Bank of America Corp DE Buys 97,406 Shares of ResMed Inc. $RMD

Key Points

• Bank of America increased its ResMed stake by 11.7%, purchasing 97,406 shares to own 928,430 shares valued at approximately $208.4 million, or 0.64% of the company.
• Institutional investors hold approximately 54.98% of ResMed’s outstanding shares, with Morgan Stanley making the largest recent increase among the major holders at 25%.
• Analyst sentiment is mixed, with seven Buy ratings and nine Hold ratings producing a consensus “Hold” rating and a $246.25 price target. Meanwhile, ResMed’s CEO sold 4,991 shares for roughly $1.09 million under a pre-arranged trading plan.

Bank of America Corp DE increased its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 11.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 928,430 shares of the medical equipment provider's stock after purchasing an additional 97,406 shares during the quarter. Bank of America Corp DE owned approximately 0.64% of ResMed worth $208,414,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. State Street Corp lifted its holdings in shares of ResMed by 1.2% during the 4th 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 last quarter. Bank of New York Mellon Corp grew its stake in ResMed by 0.7% during 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 buying an additional 34,732 shares during the last quarter. Geode Capital Management LLC grew its stake in ResMed by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 4,302,906 shares of the medical equipment provider's stock worth $1,032,877,000 after buying an additional 51,218 shares during the last quarter. Morgan Stanley increased its position in ResMed by 25.0% during the 4th quarter. Morgan Stanley now owns 2,891,697 shares of the medical equipment provider's stock valued at $696,523,000 after buying an additional 578,559 shares in the last quarter. Finally, Northern Trust Corp increased its position in ResMed by 5.2% during the 4th quarter. Northern Trust Corp now owns 1,785,384 shares of the medical equipment provider's stock valued at $430,045,000 after buying an additional 87,502 shares in the last quarter. Institutional investors own 54.98% of the company's stock.

Insider Activity

In related news, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $218.55, for a total transaction of $1,090,783.05. Following the completion of the sale, the chief executive officer owned 466,223 shares of the company's stock, valued at $101,893,036.65. The trade was a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 14,973 shares of company stock valued at $3,096,067 in the last three months. Company insiders own 0.65% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on RMD shares. Royal Bank Of Canada lowered ResMed from an "outperform" rating to a "sector perform" rating and set a $234.00 price target on the stock. in a research note on Thursday, July 16th. Weiss Ratings lowered shares of ResMed from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, July 24th. The Goldman Sachs Group reiterated a "buy" rating on shares of ResMed in a research note on Wednesday, July 1st. Evercore set a $255.00 target price on shares of ResMed and gave the stock an "outperform" rating in a research report on Monday, April 13th. Finally, Citigroup restated a "neutral" rating and set a $235.00 price target (down from $270.00) on shares of ResMed in a research note on Sunday, July 12th. Seven research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $246.25.

ResMed Stock Performance

Shares of RMD opened at $222.81 on Wednesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.33 and a current ratio of 3.01. The stock has a 50-day moving average of $199.30 and a two-hundred day moving average of $222.80. The stock has a market cap of $32.32 billion, a P/E ratio of 21.49, a P/E/G ratio of 1.31 and a beta of 0.76. ResMed Inc. has a one year low of $180.26 and a one year high of $293.81.

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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