Flputnam Investment Management Co. bought a new stake in shares of ResMed Inc. (NYSE:RMD - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 5,358 shares of the medical equipment provider's stock, valued at approximately $1,044,000.
Other large investors have also modified their holdings of the company. Jones Financial Companies Lllp increased its holdings in ResMed by 52.6% during the first quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider's stock valued at $645,000 after buying an additional 994 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in ResMed during the second quarter worth $389,000. Brown Advisory Inc. lifted its holdings in ResMed by 17.8% during the second quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider's stock worth $409,000 after buying an additional 240 shares during the period. Cresset Asset Management LLC bought a new stake in ResMed during the 2nd quarter valued at $206,000. Finally, Alliancebernstein L.P. increased its holdings in shares of ResMed by 24.2% in the 2nd quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider's stock valued at $73,808,000 after acquiring an additional 55,790 shares during the period. Institutional investors own 54.98% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on RMD. Mizuho dropped their price objective on ResMed from $235.00 to $220.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 15th. Weiss Ratings raised shares of ResMed from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of ResMed in a research report on Wednesday, July 1st. Royal Bank Of Canada boosted their price objective on shares of ResMed from $234.00 to $244.00 and gave the stock a "sector perform" rating in a research note on Friday, August 7th. Finally, KeyCorp decreased their target price on shares of ResMed from $260.00 to $255.00 and set an "overweight" rating for the company in a research report on Friday, August 7th. Seven research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat, ResMed has an average rating of "Hold" and a consensus price target of $240.17.
Get Our Latest Stock Analysis on RMD
ResMed Stock Down 1.8%
RMD opened at $220.37 on Tuesday. ResMed Inc. has a twelve month low of $180.26 and a twelve month high of $293.81. The company has a quick ratio of 2.42, a current ratio of 3.10 and a debt-to-equity ratio of 0.06. The company has a 50-day moving average price of $204.54 and a 200 day moving average price of $220.64. The company has a market cap of $31.97 billion, a PE ratio of 21.13, a price-to-earnings-growth ratio of 1.41 and a beta of 0.76.
ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share for the quarter, beating analysts' consensus estimates of $2.89 by $0.06. The company had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.46 billion. ResMed had a return on equity of 25.58% and a net margin of 26.94%.The firm's revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter last year, the firm posted $2.55 EPS. Sell-side analysts expect that ResMed Inc. will post 12.03 earnings per share for the current fiscal year.
ResMed Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, August 20th will be given a dividend of $0.66 per share. The ex-dividend date is Thursday, August 20th. This is a boost from ResMed's previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a yield of 1.2%. ResMed's dividend payout ratio (DPR) is presently 23.01%.
Insider Activity
In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction dated 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 owned 466,256 shares in the company, valued at approximately $95,904,196.64. This represents a 1.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 the firm's stock in a transaction that occurred 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 transaction, the director directly owned 52,773 shares in the company, valued at $11,873,925. This trade represents a 13.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 22,973 shares of company stock valued at $4,885,436. 0.65% of the stock is owned by corporate insiders.
ResMed Profile
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Free Report)
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.
See Also
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