Cardinal Capital Management Grows Position in Masimo Co. (NASDAQ:MASI)

Cardinal Capital Management increased its holdings in Masimo Co. (NASDAQ:MASI) by 25.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 14,764 shares of the medical equipment provider’s stock after purchasing an additional 2,962 shares during the period. Cardinal Capital Management’s holdings in Masimo were worth $2,168,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of MASI. Invesco Ltd. increased its position in Masimo by 7.4% in the third quarter. Invesco Ltd. now owns 99,962 shares of the medical equipment provider’s stock worth $8,765,000 after purchasing an additional 6,922 shares during the last quarter. Federated Hermes Inc. increased its position in Masimo by 2.0% in the third quarter. Federated Hermes Inc. now owns 169,635 shares of the medical equipment provider’s stock worth $14,874,000 after purchasing an additional 3,400 shares during the last quarter. Hawk Ridge Capital Management LP increased its position in Masimo by 124.4% in the third quarter. Hawk Ridge Capital Management LP now owns 567,765 shares of the medical equipment provider’s stock worth $49,782,000 after purchasing an additional 314,763 shares during the last quarter. Schonfeld Strategic Advisors LLC bought a new position in Masimo during the third quarter valued at $946,000. Finally, AXQ Capital LP bought a new position in Masimo during the third quarter valued at $754,000. Institutional investors own 85.96% of the company’s stock.

Analysts Set New Price Targets

MASI has been the topic of a number of analyst reports. Piper Sandler upgraded shares of Masimo from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $126.00 to $160.00 in a research report on Monday, June 3rd. BTIG Research boosted their price objective on shares of Masimo from $145.00 to $166.00 and gave the company a “buy” rating in a research report on Monday, March 25th. StockNews.com upgraded shares of Masimo from a “sell” rating to a “hold” rating in a research report on Friday, March 29th. Wells Fargo & Company raised shares of Masimo from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $117.00 to $160.00 in a research note on Monday, March 25th. Finally, Stifel Nicolaus raised shares of Masimo from a “hold” rating to a “buy” rating and boosted their target price for the company from $148.00 to $170.00 in a research note on Monday, April 15th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Masimo has a consensus rating of “Moderate Buy” and an average price target of $143.57.

Insider Buying and Selling

In other Masimo news, Director Craig B. Reynolds sold 40,000 shares of the stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $136.17, for a total transaction of $5,446,800.00. Following the completion of the sale, the director now directly owns 7,406 shares of the company’s stock, valued at $1,008,475.02. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 9.70% of the stock is owned by insiders.

Masimo Stock Down 0.3 %

NASDAQ:MASI traded down $0.36 during mid-day trading on Thursday, reaching $131.50. The company’s stock had a trading volume of 324,483 shares, compared to its average volume of 636,481. Masimo Co. has a 1 year low of $75.22 and a 1 year high of $167.04. The stock has a fifty day moving average of $129.38 and a 200-day moving average of $128.74. The firm has a market capitalization of $6.99 billion, a PE ratio of 89.70 and a beta of 1.00. The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 0.62.

Masimo (NASDAQ:MASI) last released its quarterly earnings data on Tuesday, May 7th. The medical equipment provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.06. Masimo had a net margin of 4.01% and a return on equity of 13.26%. The company had revenue of $492.80 million during the quarter, compared to analyst estimates of $487.70 million. During the same period in the prior year, the firm earned $0.87 earnings per share. The firm’s revenue for the quarter was down 12.8% compared to the same quarter last year. Equities research analysts forecast that Masimo Co. will post 3.63 earnings per share for the current year.

About Masimo

Masimo Corporation develops, manufactures, and markets various patient monitoring technologies, and automation and connectivity solutions worldwide. The company offers masimo signal extraction technology (SET) pulse oximetry with measure-through motion and low perfusion pulse oximetry monitoring to address the primary limitations of conventional pulse oximetry; Masimo rainbow SET platform, including rainbow SET Pulse CO-Oximetry products that allows noninvasive monitoring of carboxyhemoglobin, methemoglobin, hemoglobin concentration, fractional arterial oxygen saturation, oxygen content, pleth variability index, rainbow pleth variability index, respiration rate from the pleth, and oxygen reserve index, as well as acoustic respiration monitoring, SedLine brain function monitoring, NomoLine capnography and gas monitoring, and regional oximetry.