Cibc World Market Inc. Sells 8,768 Shares of ResMed Inc. $RMD

Key Points

• Cibc World Market Inc. reduced its ResMed stake by 20.9% in the fourth quarter, selling 8,768 shares and leaving it with 33,170 shares valued at about $7.99 million.
• ResMed recently beat earnings and revenue estimates, reporting EPS of $2.86 on revenue of $1.43 billion, with revenue up 10.8% year over year.
• Analysts remain generally positive, with a Moderate Buy consensus and a consensus price target of $286.18, even as several firms trimmed targets or downgraded ratings.

Cibc World Market Inc. cut its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 20.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 33,170 shares of the medical equipment provider's stock after selling 8,768 shares during the quarter. Cibc World Market Inc.'s holdings in ResMed were worth $7,990,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of RMD. Jones Financial Companies Lllp increased its holdings in shares of 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 acquiring an additional 994 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of ResMed during the second quarter valued at $389,000. Brown Advisory Inc. increased its holdings in shares of ResMed by 17.8% during the second quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider's stock valued at $409,000 after acquiring an additional 240 shares in the last quarter. Cresset Asset Management LLC bought a new position in shares of ResMed during the second quarter valued at $206,000. Finally, Alliancebernstein L.P. increased its holdings in shares of ResMed by 24.2% during the second 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 in the last quarter. 54.98% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on RMD shares. KeyCorp reduced their price target on ResMed from $302.00 to $290.00 and set an "overweight" rating for the company in a report on Monday, April 27th. Citigroup reduced their price target on ResMed from $345.00 to $340.00 and set a "buy" rating for the company in a report on Thursday, April 9th. Wall Street Zen downgraded ResMed from a "buy" rating to a "hold" rating in a report on Saturday, March 14th. Evercore set a $255.00 price target on ResMed and gave the company an "outperform" rating in a report on Monday, April 13th. Finally, Weiss Ratings downgraded ResMed from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, ResMed has a consensus rating of "Moderate Buy" and a consensus price target of $286.18.

ResMed Price Performance

NYSE RMD opened at $195.95 on Friday. ResMed Inc. has a one year low of $180.26 and a one year high of $293.81. The stock has a 50-day moving average of $213.11 and a 200 day moving average of $237.21. The company has a market capitalization of $28.42 billion, a price-to-earnings ratio of 18.90, a PEG ratio of 1.25 and a beta of 0.80. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.33 and a current ratio of 3.01.

ResMed (NYSE:RMD - Get Free Report) last announced its earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.79 by $0.07. The business had revenue of $1.43 billion for the quarter, compared to analysts' expectations of $1.42 billion. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The business's revenue for the quarter was up 10.8% on a year-over-year basis. During the same period last year, the firm posted $2.37 earnings per share. On average, sell-side analysts forecast that ResMed Inc. will post 11.13 EPS for the current year.

ResMed Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Thursday, May 14th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, May 14th. ResMed's dividend payout ratio (DPR) is presently 23.14%.

Insider Activity

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the firm's stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $251.03, for a total value of $1,252,890.73. Following the transaction, the chief executive officer directly owned 466,223 shares of the company's stock, valued at approximately $117,035,959.69. This trade represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the firm's stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total value of $450,000.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 16,973 shares of company stock worth $3,865,591 over the last three months. Insiders own 0.65% of the company's stock.

ResMed Company 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.

Want to see what other hedge funds are holding RMD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ResMed Inc. (NYSE:RMD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.