Kornitzer Capital Management Inc. KS Makes New $21.55 Million Investment in Insulet Co. (NASDAQ:PODD)

Kornitzer Capital Management Inc. KS purchased a new position in Insulet Co. (NASDAQ:PODD) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 180,517 shares of the medical instruments supplier’s stock, valued at approximately $21,550,000. Kornitzer Capital Management Inc. KS owned 0.30% of Insulet as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. FMR LLC boosted its stake in shares of Insulet by 0.3% during the 1st quarter. FMR LLC now owns 8,821,151 shares of the medical instruments supplier’s stock valued at $838,802,000 after buying an additional 30,262 shares during the last quarter. Primecap Management Co. CA boosted its stake in shares of Insulet by 0.9% during the 1st quarter. Primecap Management Co. CA now owns 4,919,472 shares of the medical instruments supplier’s stock valued at $467,793,000 after buying an additional 43,214 shares during the last quarter. William Blair Investment Management LLC boosted its stake in shares of Insulet by 15.7% during the 1st quarter. William Blair Investment Management LLC now owns 2,144,988 shares of the medical instruments supplier’s stock valued at $203,967,000 after buying an additional 290,790 shares during the last quarter. Frontier Capital Management Co. LLC boosted its stake in shares of Insulet by 12.3% during the 1st quarter. Frontier Capital Management Co. LLC now owns 1,958,736 shares of the medical instruments supplier’s stock valued at $186,256,000 after buying an additional 214,033 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its stake in shares of Insulet by 1.8% during the 1st quarter. Clearbridge Investments LLC now owns 1,913,428 shares of the medical instruments supplier’s stock valued at $181,948,000 after buying an additional 33,828 shares during the last quarter.

In related news, insider Shacey Petrovic sold 895 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $113.00, for a total transaction of $101,135.00. Following the sale, the insider now directly owns 95,559 shares of the company’s stock, valued at approximately $10,798,167. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director David A. Lemoine sold 8,752 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $106.92, for a total value of $935,763.84. Following the sale, the director now directly owns 9,148 shares in the company, valued at $978,104.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,994 shares of company stock worth $4,115,383. Corporate insiders own 3.50% of the company’s stock.

Shares of PODD stock traded down $2.64 on Wednesday, hitting $150.13. 5,847 shares of the stock traded hands, compared to its average volume of 652,764. The company has a quick ratio of 3.91, a current ratio of 4.72 and a debt-to-equity ratio of 2.43. The company has a market cap of $9.18 billion, a P/E ratio of 3,011.70 and a beta of 1.08. Insulet Co. has a 1-year low of $70.80 and a 1-year high of $155.52. The stock’s fifty day moving average is $125.30.

Insulet (NASDAQ:PODD) last posted its quarterly earnings results on Monday, August 5th. The medical instruments supplier reported $0.02 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.01). The firm had revenue of $177.10 million for the quarter, compared to analyst estimates of $163.63 million. Insulet had a net margin of 2.66% and a return on equity of 7.85%. The business’s revenue was up 42.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.03) earnings per share. On average, analysts predict that Insulet Co. will post 0.26 earnings per share for the current fiscal year.

Several equities analysts have recently commented on the company. Svb Leerink reiterated an “outperform” rating on shares of Insulet in a research note on Wednesday, July 10th. Morgan Stanley increased their target price on Insulet from $127.00 to $135.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 6th. JPMorgan Chase & Co. upgraded Insulet from a “neutral” rating to an “overweight” rating and increased their target price for the company from $120.00 to $155.00 in a research note on Tuesday, August 6th. Northland Securities cut Insulet from an “outperform” rating to a “market perform” rating and set a $100.00 target price for the company. in a research note on Monday, June 10th. Finally, Canaccord Genuity increased their target price on Insulet from $110.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Four analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. Insulet has a consensus rating of “Buy” and an average target price of $131.71.

Insulet Profile

Insulet Corporation develops, manufactures, and sells insulin delivery systems for people with insulin-dependent diabetes. The company offers Omnipod System, which consists of self-adhesive disposable tubeless Omnipod device (the pod) that delivers insulin into the body; and Personal Diabetes Manager, a handheld wireless device, which programs the Pod.

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Institutional Ownership by Quarter for Insulet (NASDAQ:PODD)

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