Connor Clark & Lunn Investment Management Ltd. Invests $2 Million in Insulet Co. (NASDAQ:PODD)

Posted by Defense World Staff on May 29th, 2023

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Insulet Co. (NASDAQ:PODD – Get Rating) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,808 shares of the medical instruments supplier’s stock, valued at approximately $2,004,000.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Insulet by 1.0% in the third quarter. Vanguard Group Inc. now owns 6,392,621 shares of the medical instruments supplier’s stock worth $1,466,468,000 after purchasing an additional 64,742 shares during the period. Clearbridge Investments LLC increased its holdings in shares of Insulet by 38.8% in the first quarter. Clearbridge Investments LLC now owns 1,696,822 shares of the medical instruments supplier’s stock worth $452,016,000 after purchasing an additional 474,545 shares during the period. Fred Alger Management LLC increased its holdings in shares of Insulet by 1.7% in the third quarter. Fred Alger Management LLC now owns 632,051 shares of the medical instruments supplier’s stock worth $144,992,000 after purchasing an additional 10,308 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Insulet by 5.2% in the second quarter. Goldman Sachs Group Inc. now owns 616,690 shares of the medical instruments supplier’s stock worth $134,402,000 after purchasing an additional 30,411 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Insulet by 1.1% in the third quarter. Bank of New York Mellon Corp now owns 475,064 shares of the medical instruments supplier’s stock worth $108,980,000 after acquiring an additional 5,147 shares in the last quarter.

Insider Buying and Selling

In related news, CFO Wayde D. Mcmillan sold 1,255 shares of the stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $318.31, for a total value of $399,479.05. Following the completion of the transaction, the chief financial officer now directly owns 22,865 shares of the company’s stock, valued at $7,278,158.15. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Insulet news, CFO Wayde D. Mcmillan sold 1,255 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $318.31, for a total transaction of $399,479.05. Following the completion of the transaction, the chief financial officer now owns 22,865 shares of the company’s stock, valued at $7,278,158.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Charles Alpuche sold 23,401 shares of the firm’s stock in a transaction that occurred on Monday, March 13th. The shares were sold at an average price of $305.15, for a total transaction of $7,140,815.15. Following the transaction, the insider now directly owns 45,584 shares of the company’s stock, valued at approximately $13,909,957.60. The disclosure for this sale can be found here. Insiders sold a total of 32,656 shares of company stock valued at $9,819,174 over the last three months. Corporate insiders own 0.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PODD. Piper Sandler upped their target price on shares of Insulet from $340.00 to $360.00 in a research report on Friday, May 5th. Stifel Nicolaus upped their target price on shares of Insulet from $300.00 to $342.00 and gave the stock a “hold” rating in a research report on Thursday, April 20th. UBS Group upped their target price on shares of Insulet from $328.00 to $360.00 in a research report on Friday, May 5th. Barclays upped their target price on shares of Insulet from $292.00 to $329.00 in a research report on Monday, May 8th. Finally, Robert W. Baird upped their target price on shares of Insulet from $350.00 to $370.00 in a research report on Friday, May 5th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $330.00.

Insulet Price Performance

PODD stock opened at $272.63 on Monday. Insulet Co. has a 1 year low of $192.33 and a 1 year high of $335.91. The company has a market cap of $19.00 billion, a P/E ratio of 233.02, a PEG ratio of 5.66 and a beta of 0.80. The firm has a 50-day moving average of $315.01 and a 200 day moving average of $302.08. The company has a debt-to-equity ratio of 2.72, a current ratio of 3.47 and a quick ratio of 2.46.

Insulet (NASDAQ:PODD – Get Rating) last released its quarterly earnings results on Thursday, May 4th. The medical instruments supplier reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.14. Insulet had a net margin of 0.04% and a return on equity of 17.29%. The company had revenue of $358.10 million during the quarter, compared to the consensus estimate of $330.21 million. During the same period in the prior year, the firm earned $0.40 earnings per share. Insulet’s revenue was up 21.2% on a year-over-year basis. On average, sell-side analysts forecast that Insulet Co. will post 1.37 EPS for the current year.

About Insulet

(Get Rating)

Insulet Corp. is a medical device company, which engages in the development, manufacture, and marketing of an insulin infusion system for people with insulin-dependent diabetes. It specializes in diabetes supplies, including the OmniPod System, as well as other diabetes related products and supplies such as blood glucose testing supplies, traditional insulin pumps, pump supplies, and pharmaceuticals.