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Mackenzie Financial Corp Increases Stock Position in ResMed Inc. (NYSE:RMD)

ResMed logo with Medical background

Key Points

  • Mackenzie Financial Corp increased its holdings in ResMed Inc. by 57.0% in the first quarter, acquiring an additional 93,794 shares, bringing its total to 258,275 shares worth approximately $57.8 million.
  • Several hedge funds, including Ballentine Partners and Golden State Wealth Management, significantly increased their positions in ResMed, indicating a growing institutional interest in the medical equipment provider.
  • Analysts have varied opinions on ResMed, with price target upgrades from firms including Royal Bank of Canada and Mizuho, while the overall consensus rating is a "Moderate Buy" with an average target price of $263.00.
  • Five stocks we like better than ResMed.
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Mackenzie Financial Corp lifted its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 57.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 258,275 shares of the medical equipment provider's stock after purchasing an additional 93,794 shares during the period. Mackenzie Financial Corp owned about 0.18% of ResMed worth $57,815,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Ballentine Partners LLC lifted its position in shares of ResMed by 6.3% in the 1st quarter. Ballentine Partners LLC now owns 1,782 shares of the medical equipment provider's stock worth $399,000 after purchasing an additional 105 shares during the period. Golden State Wealth Management LLC lifted its position in shares of ResMed by 384.8% in the 1st quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock worth $36,000 after purchasing an additional 127 shares during the period. Exchange Traded Concepts LLC lifted its position in shares of ResMed by 393.0% in the 1st 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 period. MML Investors Services LLC lifted its position in shares of ResMed by 31.9% in the 4th quarter. MML Investors Services LLC now owns 11,468 shares of the medical equipment provider's stock worth $2,623,000 after purchasing an additional 2,771 shares during the period. Finally, BNP Paribas Financial Markets lifted its position in ResMed by 61.4% during the fourth quarter. BNP Paribas Financial Markets now owns 274,417 shares of the medical equipment provider's stock valued at $62,756,000 after acquiring an additional 104,377 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on RMD shares. Royal Bank Of Canada raised shares of ResMed from a "sector perform" rating to an "outperform" rating and increased their target price for the company from $255.00 to $294.00 in a research report on Tuesday, July 15th. KeyCorp set a $274.00 target price on shares of ResMed in a research report on Thursday, April 24th. Wall Street Zen cut shares of ResMed from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. Mizuho increased their target price on shares of ResMed from $250.00 to $270.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Finally, UBS Group decreased their target price on shares of ResMed from $290.00 to $285.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, ten 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 an average price target of $263.00.

Get Our Latest Stock Analysis on ResMed

Insider Buying and Selling at ResMed

In other news, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction on Monday, July 7th. The shares were sold at an average price of $256.72, for a total value of $2,056,070.48. Following 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Witte Jan De sold 2,000 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $243.47, for a total transaction of $486,940.00. Following the completion of the sale, the director owned 5,806 shares in the company, valued at $1,413,586.82. The trade was a 25.62% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,013 shares of company stock worth $7,238,913. 0.71% of the stock is owned by corporate insiders.

ResMed Trading Down 0.6%

Shares of ResMed stock opened at $273.52 on Tuesday. The company has a current ratio of 3.41, a quick ratio of 2.49 and a debt-to-equity ratio of 0.12. ResMed Inc. has a 12-month low of $198.60 and a 12-month high of $275.80. The firm has a market capitalization of $40.11 billion, a price-to-earnings ratio of 30.70, a PEG ratio of 1.71 and a beta of 0.77. The firm's 50 day simple moving average is $254.11 and its two-hundred day simple moving average is $239.16.

ResMed Company Profile

(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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Institutional Ownership by Quarter for ResMed (NYSE:RMD)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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