PNC Financial Services Group Inc. Has $20.43 Million Holdings in ResMed Inc. (NYSE:RMD)

Key Points

• PNC Financial Services Group Inc. reduced its stake in ResMed Inc. by 1.2%, holding 91,267 shares worth approximately $20.43 million at the end of the reporting period.
• ResMed has announced a quarterly dividend increase from $0.53 to $0.60 per share, with a payment date set for September 18th.
• ResMed's stock recently traded down 2.3%, closing at $284.72, with a market capitalization of $41.75 billion and a consensus rating of "Moderate Buy" from analysts.

PNC Financial Services Group Inc. lessened its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 1.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 91,267 shares of the medical equipment provider's stock after selling 1,149 shares during the quarter. PNC Financial Services Group Inc. owned 0.06% of ResMed worth $20,430,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of RMD. Global X Japan Co. Ltd. grew its holdings in shares of ResMed by 121.4% in the first quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock valued at $28,000 after purchasing an additional 68 shares during the period. Colonial Trust Co SC increased its position in shares of ResMed by 6,250.0% during the fourth quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock worth $29,000 after acquiring an additional 125 shares during the period. Optiver Holding B.V. purchased a new position in shares of ResMed in the 4th quarter valued at about $33,000. Golden State Wealth Management LLC grew its holdings in ResMed by 384.8% during the 1st quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock worth $36,000 after acquiring an additional 127 shares in the last quarter. Finally, Itau Unibanco Holding S.A. increased its holdings in ResMed by 1,000.0% in the fourth quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider's stock valued at $38,000 after buying an additional 150 shares during the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Mizuho raised their price objective on shares of ResMed from $270.00 to $290.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. JPMorgan Chase & Co. upped their price objective on shares of ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a research note on Thursday, April 24th. Wall Street Zen raised ResMed from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Royal Bank Of Canada lifted their price objective on ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Finally, UBS Group increased their target price on ResMed from $285.00 to $325.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $274.83.

Insider Activity

In other news, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction on Monday, July 7th. The stock was sold at an average price of $256.72, for a total value of $2,056,070.48. Following the completion of the sale, the chief executive officer owned 455,503 shares in the company, valued at $116,936,730.16. This represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Witte Jan De sold 2,000 shares of the firm's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $243.47, for a total value of $486,940.00. Following the sale, the director owned 5,806 shares of the company's stock, valued at $1,413,586.82. The trade was a 25.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,054 shares of company stock worth $4,820,479 over the last 90 days. 0.71% of the stock is owned by company insiders.

ResMed Stock Performance

Shares of ResMed stock traded up $4.11 during trading hours on Friday, reaching $284.28. The company's stock had a trading volume of 332,344 shares, compared to its average volume of 1,000,200. The stock has a market cap of $41.68 billion, a P/E ratio of 29.89, a price-to-earnings-growth ratio of 1.89 and a beta of 0.77. ResMed Inc. has a one year low of $199.92 and a one year high of $293.08. The company's 50 day simple moving average is $259.04 and its 200 day simple moving average is $241.33. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44.

ResMed (NYSE:RMD - Get Free Report) last announced its 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. ResMed had a return on equity of 25.62% and a net margin of 27.22%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the previous year, the business earned $2.08 EPS. The firm's revenue for the quarter was up 10.2% on a year-over-year basis. As a group, analysts expect that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th will be issued a dividend of $0.60 per share. This is an increase from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Wednesday, August 13th. ResMed's dividend payout ratio (DPR) is presently 25.24%.

About ResMed

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.