OVERSEA CHINESE BANKING Corp Ltd lessened its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 17.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,869 shares of the medical equipment provider's stock after selling 7,795 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in ResMed were worth $8,640,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RMD. Jones Financial Companies Lllp increased its position in ResMed by 52.6% during the 1st quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider's stock valued at $645,000 after buying an additional 994 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in ResMed during the 2nd quarter valued at approximately $389,000. Brown Advisory Inc. increased its position in ResMed by 17.8% during the 2nd quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider's stock valued at $409,000 after buying an additional 240 shares in the last quarter. Cresset Asset Management LLC purchased a new stake in ResMed during the 2nd quarter valued at $206,000. Finally, Alliancebernstein L.P. boosted its stake in ResMed by 24.2% during the 2nd quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider's stock valued at $73,808,000 after purchasing an additional 55,790 shares during the last quarter. Institutional investors own 54.98% of the company's stock.
Analyst Upgrades and Downgrades
RMD has been the topic of several recent analyst reports. Robert W. Baird set a $281.00 target price on ResMed in a research note on Friday, January 30th. Wall Street Zen downgraded ResMed from a "buy" rating to a "hold" rating in a research note on Saturday, March 14th. Evercore set a $255.00 target price on ResMed and gave the company an "outperform" rating in a research note on Monday, April 13th. Weiss Ratings downgraded ResMed from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, March 19th. Finally, Citigroup cut their target price on ResMed from $345.00 to $340.00 and set a "buy" rating on the stock in a research note on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, ResMed currently has an average rating of "Moderate Buy" and a consensus target price of $295.17.
Read Our Latest Stock Report on ResMed
Insiders Place Their Bets
In other news, CEO Michael J. Farrell sold 4,991 shares of the firm's stock in a transaction on Monday, February 9th. The stock was sold at an average price of $273.78, for a total value of $1,366,435.98. Following the transaction, the chief executive officer directly owned 466,223 shares in the company, valued at $127,642,532.94. This trade represents a 1.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Peter C. Farrell sold 2,000 shares of the firm's stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total value of $450,000.00. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 21,023 shares of company stock worth $5,230,857. Company insiders own 0.65% of the company's stock.
ResMed Stock Performance
Shares of RMD opened at $220.97 on Wednesday. The business's fifty day simple moving average is $238.45 and its two-hundred day simple moving average is $249.25. The company has a current ratio of 3.06, a quick ratio of 2.32 and a debt-to-equity ratio of 0.06. ResMed Inc. has a 12 month low of $210.34 and a 12 month high of $293.81. The company has a market cap of $32.19 billion, a price-to-earnings ratio of 21.86, a P/E/G ratio of 1.49 and a beta of 0.93.
ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings results on Friday, January 30th. The medical equipment provider reported $2.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.68 by $0.13. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. ResMed had a return on equity of 25.20% and a net margin of 27.53%.The company's revenue for the quarter was up 11.0% on a year-over-year basis. During the same period last year, the business posted $2.43 EPS. Research analysts anticipate that ResMed Inc. will post 11.04 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. Stockholders of record on Thursday, February 12th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Thursday, February 12th. ResMed's dividend payout ratio (DPR) is 23.74%.
ResMed Company Profile
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Free Report)
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.
See Also
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