Prime Capital Investment Advisors LLC lessened its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 12.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,592 shares of the medical equipment provider's stock after selling 2,348 shares during the period. Prime Capital Investment Advisors LLC's holdings in ResMed were worth $4,281,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors also recently bought and sold shares of the business. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in ResMed by 1,168.5% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 590,895 shares of the medical equipment provider's stock valued at $132,272,000 after purchasing an additional 544,311 shares during the period. Allianz Asset Management GmbH lifted its position in shares of ResMed by 334.0% during the 1st quarter. Allianz Asset Management GmbH now owns 455,124 shares of the medical equipment provider's stock valued at $101,880,000 after buying an additional 350,245 shares in the last quarter. Swedbank AB lifted its position in shares of ResMed by 445.1% during the 1st quarter. Swedbank AB now owns 397,319 shares of the medical equipment provider's stock valued at $88,940,000 after buying an additional 324,428 shares in the last quarter. Vanguard Group Inc. grew its stake in ResMed by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider's stock valued at $4,139,815,000 after acquiring an additional 320,240 shares during the period. Finally, Nuveen LLC purchased a new stake in ResMed in the 1st quarter worth $69,492,000. Institutional investors and hedge funds own 54.98% of the company's stock.
Analysts Set New Price Targets
RMD has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of ResMed in a report on Saturday, September 27th. Piper Sandler raised their price target on shares of ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. William Blair upgraded ResMed to a "strong-buy" rating in a research note on Friday, August 1st. CLSA raised ResMed from a "hold" rating to an "outperform" rating in a report on Tuesday, September 2nd. Finally, Stifel Nicolaus lifted their price target on ResMed from $240.00 to $270.00 and gave the stock a "hold" rating in a research note on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $294.20.
View Our Latest Research Report on RMD
ResMed Stock Performance
Shares of ResMed stock opened at $281.76 on Tuesday. ResMed Inc. has a one year low of $199.92 and a one year high of $293.81. The company has a market cap of $41.12 billion, a price-to-earnings ratio of 29.63, a PEG ratio of 1.87 and a beta of 0.83. 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 business's 50 day moving average price is $278.33 and its 200 day moving average price is $254.34.
ResMed (NYSE:RMD - Get Free Report) last issued its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) 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 company had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.33 billion. During the same period in the prior year, the business earned $2.08 EPS. The firm's quarterly revenue was up 10.2% on a year-over-year basis. On average, research analysts predict that ResMed Inc. will post 9.47 EPS for the current year.
ResMed Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, August 14th were given a dividend of $0.60 per share. The ex-dividend date was Thursday, August 14th. This is an increase from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 annualized dividend and a yield of 0.9%. ResMed's dividend payout ratio (DPR) is 25.24%.
Insiders Place Their Bets
In other news, General Counsel Michael J. Rider sold 100 shares of ResMed stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total transaction of $27,436.00. Following the sale, the general counsel owned 11,327 shares of the company's stock, valued at approximately $3,107,675.72. The trade was a 0.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Hernandez sold 2,575 shares of the stock in a transaction that occurred 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 owned 4,045 shares of the company's stock, valued at $1,161,319.50. The trade was a 38.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,734 shares of company stock valued at $3,019,169 over the last ninety days. Company insiders own 0.71% of the company's stock.
ResMed Company Profile
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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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