Cumberland Partners Ltd lifted its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 7.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,000 shares of the medical equipment provider's stock after buying an additional 1,000 shares during the quarter. Cumberland Partners Ltd's holdings in ResMed were worth $3,134,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in RMD. Ballentine Partners LLC raised its stake in ResMed by 6.3% in the 1st quarter. Ballentine Partners LLC now owns 1,782 shares of the medical equipment provider's stock valued at $399,000 after acquiring an additional 105 shares during the period. Golden State Wealth Management LLC raised its stake 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 worth $36,000 after acquiring an additional 127 shares in the last quarter. Exchange Traded Concepts LLC lifted its stake in ResMed by 393.0% in the first quarter. Exchange Traded Concepts LLC now owns 2,529 shares of the medical equipment provider's stock worth $566,000 after purchasing an additional 2,016 shares during the last quarter. MML Investors Services LLC boosted its holdings in ResMed by 31.9% during the 4th quarter. MML Investors Services LLC now owns 11,468 shares of the medical equipment provider's stock valued at $2,623,000 after acquiring an additional 2,771 shares during the period. Finally, Private Advisor Group LLC raised its holdings in ResMed by 18.3% during the 1st quarter. Private Advisor Group LLC now owns 3,244 shares of the medical equipment provider's stock valued at $726,000 after buying an additional 501 shares during the last quarter. Institutional investors and hedge funds own 54.98% of the company's stock.
ResMed Stock Up 4.3%
RMD traded up $12.10 during trading hours on Monday, hitting $291.30. 1,581,283 shares of the company's stock were exchanged, compared to its average volume of 1,034,621. The firm has a market cap of $42.71 billion, a P/E ratio of 30.63, a price-to-earnings-growth ratio of 1.72 and a beta of 0.77. The firm has a 50 day moving average of $256.59 and a 200 day moving average of $240.39. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $293.08. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11.
ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, beating the consensus estimate of $2.47 by $0.08. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The company 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 firm posted $2.08 earnings per share. The firm's revenue was up 10.2% on a year-over-year basis. Analysts predict that ResMed Inc. will post 9.47 EPS for the current fiscal year.
ResMed Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th will be paid a $0.60 dividend. This is a boost from ResMed's previous quarterly dividend of $0.53. The ex-dividend date is Wednesday, August 13th. This represents a $2.40 annualized dividend and a dividend yield of 0.8%. ResMed's dividend payout ratio (DPR) is 22.29%.
Analyst Ratings Changes
Several brokerages have recently issued reports on RMD. UBS Group increased their target price on ResMed from $285.00 to $325.00 and gave the stock a "buy" rating in a research report on Friday. Wall Street Zen upgraded shares of ResMed from a "hold" rating to a "buy" rating in a research note on Saturday. Piper Sandler upped their price objective on ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a research note on Friday. Royal Bank Of Canada increased their price objective on shares of ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday. Finally, Morgan Stanley set a $286.00 target price on shares of ResMed and gave the stock an "overweight" rating in a report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $274.83.
View Our Latest Analysis on ResMed
Insider Transactions at ResMed
In other ResMed news, Director Peter C. Farrell sold 945 shares of the business's stock in a transaction on 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 in the company, valued at approximately $17,443,068.77. The trade was a 1.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the business's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $256.72, for a total transaction of $2,056,070.48. Following the completion of the sale, the chief executive officer owned 455,503 shares in the company, valued at $116,936,730.16. This represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,013 shares of company stock worth $7,238,913. Company insiders own 0.71% of the company's stock.
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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