California State Teachers Retirement System Has $4.34 Million Stake in RadNet, Inc. $RDNT

California State Teachers Retirement System raised its position in RadNet, Inc. (NASDAQ:RDNT) by 25.4% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 77,646 shares of the medical research company’s stock after buying an additional 15,746 shares during the period. California State Teachers Retirement System’s holdings in RadNet were worth $4,340,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Nations Financial Group Inc. IA ADV acquired a new stake in shares of RadNet during the fourth quarter worth $1,118,000. Van Berkom & Associates Inc. lifted its stake in RadNet by 24.9% in the first quarter. Van Berkom & Associates Inc. now owns 1,028,586 shares of the medical research company’s stock valued at $57,488,000 after buying an additional 204,858 shares during the period. Campbell Newman Asset Management Inc. acquired a new position in RadNet in the fourth quarter valued at about $1,773,000. Bessemer Group Inc. boosted its holdings in RadNet by 11.4% during the fourth quarter. Bessemer Group Inc. now owns 493,999 shares of the medical research company’s stock worth $35,248,000 after buying an additional 50,690 shares during the last quarter. Finally, SEB Asset Management AB bought a new position in RadNet during the first quarter worth about $4,287,000. 77.90% of the stock is owned by institutional investors.

Insider Transactions at RadNet

In related news, CEO Cornelis Wesdorp sold 4,750 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total transaction of $276,022.50. Following the completion of the transaction, the chief executive officer directly owned 69,075 shares in the company, valued at approximately $4,013,948.25. This trade represents a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David L. Swartz sold 2,699 shares of RadNet stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $53.89, for a total value of $145,449.11. Following the completion of the sale, the director directly owned 177,013 shares in the company, 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. Insiders own 5.14% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Zacks Research cut RadNet from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Jefferies Financial Group reissued a “buy” rating on shares of RadNet in a research note on Friday, July 31st. Barclays decreased their price objective on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, May 20th. Finally, Weiss Ratings downgraded shares of RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, RadNet currently has a consensus rating of “Moderate Buy” and a consensus target price of $87.43.

RadNet Stock Up 6.2%

NASDAQ:RDNT opened at $72.39 on Friday. The stock has a 50-day moving average price of $60.95 and a two-hundred day moving average price of $61.73. RadNet, Inc. has a 1 year low of $50.82 and a 1 year high of $85.84. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.79. The stock has a market cap of $5.69 billion, a price-to-earnings ratio of -402.14 and a beta of 1.36.

RadNet (NASDAQ:RDNT) last announced its earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.14). The company had revenue of $575.63 million during the quarter, compared to analyst estimates of $557.93 million. RadNet had a positive return on equity of 2.77% and a negative net margin of 0.66%.RadNet’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same period in the previous year, the company posted ($0.50) earnings per share. As a group, equities analysts expect that RadNet, Inc. will post 0.52 earnings per share for the current year.

About RadNet

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.