OVERSEA CHINESE BANKING Corp Ltd Sells 11,132 Shares of ResMed Inc. $RMD

OVERSEA CHINESE BANKING Corp Ltd reduced its stake in shares of ResMed Inc. (NYSE:RMD) by 20.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,363 shares of the medical equipment provider’s stock after selling 11,132 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in ResMed were worth $11,188,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. ICW Investment Advisors LLC increased its stake in ResMed by 0.4% during the first quarter. ICW Investment Advisors LLC now owns 11,394 shares of the medical equipment provider’s stock worth $2,551,000 after acquiring an additional 41 shares during the last quarter. Johnson Investment Counsel Inc. increased its stake in ResMed by 2.8% during the second quarter. Johnson Investment Counsel Inc. now owns 1,665 shares of the medical equipment provider’s stock worth $430,000 after acquiring an additional 45 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in ResMed by 3.9% during the first quarter. Smartleaf Asset Management LLC now owns 1,222 shares of the medical equipment provider’s stock worth $269,000 after acquiring an additional 46 shares during the last quarter. E Fund Management Co. Ltd. increased its stake in ResMed by 2.8% during the first quarter. E Fund Management Co. Ltd. now owns 1,719 shares of the medical equipment provider’s stock worth $385,000 after acquiring an additional 47 shares during the last quarter. Finally, V Square Quantitative Management LLC increased its stake in ResMed by 3.0% during the second quarter. V Square Quantitative Management LLC now owns 1,747 shares of the medical equipment provider’s stock worth $451,000 after acquiring an additional 51 shares during the last quarter. 54.98% of the stock is owned by institutional investors.

ResMed Stock Down 2.0%

Shares of NYSE RMD opened at $259.87 on Monday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. The firm has a market capitalization of $37.93 billion, a price-to-earnings ratio of 27.33, a PEG ratio of 1.79 and a beta of 0.83. The stock has a 50 day moving average price of $275.26 and a 200 day moving average price of $259.69. ResMed Inc. has a 52-week low of $199.92 and a 52-week high of $293.81.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.47 by $0.08. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.ResMed’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.08 earnings per share. Sell-side analysts expect that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th were issued a dividend of $0.60 per share. This is an increase from ResMed’s previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Thursday, August 14th. ResMed’s dividend payout ratio (DPR) is currently 25.24%.

Analysts Set New Price Targets

Several research analysts have issued reports on RMD shares. Wall Street Zen lowered ResMed from a “buy” rating to a “hold” rating in a research report on Sunday, August 10th. Wells Fargo & Company started coverage on ResMed in a research report on Monday, October 13th. They set an “equal weight” rating and a $280.00 target price for the company. William Blair upgraded ResMed to a “strong-buy” rating in a research report on Friday, August 1st. Stifel Nicolaus boosted their target price on ResMed from $240.00 to $270.00 and gave the company a “hold” rating in a research report on Friday, August 1st. Finally, CLSA upgraded ResMed from a “hold” rating to an “outperform” rating in a research report on Tuesday, September 2nd. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $295.70.

Insiders Place Their Bets

In other ResMed news, Director John Hernandez sold 2,575 shares of the company’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $287.10, for a total transaction of $739,282.50. Following the completion of the sale, the director owned 4,045 shares in the company, valued at $1,161,319.50. This represents a 38.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Michael J. Rider sold 100 shares of the company’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $274.36, for a total value of $27,436.00. Following the sale, the general counsel owned 11,327 shares of the company’s stock, valued at approximately $3,107,675.72. This represents a 0.88% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,743 shares of company stock worth $5,284,514 over the last 90 days. Company insiders own 0.65% of the company’s stock.

ResMed Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company operates in two segments, Sleep and Respiratory Care, and Software as a Service. It offers various products and solutions for a range of respiratory disorders, including ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.