UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of ResMed Inc. (NYSE:RMD – Free Report) by 1.1% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 858,134 shares of the medical equipment provider’s stock after purchasing an additional 9,064 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in ResMed were worth $167,233,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of RMD. American Capital Management Inc. acquired a new stake in shares of ResMed during the second quarter valued at about $44,522,000. Hsbc Holdings PLC increased its stake in shares of ResMed by 17.6% in the fourth quarter. Hsbc Holdings PLC now owns 328,785 shares of the medical equipment provider’s stock valued at $79,321,000 after buying an additional 49,253 shares during the period. BlackRock Inc. bought a new position in ResMed in the 2nd quarter valued at approximately $2,400,375,000. Goldman Sachs Group Inc. raised its holdings in ResMed by 13.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 979,087 shares of the medical equipment provider’s stock valued at $235,833,000 after buying an additional 118,296 shares during the last quarter. Finally, Polymer Capital Management HK LTD acquired a new stake in ResMed during the 2nd quarter worth approximately $972,000. 54.98% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other news, Director Peter C. Farrell sold 8,000 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the completion of the sale, the director directly owned 52,773 shares of the company’s stock, valued at $11,873,925. This trade represents a 13.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction on Friday, August 7th. The stock was sold at an average price of $205.69, for a total value of $1,026,598.79. Following the sale, the chief executive officer owned 466,256 shares in the company, valued at $95,904,196.64. The trade was a 1.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 22,973 shares of company stock worth $4,885,436 over the last quarter. 0.65% of the stock is currently owned by corporate insiders.
ResMed Stock Performance
ResMed (NYSE:RMD – Get Free Report) last posted its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 EPS for the quarter, topping the consensus estimate of $2.89 by $0.06. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The company had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same period in the previous year, the firm posted $2.55 earnings per share. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, analysts expect that ResMed Inc. will post 12.03 EPS for the current fiscal year.
ResMed Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, August 20th will be paid a $0.66 dividend. This represents a $2.64 annualized dividend and a dividend yield of 1.1%. This is a boost from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Thursday, August 20th. ResMed’s dividend payout ratio (DPR) is currently 25.31%.
Analysts Set New Price Targets
A number of research firms have weighed in on RMD. KeyCorp boosted their target price on shares of ResMed from $255.00 to $267.00 and gave the stock an “overweight” rating in a report on Monday. Robert W. Baird set a $213.00 target price on shares of ResMed in a report on Friday, August 7th. Rothschild & Co Redburn assumed coverage on ResMed in a research note on Wednesday, August 19th. They issued a “neutral” rating and a $230.00 price target on the stock. Royal Bank Of Canada boosted their target price on shares of ResMed from $234.00 to $244.00 and gave the company a “sector perform” rating in a research report on Friday, August 7th. Finally, Citigroup reissued a “neutral” rating and set a $235.00 target price (down from $270.00) on shares of ResMed in a research note on Sunday, July 12th. Six analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $240.31.
Get Our Latest Stock Report on ResMed
ResMed Profile
ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.
ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.
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