Wells Fargo & Company MN reduced its stake in shares of BioTelemetry Inc. (NASDAQ:BEAT) by 7.7% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 690,501 shares of the company’s stock after selling 57,231 shares during the period. Wells Fargo & Company MN’s holdings in BioTelemetry were worth $12,822,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in BEAT. DIAM Co. Ltd. acquired a new position in shares of BioTelemetry during the second quarter valued at about $133,000. Acrospire Investment Management LLC boosted its position in shares of BioTelemetry by 147.9% in the second quarter. Acrospire Investment Management LLC now owns 8,214 shares of the company’s stock valued at $134,000 after buying an additional 4,900 shares during the period. Springbok Capital Management LLC acquired a new position in shares of BioTelemetry during the first quarter valued at about $146,000. Bank of Montreal Can acquired a new position in shares of BioTelemetry during the second quarter valued at about $164,000. Finally, BlackRock Inc. boosted its position in shares of BioTelemetry by 691.2% in the second quarter. BlackRock Inc. now owns 11,448 shares of the company’s stock valued at $187,000 after buying an additional 10,001 shares during the period. Hedge funds and other institutional investors own 82.12% of the company’s stock.
BioTelemetry Inc. (NASDAQ:BEAT) remained flat at $19.60 during midday trading on Monday. The company’s stock had a trading volume of 95,860 shares. The stock has a 50 day moving average price of $18.33 and a 200-day moving average price of $18.00. The company has a market cap of $553.33 million, a P/E ratio of 37.69 and a beta of 1.09. BioTelemetry Inc. has a 12 month low of $8.74 and a 12 month high of $21.68.
BioTelemetry (NASDAQ:BEAT) last announced its earnings results on Wednesday, November 2nd. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.03. BioTelemetry had a net margin of 7.58% and a return on equity of 26.70%. The business earned $53.10 million during the quarter, compared to analyst estimates of $52.92 million. During the same period in the previous year, the business posted $0.13 earnings per share. BioTelemetry’s revenue for the quarter was up 22.1% on a year-over-year basis. On average, analysts anticipate that BioTelemetry Inc. will post $0.79 EPS for the current fiscal year.
Several brokerages have issued reports on BEAT. Sidoti began coverage on shares of BioTelemetry in a research report on Tuesday, September 13th. They issued a “buy” rating and a $27.00 price target for the company. Lake Street Capital reiterated a “buy” rating and set a $24.00 price objective on shares of BioTelemetry in a research report on Wednesday, October 5th. Benchmark Co. increased their price objective on shares of BioTelemetry from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Finally, Zacks Investment Research cut shares of BioTelemetry from a “buy” rating to a “hold” rating in a research report on Wednesday, October 5th.
In other news, General Counsel Peter Ferola sold 2,210 shares of the business’s stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $18.10, for a total value of $40,001.00. Following the completion of the sale, the general counsel now directly owns 28,847 shares in the company, valued at approximately $522,130.70. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Joseph H. Capper sold 86,681 shares of the business’s stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $18.52, for a total transaction of $1,605,332.12. Following the completion of the sale, the insider now owns 287,045 shares of the company’s stock, valued at $5,316,073.40. The disclosure for this sale can be found here. 11.00% of the stock is currently owned by insiders.
BioTelemetry, Inc (BioTelemetry), formerly CardioNet, Inc, provides cardiac monitoring services, cardiac monitoring device manufacturing, and centralized cardiac core laboratory services. The Company operates in three segments: patient services, product and research services. The patient services business segment’s principal focus is on the diagnosis and monitoring of cardiac arrhythmias or heart rhythm disorders, through its core Mobile Cardiac Outpatient Telemetry(MCOT), event and Holter services in a healthcare setting.