Bank of New York Mellon Corp trimmed its position in Insulet Co. (NASDAQ:PODD) by 13.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 252,414 shares of the medical instruments supplier’s stock after selling 40,337 shares during the period. Bank of New York Mellon Corp owned about 0.43% of Insulet worth $21,632,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the business. Lord Abbett & CO. LLC lifted its holdings in Insulet by 2.9% in the 1st quarter. Lord Abbett & CO. LLC now owns 1,208,861 shares of the medical instruments supplier’s stock valued at $104,784,000 after purchasing an additional 34,025 shares in the last quarter. OppenheimerFunds Inc. lifted its holdings in Insulet by 160.1% in the 1st quarter. OppenheimerFunds Inc. now owns 625,117 shares of the medical instruments supplier’s stock valued at $54,185,000 after purchasing an additional 384,790 shares in the last quarter. KAMES CAPITAL plc lifted its holdings in Insulet by 145.6% in the 1st quarter. KAMES CAPITAL plc now owns 582,800 shares of the medical instruments supplier’s stock valued at $50,482,000 after purchasing an additional 345,476 shares in the last quarter. Eagle Asset Management Inc. purchased a new position in Insulet in the 1st quarter valued at about $47,002,000. Finally, Victory Capital Management Inc. lifted its holdings in Insulet by 4.8% in the 2nd quarter. Victory Capital Management Inc. now owns 459,740 shares of the medical instruments supplier’s stock valued at $39,400,000 after purchasing an additional 21,170 shares in the last quarter.
PODD has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of Insulet from a “hold” rating to a “buy” rating and set a $96.00 target price on the stock in a report on Tuesday, August 7th. BidaskClub upgraded shares of Insulet from a “hold” rating to a “buy” rating in a report on Thursday, August 30th. Jefferies Financial Group restated a “buy” rating and issued a $97.00 target price on shares of Insulet in a report on Friday, August 3rd. Canaccord Genuity upped their target price on shares of Insulet from $96.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, May 23rd. Finally, Morgan Stanley increased their price objective on shares of Insulet from $87.00 to $96.00 and gave the stock an “equal weight” rating in a report on Friday, June 1st. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $95.24.
In related news, insider Shacey Petrovic sold 960 shares of the stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $104.26, for a total transaction of $100,089.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael P. Spears sold 5,043 shares of the stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $86.08, for a total transaction of $434,101.44. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,605 shares of company stock valued at $586,324. Corporate insiders own 3.60% of the company’s stock.
Shares of PODD stock opened at $106.83 on Friday. The stock has a market cap of $6.32 billion, a PE ratio of -232.24 and a beta of 1.58. Insulet Co. has a 1-year low of $54.55 and a 1-year high of $108.90. The company has a debt-to-equity ratio of 3.22, a quick ratio of 5.01 and a current ratio of 5.54.
Insulet (NASDAQ:PODD) last announced its quarterly earnings data on Thursday, August 2nd. The medical instruments supplier reported ($0.03) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.10. The business had revenue of $124.26 million for the quarter, compared to analyst estimates of $132.89 million. Insulet had a negative net margin of 3.47% and a negative return on equity of 11.91%. The company’s revenue was up 13.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.13) EPS. analysts forecast that Insulet Co. will post -0.09 earnings per share for the current fiscal year.
Insulet Company Profile
Insulet Corporation develops, manufactures, and sells insulin delivery systems for people with insulin-dependent diabetes in the United States and internationally. The company offers Omnipod Insulin Management System (Omnipod System), which consists of an easy-to-use continuous insulin delivery system; and Personal Diabetes Manager, a handheld wireless device.
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