Vise Technologies Inc. bought a new position in ResMed Inc. (NYSE:RMD – Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,929 shares of the medical equipment provider’s stock, valued at approximately $571,000.
A number of other institutional investors have also recently made changes to their positions in RMD. BlackRock Inc. purchased a new stake in ResMed in the second quarter worth approximately $2,400,375,000. State Street Corp grew its holdings in ResMed by 1.2% during the fourth quarter. State Street Corp now owns 6,625,408 shares of the medical equipment provider’s stock valued at $1,595,862,000 after purchasing an additional 76,244 shares during the period. Bank of New York Mellon Corp increased its holdings in ResMed by 0.7% in the 1st quarter. Bank of New York Mellon Corp now owns 4,925,386 shares of the medical equipment provider’s stock worth $1,105,651,000 after acquiring an additional 34,732 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of ResMed by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 4,302,906 shares of the medical equipment provider’s stock worth $1,032,877,000 after purchasing an additional 51,218 shares in the last quarter. Finally, Morgan Stanley increased its stake in ResMed by 25.0% in the 4th quarter. Morgan Stanley now owns 2,891,697 shares of the medical equipment provider’s stock worth $696,523,000 after buying an additional 578,559 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.
Analysts Set New Price Targets
Several brokerages recently weighed in on RMD. Rothschild & Co Redburn began coverage on shares of ResMed in a research report on Wednesday, August 19th. They issued a “neutral” rating and a $230.00 price target on the stock. The Goldman Sachs Group restated a “buy” rating on shares of ResMed in a report on Wednesday, July 1st. Jefferies Financial Group lowered their price objective on shares of ResMed from $240.00 to $225.00 and set a “hold” rating for the company in a research report on Friday, July 10th. Robert W. Baird set a $213.00 price target on ResMed in a research report on Friday, August 7th. Finally, Wells Fargo & Company dropped their price objective on ResMed from $225.00 to $215.00 and set an “equal weight” rating on the stock in a research report on Friday, August 7th. Seven equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $239.38.
Insider Buying and Selling at ResMed
In related news, CEO Michael J. Farrell sold 4,991 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $205.69, for a total value of $1,026,598.79. Following the completion of the sale, the chief executive officer directly owned 466,256 shares in the company, valued at approximately $95,904,196.64. The trade was a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 8,000 shares of ResMed stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the transaction, the director owned 52,773 shares in the company, valued at $11,873,925. The trade was a 13.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 in the last 90 days. Insiders own 0.65% of the company’s stock.
ResMed Trading Up 0.5%
RMD opened at $232.57 on Tuesday. The business’s 50 day moving average price is $208.01 and its 200 day moving average price is $219.69. The stock has a market capitalization of $33.55 billion, a PE ratio of 22.30, a P/E/G ratio of 1.45 and a beta of 0.76. ResMed Inc. has a one year low of $180.26 and a one year high of $293.58. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.42 and a current ratio of 3.10.
ResMed (NYSE:RMD – Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.89 by $0.06. The company had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.46 billion. ResMed had a return on equity of 25.58% and a net margin of 26.94%.ResMed’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.55 EPS. As a group, equities research analysts expect that ResMed Inc. will post 12.03 EPS for the current year.
ResMed Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, August 20th will be paid a dividend of $0.66 per share. The ex-dividend date of this dividend is Thursday, August 20th. This is a positive change from ResMed’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a dividend yield of 1.1%. ResMed’s payout ratio is currently 25.31%.
ResMed Company 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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