Fifth Third Bancorp Has $1.91 Million Stock Holdings in RadNet, Inc. $RDNT

Fifth Third Bancorp grew its stake in RadNet, Inc. (NASDAQ:RDNT) by 6,610.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 34,224 shares of the medical research company’s stock after purchasing an additional 33,714 shares during the quarter. Fifth Third Bancorp’s holdings in RadNet were worth $1,913,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. RTW Investments LP increased its holdings in RadNet by 39.9% in the fourth quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company’s stock valued at $281,012,000 after purchasing an additional 1,122,956 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in RadNet by 30.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,699,082 shares of the medical research company’s stock worth $192,581,000 after buying an additional 627,936 shares during the last quarter. State Street Corp boosted its holdings in RadNet by 1.6% during the fourth quarter. State Street Corp now owns 2,579,073 shares of the medical research company’s stock worth $184,017,000 after buying an additional 41,356 shares during the last quarter. Geode Capital Management LLC grew its position in shares of RadNet by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 1,671,543 shares of the medical research company’s stock worth $119,283,000 after buying an additional 6,655 shares during the period. Finally, Invesco Ltd. increased its stake in shares of RadNet by 26.4% in the 4th quarter. Invesco Ltd. now owns 1,596,780 shares of the medical research company’s stock valued at $113,930,000 after acquiring an additional 333,911 shares during the last quarter. 77.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Insider Activity

In related news, CEO Cornelis Wesdorp sold 4,750 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total value of $276,022.50. Following the completion of the transaction, 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 position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David L. Swartz sold 2,699 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $53.89, for a total transaction of $145,449.11. Following the completion of the transaction, the director directly owned 177,013 shares of the company’s stock, valued at approximately $9,539,230.57. This represents a 1.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 5.60% of the company’s stock.

RadNet Stock Down 4.3%

NASDAQ:RDNT opened at $59.22 on Thursday. The company’s 50-day simple moving average is $58.33 and its 200-day simple moving average is $62.47. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.17 and a current ratio of 1.17. RadNet, Inc. has a fifty-two week low of $50.76 and a fifty-two week high of $85.84. The stock has a market capitalization of $4.66 billion, a P/E ratio of -328.98 and a beta of 1.37.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings data 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 business had revenue of $575.63 million for the quarter, compared to analysts’ expectations of $557.93 million. During the same quarter in the prior year, the company posted ($0.50) EPS. The business’s revenue for the quarter was up 22.1% on a year-over-year basis. On average, equities analysts anticipate that RadNet, Inc. will post 0.54 earnings per share for the current fiscal year.

RadNet Company 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.