Patton Fund Management Inc. significantly increased its investment in Insulet Corporation, purchasing an additional 13,972 shares during the third quarter of 2023. This transaction raised its holdings in the medical instruments supplier by an impressive 1,655.5%, bringing the total to 14,816 shares. As of its latest filing with the Securities and Exchange Commission (SEC), Insulet now constitutes approximately 0.8% of Patton’s investment portfolio, ranking as the fund’s 22nd largest holding. The value of these holdings stood at about $4,574,000.
Institutional Investor Activity
Other institutional investors have also adjusted their positions in Insulet recently. Golden State Wealth Management LLC increased its stake by 202.9% during the second quarter, acquiring 69 additional shares to reach a total of 103 shares worth $32,000. Kozak & Associates Inc. and Trust Co. of Toledo NA OH each entered new stakes valued at approximately $32,000 and $35,000 respectively. Additionally, Osterweis Capital Management Inc. invested around $51,000, while NewEdge Advisors LLC raised its stake by 44.8%, owning 207 shares valued at $54,000 after acquiring 64 shares in the first quarter.
Analyst Ratings and Stock Performance
Recent analysis of Insulet’s stock (NASDAQ:PODD) reflects a generally positive outlook among financial analysts. On September 12, JPMorgan Chase & Co. raised its price target from $340.00 to $415.00, maintaining an “overweight” rating. Following suit, Wolfe Research increased its target from $350.00 to $375.00 with an “outperform” rating. Similarly, Jefferies Financial Group raised its target from $375.00 to $400.00, endorsing a “buy” rating.
According to data from MarketBeat.com, the average rating for Insulet is “Moderate Buy,” with an average target price of $379.00. Currently, the consensus includes one Strong Buy, twenty-two Buy ratings, and two Hold ratings.
Shares of Insulet opened at $291.57 on November 6, 2023, showing an increase of 0.7% in trading. The stock has fluctuated between a one-year low of $230.05 and a high of $354.88. Financial metrics indicate a market capitalization of $20.51 billion, with a price-to-earnings ratio of 84.51 and a PEG ratio of 2.04.
Company Overview and Future Projections
Insulet Corporation, headquartered in Acton, Massachusetts, specializes in the development and manufacturing of insulin-delivery systems for individuals managing diabetes. The company’s flagship product, the Omnipod, is a tubeless, wearable insulin pump designed to simplify insulin delivery for users with type 1 and insulin-dependent type 2 diabetes.
In its latest earnings report, Insulet announced earnings of $1.24 per share, surpassing analysts’ expectations of $1.13 by $0.11. The company reported revenue of $521.70 million for the quarter, although this fell short of the forecasted $678.70 million. Year-over-year, Insulet experienced a revenue increase of 29.9%, with a return on equity of 24.36% and a net margin of 9.76%.
Looking ahead, analysts anticipate that Insulet Corporation will report earnings of $3.92 per share for the current year. This optimistic outlook, coupled with recent investment activities, highlights the growing interest in Insulet’s innovative solutions within the medical devices sector.
