Patton Fund Management Inc. significantly increased its investment in Insulet Corporation (NASDAQ:PODD) during the third quarter of 2023, lifting its holdings by a remarkable 1,655.5%. According to its recent Form 13F filing with the Securities and Exchange Commission (SEC), the fund acquired an additional 13,972 shares, bringing its total ownership to 14,816 shares valued at approximately $4,574,000. This makes Insulet the 22nd largest holding in Patton Fund Management’s portfolio, contributing around 0.8% to its overall investments.
Other institutional investors have also increased their stakes in Insulet recently. For instance, Golden State Wealth Management LLC raised its holdings by 202.9% during the second quarter, now owning 103 shares valued at $32,000. Similarly, Kozak & Associates Inc. and Trust Co. of Toledo NA OH both made new stakes in Insulet, valued at about $32,000 and $35,000 respectively. Osterweis Capital Management Inc. also entered the market with a stake worth approximately $51,000. Additionally, NewEdge Advisors LLC increased its position by 44.8% earlier this year.
Analysts Optimistic About Insulet’s Future
Analysts have responded positively to Insulet’s performance, with several adjusting their price targets. JPMorgan Chase & Co. raised its price objective from $340.00 to $415.00, assigning an “overweight” rating. Meanwhile, Wolfe Research increased its target to $375.00, suggesting an “outperform” rating. Other firms like Jefferies Financial Group and Zacks Research also boosted their price estimates, with Zacks upgrading Insulet from a “hold” to a “strong-buy” rating.
Overall, out of the analysts covering the stock, one has rated it a Strong Buy, twenty-two assigned Buy ratings, and two issued Hold ratings. Data from MarketBeat.com indicates that the average rating for the stock is “Moderate Buy,” with an average target price set at $379.00.
Insulet’s shares opened at $291.57 on Tuesday, showing a slight increase of 0.7%. The company’s stock has fluctuated between a low of $230.05 and a high of $354.88 over the past year. With a market capitalization of $20.51 billion, Insulet boasts a price-to-earnings ratio of 84.51 and a PEG ratio of 2.04.
Recent Financial Performance
On November 6, 2023, Insulet announced its earnings results for the previous quarter, reporting earnings per share (EPS) of $1.24, surpassing analysts’ expectations of $1.13 by $0.11. The company’s revenue reached $521.70 million, although this fell short of the anticipated $678.70 million. Year-over-year, Insulet’s revenue grew by 29.9%, with the prior year’s quarter yielding an EPS of $1.08. Analysts predict that Insulet will post earnings of $3.92 per share for the current fiscal year.
Insulet Corporation, based in Acton, Massachusetts, specializes in the development and manufacturing of insulin delivery systems for individuals with diabetes. Its flagship product line includes the Omnipod family of tubeless, wearable insulin pumps, which aim to simplify insulin delivery for both type 1 and insulin-requiring type 2 diabetes patients.
As the healthcare landscape evolves, Insulet continues to position itself as a leader in the medical device sector, with its innovative products offering practical solutions for diabetes management.
