Insulet Co. (PODD) Shares Bought by Millennium Management LLC
Millennium Management LLC increased its position in shares of Insulet Co. (NASDAQ:PODD) by 87.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 532,109 shares of the medical instruments supplier’s stock after purchasing an additional 248,108 shares during the period. Millennium Management LLC owned 0.90% of Insulet worth $45,602,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. SG Americas Securities LLC boosted its stake in shares of Insulet by 63.6% in the first quarter. SG Americas Securities LLC now owns 3,837 shares of the medical instruments supplier’s stock valued at $333,000 after purchasing an additional 1,492 shares during the period. Swiss National Bank lifted its stake in Insulet by 2.2% in the first quarter. Swiss National Bank now owns 101,100 shares of the medical instruments supplier’s stock worth $8,763,000 after acquiring an additional 2,200 shares during the last quarter. State of Wisconsin Investment Board purchased a new position in Insulet in the first quarter worth approximately $3,467,000. Schwab Charles Investment Management Inc. lifted its stake in Insulet by 11.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 307,737 shares of the medical instruments supplier’s stock worth $26,675,000 after acquiring an additional 30,807 shares during the last quarter. Finally, Federated Investors Inc. PA lifted its stake in Insulet by 16.5% in the first quarter. Federated Investors Inc. PA now owns 245,556 shares of the medical instruments supplier’s stock worth $21,285,000 after acquiring an additional 34,756 shares during the last quarter.
A number of research analysts recently issued reports on PODD shares. Zacks Investment Research upgraded shares of Insulet from a “hold” rating to a “buy” rating and set a $119.00 price target for the company in a research note on Monday, October 1st. BidaskClub upgraded shares of Insulet from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, September 11th. Leerink Swann restated an “outperform” rating and set a $130.00 price objective on shares of Insulet in a research report on Tuesday, September 11th. Jefferies Financial Group restated a “buy” rating and set a $97.00 price objective on shares of Insulet in a research report on Friday, August 3rd. Finally, Oppenheimer set a $96.00 price objective on shares of Insulet and gave the stock a “hold” rating in a research report on Friday, August 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $99.13.
Insulet (NASDAQ:PODD) last posted its quarterly earnings results on Thursday, August 2nd. The medical instruments supplier reported ($0.03) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.13) by $0.10. Insulet had a negative net margin of 3.47% and a negative return on equity of 11.91%. The business had revenue of $124.26 million for the quarter, compared to analysts’ expectations of $132.89 million. During the same period in the prior year, the company posted ($0.13) EPS. The business’s revenue for the quarter was up 13.2% on a year-over-year basis. Sell-side analysts predict that Insulet Co. will post -0.09 EPS for the current year.
In related news, EVP Aiman Abdel-Malek sold 602 shares of the business’s stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $86.60, for a total value of $52,133.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Michael P. Spears sold 5,043 shares of the business’s stock in a transaction dated 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. Insiders sold a total of 7,207 shares of company stock worth $651,334 over the last quarter. Insiders own 3.60% of the company’s stock.
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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