Bank of Nova Scotia Takes Position in ResMed Inc. $RMD

Bank of Nova Scotia bought a new stake in ResMed Inc. (NYSE:RMD - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 15,294 shares of the medical equipment provider's stock, valued at approximately $2,980,000.

Several other institutional investors and hedge funds have also bought and sold shares of RMD. International Assets Investment Management LLC acquired a new stake in shares of ResMed in the 4th quarter valued at approximately $25,000. Bell Investment Advisors Inc bought a new position in shares of ResMed in the second quarter valued at $26,000. Imprint Wealth LLC acquired a new position in ResMed during the third quarter worth $26,000. WFA of San Diego LLC acquired a new position in ResMed during the second quarter worth $26,000. Finally, Sunbelt Securities Inc. bought a new stake in ResMed during the third quarter worth $31,000. Institutional investors own 54.98% of the company's stock.

ResMed Price Performance

NYSE:RMD opened at $235.73 on Thursday. ResMed Inc. has a one year low of $180.26 and a one year high of $285.08. The company has a market cap of $34.00 billion, a P/E ratio of 22.60, a P/E/G ratio of 1.48 and a beta of 0.76. The firm's fifty day moving average price is $209.84 and its two-hundred day moving average price is $219.29. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 2.42.

ResMed (NYSE:RMD - Get Free Report) last posted its 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 analysts' expectations of $1.46 billion. ResMed had a net margin of 26.94% and a return on equity of 25.58%. ResMed's quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the company posted $2.55 EPS. Equities analysts expect that ResMed Inc. will post 12.03 earnings per share for the current year.

ResMed Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, August 20th will be given a $0.66 dividend. 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 dividend payout ratio (DPR) is currently 25.31%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. KeyCorp cut their price target on shares of ResMed from $260.00 to $255.00 and set an "overweight" rating for the company in a research note on Friday, August 7th. Wells Fargo & Company lowered their price objective on shares of ResMed from $225.00 to $215.00 and set an "equal weight" rating on the stock in a research note on Friday, August 7th. UBS Group reaffirmed a "buy" rating and issued a $300.00 target price on shares of ResMed in a report on Tuesday, July 21st. Mizuho reduced their price target on ResMed from $235.00 to $220.00 and set an "outperform" rating for the company in a report on Wednesday, July 15th. Finally, Royal Bank Of Canada boosted their price target on ResMed from $234.00 to $244.00 and gave the stock a "sector perform" rating in a research report on Friday, August 7th. Seven analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, ResMed has an average rating of "Hold" and a consensus price target of $239.38.

Insider Buying and Selling

In related news, CEO Michael J. Farrell sold 4,991 shares of the business's stock in a transaction on Friday, August 7th. The stock was 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 $95,904,196.64. The trade was a 1.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available 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 stock was sold at an average price of $225.00, for a total value of $1,800,000.00. Following the sale, the director directly owned 52,773 shares of the company's stock, valued at $11,873,925. This represents a 13.16% decrease in their position. 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 quarter, insiders have sold 22,973 shares of company stock worth $4,885,436. 0.65% of the stock is owned by corporate insiders.

About ResMed

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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