Bank of Nova Scotia Decreases Stock Position in ResMed Inc. (NYSE:RMD)

Key Points

• Bank of Nova Scotia has decreased its stake in ResMed Inc. by 13.7%, reducing its holdings to 15,651 shares valued at approximately $3.5 million.
• Several institutional investors have significantly increased their stakes in ResMed, with Global X Japan boosting its holdings by 121.4%.
• ResMed recently announced a quarterly dividend increase from $0.53 to $0.60, reflecting a positive shift in financial performance.

Bank of Nova Scotia reduced its holdings in shares of ResMed Inc. (NYSE:RMD - Free Report) by 13.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,651 shares of the medical equipment provider's stock after selling 2,484 shares during the period. Bank of Nova Scotia's holdings in ResMed were worth $3,503,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Global X Japan Co. Ltd. increased its position in ResMed by 121.4% during the 1st quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock valued at $28,000 after buying an additional 68 shares in the last quarter. Colonial Trust Co SC increased its position in ResMed by 6,250.0% during the 4th quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock valued at $29,000 after buying an additional 125 shares in the last quarter. Optiver Holding B.V. acquired a new position in ResMed during the 4th quarter valued at about $33,000. Golden State Wealth Management LLC increased its position in ResMed by 384.8% during the 1st quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock valued at $36,000 after buying an additional 127 shares in the last quarter. Finally, Itau Unibanco Holding S.A. increased its position in ResMed by 1,000.0% during the 4th quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider's stock valued at $38,000 after buying an additional 150 shares in the last quarter. 54.98% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other ResMed news, Director Witte Jan De sold 2,000 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $243.47, for a total transaction of $486,940.00. Following the transaction, the director owned 5,806 shares in the company, valued at approximately $1,413,586.82. This represents a 25.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Peter C. Farrell sold 945 shares of the business's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $255.49, for a total transaction of $241,438.05. Following the sale, the director directly owned 68,273 shares of the company's stock, valued at $17,443,068.77. This represents a 1.37% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,054 shares of company stock worth $4,820,479. 0.71% of the stock is owned by corporate insiders.

ResMed Stock Performance

Shares of RMD traded up $4.06 during mid-day trading on Friday, reaching $284.23. The company had a trading volume of 827,364 shares, compared to its average volume of 1,149,579. ResMed Inc. has a 52-week low of $199.92 and a 52-week high of $293.08. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $41.68 billion, a P/E ratio of 29.34, a PEG ratio of 1.88 and a beta of 0.77. The stock has a 50 day moving average of $260.52 and a two-hundred day moving average of $241.85.

ResMed (NYSE:RMD - Get Free Report) last issued its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, topping analysts' consensus estimates of $2.47 by $0.08. ResMed had a return on equity of 25.62% and a net margin of 27.22%. 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 business earned $2.08 earnings per share. The company's revenue was up 10.2% compared to the same quarter last year. On average, analysts expect that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th will be given a dividend of $0.60 per share. This is an increase from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Wednesday, August 13th. ResMed's dividend payout ratio (DPR) is currently 22.29%.

Analyst Upgrades and Downgrades

RMD has been the topic of several recent analyst reports. Mizuho upped their target price on ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Wall Street Zen raised ResMed from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. William Blair raised ResMed to a "strong-buy" rating in a report on Friday, August 1st. Piper Sandler increased their price objective on ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Finally, JPMorgan Chase & Co. increased their price objective on ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $274.83.

About ResMed

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.