M&T Bank Corp Has $3.01 Million Holdings in ResMed Inc. $RMD

Key Points

• M&T Bank Corp increased its stake in ResMed by 70.3% in Q4, buying 5,152 shares to hold 12,483 shares valued at approximately $3.01 million.
• Institutional investors now own 54.98% of ResMed, with large buys from firms like Vanguard (19,040,440 shares worth about $5.21 billion), Nordea, First Trust and Marshall Wace boosting positions.
• Analysts have a consensus rating of "Moderate Buy" with a $294.55 price target; ResMed recently beat Q results (EPS $2.81 vs. $2.68) and pays a quarterly dividend of $0.60 (annualized $2.40, ~1.1% yield).

M&T Bank Corp boosted its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 70.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,483 shares of the medical equipment provider's stock after buying an additional 5,152 shares during the period. M&T Bank Corp's holdings in ResMed were worth $3,007,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of RMD. First Trust Advisors LP raised its holdings in ResMed by 285.1% during the 3rd quarter. First Trust Advisors LP now owns 445,198 shares of the medical equipment provider's stock worth $121,864,000 after buying an additional 329,588 shares during the period. Marshall Wace LLP raised its holdings in ResMed by 2,373.1% during the 3rd quarter. Marshall Wace LLP now owns 310,987 shares of the medical equipment provider's stock worth $85,126,000 after buying an additional 298,412 shares during the period. Nordea Investment Management AB raised its holdings in ResMed by 37.2% during the 4th quarter. Nordea Investment Management AB now owns 1,084,996 shares of the medical equipment provider's stock worth $262,027,000 after buying an additional 294,124 shares during the period. Vanguard Group Inc. raised its holdings in ResMed by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 19,040,440 shares of the medical equipment provider's stock worth $5,211,940,000 after buying an additional 293,515 shares during the period. Finally, Giverny Capital Inc. acquired a new stake in ResMed during the 3rd quarter worth about $64,441,000. Institutional investors and hedge funds own 54.98% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Weiss Ratings cut ResMed from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, March 19th. Stifel Nicolaus lifted their target price on ResMed from $260.00 to $265.00 and gave the company a "hold" rating in a research note on Friday, January 30th. Piper Sandler lifted their target price on ResMed from $270.00 to $275.00 and gave the company a "neutral" rating in a research note on Friday, January 30th. JPMorgan Chase & Co. assumed coverage on ResMed in a research note on Wednesday, April 15th. They set an "overweight" rating on the stock. Finally, Robert W. Baird set a $281.00 target price on ResMed in a research note on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $294.55.

ResMed Trading Up 1.0%

Shares of NYSE RMD opened at $222.11 on Tuesday. The stock has a market cap of $32.36 billion, a price-to-earnings ratio of 21.97, a PEG ratio of 1.45 and a beta of 0.93. The business has a 50 day simple moving average of $235.91 and a 200 day simple moving average of $247.55. ResMed Inc. has a 52 week low of $216.68 and a 52 week high of $293.81. 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 (NYSE:RMD - Get Free Report) last announced its quarterly earnings results on Friday, January 30th. The medical equipment provider reported $2.81 EPS for the quarter, beating the consensus estimate 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 firm's quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.43 EPS. On average, research analysts predict that ResMed Inc. will post 11.05 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Investors of record on Thursday, February 12th were paid a $0.60 dividend. The ex-dividend date of this dividend was Thursday, February 12th. This represents a $2.40 annualized dividend and a dividend yield of 1.1%. ResMed's payout ratio is presently 23.74%.

Insider Activity at ResMed

In related news, Director Peter C. Farrell sold 2,000 shares of the business's stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total value of $450,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael J. Farrell sold 4,991 shares of the company's stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $225.50, for a total value of $1,125,470.50. Following the sale, the chief executive officer directly owned 466,223 shares of the company's stock, valued at $105,133,286.50. The trade was a 1.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 21,023 shares of company stock valued at $5,230,857. 0.65% of the stock is currently owned by company insiders.

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.

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.