Meridian Wealth Management LLC Boosts Position in Insulet Corporation (NASDAQ:PODD)

Meridian Wealth Management LLC boosted its position in shares of Insulet Corporation (NASDAQ:PODD) by 7.3% in the first quarter, Holdings Channel reports. The fund owned 1,184 shares of the medical instruments supplier’s stock after purchasing an additional 81 shares during the quarter. Meridian Wealth Management LLC’s holdings in Insulet were worth $311,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently bought and sold shares of PODD. GAMMA Investing LLC increased its position in Insulet by 27,298.6% during the first quarter. GAMMA Investing LLC now owns 664,141 shares of the medical instruments supplier’s stock valued at $1,744,100,000 after acquiring an additional 661,717 shares during the last quarter. Nuveen LLC purchased a new stake in Insulet during the first quarter valued at $74,163,000. Vanguard Group Inc. increased its position in Insulet by 2.1% during the first quarter. Vanguard Group Inc. now owns 8,668,952 shares of the medical instruments supplier’s stock valued at $2,276,553,000 after acquiring an additional 178,976 shares during the last quarter. Northern Trust Corp increased its position in Insulet by 20.5% during the fourth quarter. Northern Trust Corp now owns 738,811 shares of the medical instruments supplier’s stock valued at $192,881,000 after acquiring an additional 125,710 shares during the last quarter. Finally, Federated Hermes Inc. increased its position in Insulet by 23.4% in the first quarter. Federated Hermes Inc. now owns 632,869 shares of the medical instruments supplier’s stock worth $166,198,000 after buying an additional 120,197 shares in the last quarter.

Analysts Set New Price Targets

PODD has been the subject of a number of analyst reports. Wolfe Research upgraded Insulet from a “peer perform” rating to an “outperform” rating and set a $350.00 price target for the company in a research report on Tuesday, May 13th. Royal Bank Of Canada upped their price target on Insulet from $330.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, August 8th. Sanford C. Bernstein restated an “outperform” rating on shares of Insulet in a research report on Friday, May 16th. Wall Street Zen upgraded Insulet from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. Finally, The Goldman Sachs Group initiated coverage on Insulet in a research report on Friday, May 30th. They issued a “buy” rating and a $380.00 price target for the company. Two investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $330.71.

Insulet Price Performance

Shares of Insulet stock opened at $308.68 on Thursday. The stock has a 50 day moving average of $298.24 and a 200 day moving average of $283.60. Insulet Corporation has a 12 month low of $180.31 and a 12 month high of $329.33. The firm has a market cap of $21.73 billion, a PE ratio of 93.82, a PEG ratio of 2.59 and a beta of 1.35. The company has a current ratio of 2.26, a quick ratio of 1.81 and a debt-to-equity ratio of 0.64.

Insulet (NASDAQ:PODD) last announced its quarterly earnings results on Thursday, August 7th. The medical instruments supplier reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.25. Insulet had a return on equity of 23.78% and a net margin of 10.01%. The company had revenue of $649.10 million during the quarter, compared to analyst estimates of $612.31 million. During the same period in the prior year, the company earned $0.55 earnings per share. The firm’s revenue was up 32.9% on a year-over-year basis. On average, research analysts expect that Insulet Corporation will post 3.92 EPS for the current fiscal year.

Insulet Profile

Insulet Corporation develops, manufactures, and sells insulin delivery systems for people with insulin-dependent diabetes. The company's Omnipod platform includes the Omnipod 5 Automated Insulin Delivery System (Omnipod 5) which includes a proprietary AID algorithm embedded in the Pod that integrates with a third-party continuous glucose monitor to obtain glucose values through wireless bluetooth communication; Omnipod DASH that features a bluetooth enabled Pod that is controlled by a smartphone-like Personal Diabetes Manager with a color touch screen user interface; and Omnipod GO, a standalone, wearable, insulin delivery system that provides a fixed rate of continuous rapid-acting insulin for 72 hours.