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Novem Group Lowers Stock Position in ResMed Inc. $RMD

ResMed logo with Medical background

Key Points

  • Novem Group has reduced its stake in ResMed Inc. by 23.3% during the second quarter, selling 1,096 shares and now holding 3,609 shares worth approximately $931,000.
  • Several institutional investors, including Dakato Wealth Management and Yarbrough Capital, have increased their holdings in ResMed, showcasing growing interest in the company.
  • ResMed has declared a quarterly dividend increase to $0.60 per share, up from $0.53, resulting in an annualized yield of 0.9%.
  • MarketBeat previews top five stocks to own in November.

Novem Group lessened its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 23.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,609 shares of the medical equipment provider's stock after selling 1,096 shares during the quarter. Novem Group's holdings in ResMed were worth $931,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the company. Dakota Wealth Management boosted its stake in shares of ResMed by 19.8% during the 2nd quarter. Dakota Wealth Management now owns 18,203 shares of the medical equipment provider's stock worth $4,696,000 after acquiring an additional 3,014 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of ResMed by 1.8% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 54,395 shares of the medical equipment provider's stock worth $14,034,000 after acquiring an additional 967 shares in the last quarter. Ballentine Partners LLC boosted its stake in shares of ResMed by 15.3% during the 2nd quarter. Ballentine Partners LLC now owns 2,055 shares of the medical equipment provider's stock worth $530,000 after acquiring an additional 273 shares in the last quarter. Yarbrough Capital LLC boosted its stake in shares of ResMed by 73.8% during the 2nd quarter. Yarbrough Capital LLC now owns 3,252 shares of the medical equipment provider's stock worth $839,000 after acquiring an additional 1,381 shares in the last quarter. Finally, CHICAGO TRUST Co NA boosted its stake in shares of ResMed by 49.3% during the 2nd quarter. CHICAGO TRUST Co NA now owns 1,363 shares of the medical equipment provider's stock worth $352,000 after acquiring an additional 450 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on RMD shares. Piper Sandler boosted their price target on ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. KeyCorp upped their target price on ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Citigroup started coverage on ResMed in a research note on Thursday, September 18th. They issued a "buy" rating and a $330.00 target price on the stock. CLSA raised ResMed from a "hold" rating to an "outperform" rating in a research note on Tuesday, September 2nd. Finally, Mizuho upped their target price on ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $294.20.

Get Our Latest Stock Report on ResMed

ResMed Trading Up 1.2%

Shares of RMD opened at $270.54 on Friday. The stock has a fifty day moving average of $277.76 and a two-hundred day moving average of $251.65. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. The company has a market capitalization of $39.61 billion, a PE ratio of 28.45, a price-to-earnings-growth ratio of 1.80 and a beta of 0.85. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.81.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.08. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.ResMed's revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the firm posted $2.08 EPS. As a group, analysts forecast that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th were issued a $0.60 dividend. This is a boost from ResMed's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, August 14th. This represents a $2.40 annualized dividend and a yield of 0.9%. ResMed's payout ratio is presently 25.24%.

Insider Buying and Selling at ResMed

In other ResMed news, Director John Hernandez sold 2,575 shares of the business's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $287.10, for a total value of $739,282.50. Following the completion of the transaction, the director directly owned 4,045 shares in the company, valued at approximately $1,161,319.50. The trade was a 38.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Peter C. Farrell sold 945 shares of the business's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total value of $241,438.05. Following the completion of the transaction, the director owned 68,273 shares of the company's stock, valued at $17,443,068.77. This trade represents a 1.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 19,588 shares of company stock worth $5,289,241. Insiders own 0.71% of the company's stock.

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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