OLD National Bancorp IN acquired a new stake in shares of ResMed Inc. (NYSE:RMD - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 5,039 shares of the medical equipment provider's stock, valued at approximately $1,300,000.
Several other institutional investors have also added to or reduced their stakes in the stock. QRG Capital Management Inc. increased its position in shares of ResMed by 22.8% during the second quarter. QRG Capital Management Inc. now owns 80,693 shares of the medical equipment provider's stock valued at $20,819,000 after buying an additional 14,968 shares during the period. Ameritas Advisory Services LLC bought a new stake in ResMed during the 2nd quarter valued at approximately $83,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its holdings in shares of ResMed by 4.3% during the 2nd quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 24,705 shares of the medical equipment provider's stock worth $6,374,000 after acquiring an additional 1,025 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in shares of ResMed by 9.3% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,855 shares of the medical equipment provider's stock worth $4,349,000 after acquiring an additional 1,440 shares in the last quarter. Finally, ASR Vermogensbeheer N.V. lifted its stake in shares of ResMed by 4.4% in the 2nd quarter. ASR Vermogensbeheer N.V. now owns 12,796 shares of the medical equipment provider's stock valued at $3,301,000 after purchasing an additional 542 shares during the period. 54.98% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
RMD has been the topic of several recent research reports. Wall Street Zen cut ResMed from a "buy" rating to a "hold" rating in a research note on Sunday, August 10th. Stifel Nicolaus upped their target price on shares of ResMed from $240.00 to $270.00 and gave the stock a "hold" rating in a research report on Friday, August 1st. William Blair raised shares of ResMed to a "strong-buy" rating in a research report on Friday, August 1st. KeyCorp upped their price objective on shares of ResMed from $274.00 to $298.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Mizuho raised their target price on shares of ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, ResMed currently has a consensus rating of "Moderate Buy" and an average price target of $294.20.
Read Our Latest Stock Report on ResMed
ResMed Stock Up 1.1%
NYSE:RMD opened at $281.76 on Tuesday. The firm has a market cap of $41.12 billion, a P/E ratio of 29.63, a P/E/G ratio of 1.87 and a beta of 0.83. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.81. The firm has a 50-day simple moving average of $278.33 and a two-hundred day simple moving average of $254.34.
ResMed (NYSE:RMD - Get Free Report) last issued its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.08. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the prior year, the firm posted $2.08 earnings per share. The business's revenue was up 10.2% on a year-over-year basis. Analysts predict that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.
ResMed Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th were paid a dividend of $0.60 per share. The ex-dividend date was Thursday, August 14th. This represents a $2.40 annualized dividend and a yield of 0.9%. This is a positive change from ResMed's previous quarterly dividend of $0.53. ResMed's dividend payout ratio (DPR) is 25.24%.
Insider Buying and Selling at ResMed
In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $279.48, for a total value of $2,238,355.32. Following the completion of the sale, the chief executive officer owned 455,503 shares of the company's stock, valued at approximately $127,303,978.44. This trade represents a 1.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John Hernandez sold 2,575 shares of the company's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $287.10, for a total value of $739,282.50. Following the transaction, the director directly owned 4,045 shares in the company, valued at approximately $1,161,319.50. The trade was a 38.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,734 shares of company stock worth $3,019,169. Insiders own 0.71% of the company's stock.
About ResMed
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Free Report)
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.
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