Granite Bay Wealth Management LLC Acquires Shares of 6,300 Insulet Co. (NASDAQ:PODD)

Granite Bay Wealth Management LLC acquired a new stake in shares of Insulet Co. (NASDAQ:PODD) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 6,300 shares of the medical instruments supplier’s stock, valued at approximately $1,271,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its position in Insulet by 0.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 124,280 shares of the medical instruments supplier’s stock valued at $26,968,000 after purchasing an additional 834 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of Insulet by 156.2% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 7,748 shares of the medical instruments supplier’s stock valued at $1,681,000 after acquiring an additional 4,724 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its position in Insulet by 20.2% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,201 shares of the medical instruments supplier’s stock valued at $261,000 after acquiring an additional 202 shares in the last quarter. Focus Financial Network Inc. ADV bought a new stake in Insulet in the 4th quarter worth about $391,000. Finally, Treasurer of the State of North Carolina lifted its holdings in shares of Insulet by 1.5% during the 4th quarter. Treasurer of the State of North Carolina now owns 31,808 shares of the medical instruments supplier’s stock valued at $6,902,000 after buying an additional 470 shares during the period.

Insulet Trading Up 0.3 %

Shares of PODD stock opened at $232.75 on Tuesday. The company has a current ratio of 3.60, a quick ratio of 2.71 and a debt-to-equity ratio of 1.36. The stock has a market capitalization of $16.30 billion, a price-to-earnings ratio of 70.53, a price-to-earnings-growth ratio of 4.47 and a beta of 1.21. Insulet Co. has a 12-month low of $125.82 and a 12-month high of $243.98. The stock’s 50-day moving average price is $207.58 and its 200-day moving average price is $190.98.

Insulet (NASDAQ:PODD) last issued its quarterly earnings data on Thursday, August 8th. The medical instruments supplier reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.01). Insulet had a return on equity of 30.73% and a net margin of 21.11%. The firm had revenue of $488.50 million for the quarter, compared to analysts’ expectations of $488.00 million. During the same period last year, the company earned $0.38 earnings per share. The firm’s revenue was up 23.2% on a year-over-year basis. Equities research analysts predict that Insulet Co. will post 3.04 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently commented on PODD shares. Piper Sandler lifted their price objective on Insulet from $230.00 to $285.00 and gave the stock an “overweight” rating in a report on Tuesday, September 17th. BTIG Research cut their price target on Insulet from $270.00 to $250.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Canaccord Genuity Group increased their price objective on shares of Insulet from $236.00 to $269.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Barclays boosted their target price on shares of Insulet from $200.00 to $220.00 and gave the company an “equal weight” rating in a research report on Monday, August 12th. Finally, OTR Global reiterated a “mixed” rating on shares of Insulet in a research report on Monday, June 10th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $231.71.

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.