Keybank National Association OH Raises Holdings in ResMed Inc. $RMD

Key Points

• Keybank National Association OH increased its ResMed stake by 8% to 139,177 shares (about $33.5M), and several other large institutions (First Trust, Marshall Wace, Nordea, Vanguard) also materially boosted positions, with hedge funds/institutions owning roughly 54.98% of the stock.
• ResMed beat quarterly expectations, reporting $2.81 EPS vs. $2.68 expected and $1.42B in revenue (up 11% year-over-year), while trading at a market cap near $30.9B and a P/E of 20.97.
• Analysts are mixed but generally positive, with MarketBeat showing an average rating of "Moderate Buy" and an average price target of $294.55 amid several target and rating changes.

Keybank National Association OH increased its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 8.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 139,177 shares of the medical equipment provider's stock after purchasing an additional 10,346 shares during the quarter. Keybank National Association OH owned approximately 0.10% of ResMed worth $33,524,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in RMD. First Trust Advisors LP increased its position in shares of ResMed by 285.1% during the third quarter. First Trust Advisors LP now owns 445,198 shares of the medical equipment provider's stock worth $121,864,000 after purchasing an additional 329,588 shares in the last quarter. Marshall Wace LLP grew its holdings in ResMed by 2,373.1% in the 3rd quarter. Marshall Wace LLP now owns 310,987 shares of the medical equipment provider's stock valued at $85,126,000 after buying an additional 298,412 shares in the last quarter. Nordea Investment Management AB grew its holdings in ResMed by 37.2% in the 4th quarter. Nordea Investment Management AB now owns 1,084,996 shares of the medical equipment provider's stock valued at $262,027,000 after buying an additional 294,124 shares in the last quarter. Vanguard Group Inc. grew its holdings in ResMed by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 19,040,440 shares of the medical equipment provider's stock valued at $5,211,940,000 after buying an additional 293,515 shares in the last quarter. Finally, Giverny Capital Inc. purchased a new stake in ResMed in the 3rd quarter valued at $64,441,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on RMD shares. Wells Fargo & Company upped their target price on ResMed from $265.00 to $270.00 and gave the company an "equal weight" rating in a report on Friday, January 30th. Citigroup dropped their target price on ResMed from $345.00 to $340.00 and set a "buy" rating for the company in a report on Thursday, April 9th. Weiss Ratings cut ResMed from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, March 19th. Stifel Nicolaus upped their target price on ResMed from $260.00 to $265.00 and gave the company a "hold" rating in a report on Friday, January 30th. Finally, Wall Street Zen cut ResMed from a "buy" rating to a "hold" rating in a report on Saturday, March 14th. One equities research 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 stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $294.55.

ResMed Stock Performance

NYSE RMD opened at $212.04 on Thursday. The stock has a market cap of $30.89 billion, a PE ratio of 20.97, a P/E/G ratio of 1.46 and a beta of 0.93. The company has a current ratio of 3.06, a quick ratio of 2.32 and a debt-to-equity ratio of 0.06. ResMed Inc. has a twelve month low of $211.93 and a twelve month high of $293.81. The stock has a fifty day simple moving average of $234.21 and a 200-day simple moving average of $246.92.

ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings results on Friday, January 30th. The medical equipment provider reported $2.81 earnings per share for the quarter, topping analysts' consensus estimates of $2.68 by $0.13. The business had revenue of $1.42 billion during the quarter, compared to analysts' expectations of $1.40 billion. ResMed had a return on equity of 25.20% and a net margin of 27.53%.The company's revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the business posted $2.43 EPS. Equities analysts anticipate that ResMed Inc. will post 11.05 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction on Monday, February 9th. The stock was sold at an average price of $273.78, for a total transaction of $1,366,435.98. Following the completion of the transaction, the chief executive officer directly owned 466,223 shares in the company, valued at approximately $127,642,532.94. This represents a 1.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total value of $450,000.00. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 21,023 shares of company stock valued at $5,230,857. Company insiders own 0.65% of the company's stock.

ResMed 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.

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