OLD National Bancorp IN Has $4.58 Million Position in ResMed Inc. $RMD

Key Points

• OLD National Bancorp IN cut its ResMed stake by 47.9% in the first quarter, selling 18,772 shares and leaving it with 20,418 shares valued at about $4.58 million.
• Several other institutional investors also adjusted their positions, while overall institutional ownership in ResMed remains high at 54.98%.
• Analysts remain broadly positive but have trimmed targets: ResMed now has a consensus rating of Moderate Buy with an average price target of $270.82, even as recent insider sales and mixed price target cuts have occurred.

OLD National Bancorp IN cut its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 47.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,418 shares of the medical equipment provider's stock after selling 18,772 shares during the period. OLD National Bancorp IN's holdings in ResMed were worth $4,583,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Louisiana State Employees Retirement System acquired a new stake in ResMed during the first quarter worth approximately $1,661,000. Silver Oak Securities Incorporated lifted its stake in ResMed by 6.6% in the first quarter. Silver Oak Securities Incorporated now owns 7,340 shares of the medical equipment provider's stock valued at $1,648,000 after buying an additional 457 shares during the period. Fifth Third Wealth Advisors LLC boosted its holdings in shares of ResMed by 3.5% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 4,462 shares of the medical equipment provider's stock worth $1,002,000 after buying an additional 152 shares in the last quarter. OP Asset Management Ltd bought a new position in shares of ResMed during the 1st quarter worth approximately $3,316,000. Finally, Banque Cantonale Vaudoise acquired a new stake in shares of ResMed during the 1st quarter worth approximately $1,726,000. 54.98% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. KeyCorp lowered their price objective on shares of ResMed from $290.00 to $266.00 and set an "overweight" rating for the company in a research note on Monday. Evercore set a $255.00 price target on shares of ResMed and gave the stock an "outperform" rating in a report on Monday, April 13th. Wall Street Zen downgraded shares of ResMed from a "buy" rating to a "hold" rating in a research note on Saturday, March 14th. Morgan Stanley reiterated an "equal weight" rating and set a $230.00 price objective (down from $286.00) on shares of ResMed in a report on Wednesday, June 17th. Finally, Robert W. Baird set a $225.00 price objective on shares of ResMed in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $270.82.

Insider Transactions at ResMed

In other news, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $193.96, for a total transaction of $968,054.36. Following the completion of the transaction, the chief executive officer directly owned 466,256 shares in the company, valued at $90,435,013.76. This trade represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 2,000 shares of the business's stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total transaction of $450,000.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 16,973 shares of company stock valued at $3,580,754 over the last quarter. Corporate insiders own 0.65% of the company's stock.

ResMed Price Performance

Shares of NYSE:RMD opened at $200.49 on Friday. The company has a quick ratio of 2.33, a current ratio of 3.01 and a debt-to-equity ratio of 0.06. ResMed Inc. has a twelve month low of $180.26 and a twelve month high of $293.81. The stock's 50 day moving average is $203.31 and its 200-day moving average is $231.18. The firm has a market capitalization of $29.08 billion, a price-to-earnings ratio of 19.33, a PEG ratio of 1.27 and a beta of 0.80.

ResMed (NYSE:RMD - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.79 by $0.07. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. ResMed had a net margin of 27.44% and a return on equity of 25.35%. ResMed's revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the firm posted $2.37 EPS. Sell-side analysts forecast that ResMed Inc. will post 11.13 EPS for the current fiscal year.

ResMed Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, May 14th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Thursday, May 14th. ResMed's dividend payout ratio (DPR) is 23.14%.

About ResMed

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.