Principal Financial Group Inc. Grows Holdings in RadNet, Inc. (NASDAQ:RDNT)

Principal Financial Group Inc. grew its holdings in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 8.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,506,545 shares of the medical research company's stock after acquiring an additional 118,501 shares during the period. Principal Financial Group Inc. owned about 2.04% of RadNet worth $104,539,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. UniSuper Management Pty Ltd bought a new position in RadNet during the first quarter worth $683,000. Janus Henderson Group PLC raised its stake in RadNet by 108.6% during the first quarter. Janus Henderson Group PLC now owns 64,029 shares of the medical research company's stock worth $3,112,000 after buying an additional 33,335 shares during the last quarter. Russell Investments Group Ltd. raised its stake in RadNet by 103.4% during the first quarter. Russell Investments Group Ltd. now owns 249,898 shares of the medical research company's stock worth $12,160,000 after buying an additional 127,039 shares during the last quarter. Sei Investments Co. raised its stake in RadNet by 18.8% during the first quarter. Sei Investments Co. now owns 65,899 shares of the medical research company's stock worth $3,207,000 after buying an additional 10,430 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new position in RadNet during the first quarter worth $1,049,000. Institutional investors own 77.90% of the company's stock.

Insider Activity

In related 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 transaction of $941,700.00. Following the transaction, the executive vice president now directly owns 48,144 shares in the company, valued at approximately $3,022,480.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.12% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Truist Financial lifted their target price on shares of RadNet from $70.00 to $80.00 and gave the stock a "buy" rating in a research note on Monday, September 23rd. Barclays raised shares of RadNet from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $57.00 to $79.00 in a research note on Friday, September 6th. Sidoti raised shares of RadNet to a "strong-buy" rating in a research note on Friday, October 4th. Finally, Jefferies Financial Group lifted their price target on shares of RadNet from $75.00 to $80.00 and gave the company a "buy" rating in a research note on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $74.75.

RadNet Stock Up 1.6 %

Shares of NASDAQ RDNT traded up $1.13 during mid-day trading on Friday, reaching $72.53. 838,939 shares of the company's stock traded hands, compared to its average volume of 439,413. The stock has a market cap of $5.36 billion, a P/E ratio of 518.07 and a beta of 1.75. The business has a 50-day simple moving average of $67.36 and a 200 day simple moving average of $61.90. RadNet, Inc. has a 1-year low of $28.27 and a 1-year high of $72.69. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.12 and a quick ratio of 2.12.

RadNet (NASDAQ:RDNT - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $438.53 million. RadNet had a net margin of 0.58% and a return on equity of 4.30%. The firm's quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.24 earnings per share. On average, analysts expect that RadNet, Inc. will post 0.59 EPS for the current fiscal year.

RadNet Company 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.