.87 and a 200-day moving average of $62.94. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.91.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.14. The company had revenue of $498.23 million during the quarter, compared to analysts’ expectations of $488.06 million. RadNet had a negative net margin of 0.78% and a positive return on equity of 2.41%. The business’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period last year, the business earned $0.16 EPS. As a group, equities research analysts forecast that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have commented on the stock. Weiss Ratings restated a “sell (d)” rating on shares of RadNet in a report on Wednesday, October 8th. Barclays raised their target price on shares of RadNet from $60.00 to $79.00 and gave the stock an “overweight” rating in a report on Wednesday, September 3rd. Raymond James Financial restated a “strong-buy” rating and set a $75.00 target price (up from $66.00) on shares of RadNet in a report on Wednesday, August 13th. Morgan Stanley upgraded shares of RadNet to an “overweight” rating in a report on Monday, August 11th. Finally, Wall Street Zen upgraded shares of RadNet from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. Three analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, RadNet presently has an average rating of “Buy” and a consensus price target of $76.80.

About RadNet

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.