Mackenzie Financial Corp Trims Stock Position in ResMed Inc. $RMD

Key Points

• Mackenzie Financial cut its position in ResMed by 36.2% in Q3, selling 90,810 shares and holding 159,896 shares worth about $43.77 million after the reduction.
• ResMed beat quarterly estimates with EPS $2.81 vs. $2.68 and revenue of $1.42 billion (up 11% year-over-year); the stock opened down ~3.1% at $232.64 and has a market cap of $33.89 billion.
• The company declared a quarterly dividend of $0.60 per share (annualized $2.40, ~1.0% yield; ex-dividend Feb 12, payable Mar 19), while analysts hold a consensus "Moderate Buy" with an average target near $299.27.

Mackenzie Financial Corp lessened its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 36.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 159,896 shares of the medical equipment provider's stock after selling 90,810 shares during the period. Mackenzie Financial Corp owned approximately 0.11% of ResMed worth $43,768,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Entropy Technologies LP raised its position in shares of ResMed by 188.7% in the second quarter. Entropy Technologies LP now owns 16,384 shares of the medical equipment provider's stock worth $4,227,000 after buying an additional 10,708 shares in the last quarter. Quantbot Technologies LP grew its position in ResMed by 244.8% during the second quarter. Quantbot Technologies LP now owns 36,355 shares of the medical equipment provider's stock worth $9,380,000 after buying an additional 25,810 shares in the last quarter. Allianz Asset Management GmbH increased its stake in ResMed by 44.8% in the 3rd quarter. Allianz Asset Management GmbH now owns 357,421 shares of the medical equipment provider's stock worth $97,837,000 after acquiring an additional 110,647 shares during the last quarter. Nordea Investment Management AB increased its stake in ResMed by 3.5% in the 3rd quarter. Nordea Investment Management AB now owns 790,872 shares of the medical equipment provider's stock worth $217,387,000 after acquiring an additional 26,629 shares during the last quarter. Finally, WCM Investment Management LLC purchased a new stake in shares of ResMed in the 3rd quarter valued at about $3,110,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

ResMed Trading Down 3.1%

Shares of RMD opened at $232.64 on Friday. The firm has a market cap of $33.89 billion, a price-to-earnings ratio of 23.01, a PEG ratio of 1.59 and a beta of 0.88. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.32 and a current ratio of 3.06. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.81. The firm has a 50 day moving average price of $255.32 and a 200-day moving average price of $258.93.

ResMed (NYSE:RMD - Get Free Report) last released its earnings results on Thursday, January 29th. The medical equipment provider reported $2.81 EPS for the quarter, beating the consensus estimate of $2.68 by $0.13. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.40 billion. ResMed had a net margin of 27.53% and a return on equity of 25.20%. The firm's quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter last year, the firm earned $2.43 EPS. As a group, equities research analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders of record on Thursday, February 12th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.0%. The ex-dividend date is Thursday, February 12th. ResMed's dividend payout ratio is presently 23.74%.

Insider Transactions at ResMed

In other news, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $248.46, for a total value of $1,240,063.86. Following the transaction, the chief executive officer owned 466,223 shares in the company, valued at approximately $115,837,766.58. The trade was a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the business's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $260.22, for a total value of $520,440.00. Following the completion of the sale, the director directly owned 62,773 shares of the company's stock, valued at approximately $16,334,790.06. This trade represents a 3.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 21,073 shares of company stock worth $5,405,198 over the last ninety days. Insiders own 0.65% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on RMD. Piper Sandler boosted their price objective on ResMed from $270.00 to $275.00 and gave the stock a "neutral" rating in a report on Friday, January 30th. Royal Bank Of Canada boosted their price target on shares of ResMed from $311.00 to $314.00 and gave the stock an "outperform" rating in a research note on Friday, January 30th. Stifel Nicolaus raised their price objective on shares of ResMed from $260.00 to $265.00 and gave the company a "hold" rating in a research report on Friday, January 30th. Wall Street Zen raised shares of ResMed from a "hold" rating to a "buy" rating in a report on Saturday, February 7th. Finally, UBS Group reiterated a "buy" rating and issued a $345.00 target price on shares of ResMed in a research report on Friday, December 12th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, ResMed has a consensus rating of "Moderate Buy" and an average target price of $299.27.

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.

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