Banque Pictet & Cie SA decreased its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 10.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,687 shares of the medical equipment provider's stock after selling 1,900 shares during the period. Banque Pictet & Cie SA's holdings in ResMed were worth $4,047,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Global X Japan Co. Ltd. boosted its position in shares of ResMed by 121.4% during the first 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 during the last quarter. Golden State Wealth Management LLC boosted its position in shares of ResMed by 384.8% during the first 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 during the last quarter. Zions Bancorporation National Association UT purchased a new position in ResMed in the first quarter worth $45,000. Groupe la Francaise purchased a new position in ResMed in the first quarter worth $45,000. Finally, CVA Family Office LLC boosted its position in ResMed by 29.8% in the first quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider's stock worth $47,000 after purchasing an additional 48 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company's stock.
Analysts Set New Price Targets
Several research analysts have weighed in on the company. Mizuho boosted their price objective on ResMed from $270.00 to $290.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. William Blair raised ResMed to a "strong-buy" rating in a research report on Friday, August 1st. UBS Group raised ResMed to a "strong-buy" rating in a research report on Tuesday, September 16th. Citigroup initiated coverage on ResMed in a research report on Thursday, September 18th. They issued a "buy" rating and a $330.00 price objective on the stock. Finally, KeyCorp upped their price target on ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $294.20.
Read Our Latest Research Report on RMD
Insiders Place Their Bets
In related news, CEO Michael J. Farrell sold 8,009 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $279.48, for a total transaction of $2,238,355.32. Following the completion of the transaction, the chief executive officer owned 455,503 shares of the company's stock, valued at $127,303,978.44. This trade represents a 1.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Hernandez sold 2,575 shares of the firm's stock in a transaction that occurred 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 of the company's stock, valued at approximately $1,161,319.50. This trade represents a 38.90% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,588 shares of company stock worth $5,289,241. 0.71% of the stock is currently owned by company insiders.
ResMed Stock Performance
NYSE:RMD opened at $270.54 on Friday. 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 52-week low of $199.92 and a 52-week high of $293.81. The firm has a market cap of $39.61 billion, a price-to-earnings ratio of 28.45, a PEG ratio of 1.80 and a beta of 0.85. The business's fifty day moving average is $277.76 and its 200 day moving average is $251.65.
ResMed (NYSE:RMD - Get Free Report) last announced its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share 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 business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the company earned $2.08 EPS. The company's quarterly revenue was up 10.2% compared to the same quarter last year. Research analysts predict that ResMed Inc. will post 9.47 EPS for the current year.
ResMed Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th were issued a $0.60 dividend. This is an increase from ResMed's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, August 14th. This represents a $2.40 annualized dividend and a yield of 0.9%. ResMed's dividend payout ratio (DPR) is 25.24%.
About ResMed
(
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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