Patton Fund Management Inc. significantly increased its stake in Insulet Corporation (NASDAQ:PODD) during the third quarter of 2023, acquiring an additional 13,972 shares. This move raised the fund’s total holdings in the medical instruments supplier to 14,816 shares, marking a remarkable increase of 1,655.5%. As per its latest Form 13F filing with the Securities and Exchange Commission (SEC), Insulet now constitutes approximately 0.8% of Patton Fund Management’s investment portfolio, making it the fund’s 22nd largest holding. The total value of these holdings was reported at around $4,574,000.
Other institutional investors have also adjusted their positions in Insulet recently. For instance, Golden State Wealth Management LLC raised its holdings by 202.9% in the second quarter, acquiring a total of 103 shares valued at $32,000 after purchasing 69 additional shares. Similarly, Kozak & Associates Inc. and Trust Co. of Toledo NA OH each bought new stakes in Insulet, valued at approximately $32,000 and $35,000, respectively. Additionally, Osterweis Capital Management Inc. invested about $51,000 in new shares, while NewEdge Advisors LLC increased its stake by 44.8% earlier this year, holding 207 shares worth $54,000.
Analysts Upgrade Insulet’s Stock Outlook
Several analysts have recently provided updates on Insulet’s stock. Notably, JPMorgan Chase & Co. raised its price target from $340.00 to $415.00 and assigned an “overweight” rating in a report published on September 12, 2023. Wolfe Research upgraded its target price from $350.00 to $375.00 while maintaining an “outperform” rating in a note dated November 7, 2023. Similarly, Jefferies Financial Group increased its target from $375.00 to $400.00 and reaffirmed a “buy” rating on November 6, 2023. Overall, Insulet has received a mix of ratings, with one analyst giving it a Strong Buy, twenty-two assigning Buy ratings, and two issuing Hold ratings. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $379.00.
Insulet’s Performance and Future Outlook
On November 6, 2023, Insulet Corporation announced its earnings for the previous quarter, reporting earnings per share (EPS) of $1.24, surpassing analysts’ consensus estimate of $1.13 by $0.11. The company generated revenue of $521.70 million for the quarter, falling short of analysts’ expectations of $678.70 million. Despite this, Insulet’s revenue increased by 29.9% compared to the same quarter last year, where it reported an EPS of $1.08.
As of the latest updates, Insulet’s stock was trading at $291.57, reflecting a modest increase of 0.7%. The stock has a one-year low of $230.05 and a one-year high of $354.88. The company boasts a market capitalization of $20.51 billion, with a price-to-earnings ratio of 84.51 and a beta of 1.37. Analysts project that Insulet Corporation will report $3.92 in earnings per share for the current year.
Headquartered in Acton, Massachusetts, Insulet Corporation specializes in the development, manufacturing, and sale of insulin delivery systems for individuals with diabetes. The company is particularly known for its Omnipod family of tubeless, wearable insulin pumps, which aim to simplify insulin delivery for those with type 1 and insulin-requiring type 2 diabetes. The Omnipod System includes disposable and waterproof Pods that adhere to the skin to deliver insulin, along with associated controllers and mobile applications for monitoring and programming insulin delivery.
For more insights on institutional holdings and the latest news regarding Insulet Corporation, investors can visit HoldingsChannel.com for the most recent 13F filings and insider trades.
