USS Investment Management Ltd cut its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 26.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 29,504 shares of the medical equipment provider's stock after selling 10,564 shares during the quarter. USS Investment Management Ltd's holdings in ResMed were worth $6,755,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of ResMed by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 18,173,462 shares of the medical equipment provider's stock worth $4,156,089,000 after buying an additional 160,590 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of ResMed by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 3,944,084 shares of the medical equipment provider's stock worth $899,860,000 after purchasing an additional 85,270 shares during the period. Invesco Ltd. lifted its stake in shares of ResMed by 32.2% in the 4th quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider's stock valued at $531,706,000 after purchasing an additional 566,046 shares in the last quarter. Northern Trust Corp grew its holdings in shares of ResMed by 20.6% during the 4th quarter. Northern Trust Corp now owns 1,702,590 shares of the medical equipment provider's stock worth $389,365,000 after purchasing an additional 290,664 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in ResMed by 3.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 957,020 shares of the medical equipment provider's stock worth $218,861,000 after purchasing an additional 32,973 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company's stock.
ResMed Stock Up 1.4%
RMD stock traded up $3.43 during mid-day trading on Tuesday, hitting $246.27. 132,620 shares of the company were exchanged, compared to its average volume of 1,019,975. The firm has a fifty day simple moving average of $228.30 and a 200 day simple moving average of $234.10. The company has a market capitalization of $36.11 billion, a PE ratio of 29.08, a price-to-earnings-growth ratio of 1.53 and a beta of 0.78. ResMed Inc. has a twelve month low of $179.42 and a twelve month high of $263.05. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13.
ResMed (NYSE:RMD - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 EPS for the quarter, topping analysts' consensus estimates of $2.36 by $0.01. The business had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. ResMed had a return on equity of 26.17% and a net margin of 25.34%. The company's revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period last year, the firm earned $2.13 earnings per share. On average, research analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.
ResMed Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 8th will be given a $0.53 dividend. The ex-dividend date of this dividend is Thursday, May 8th. This represents a $2.12 annualized dividend and a dividend yield of 0.86%. ResMed's payout ratio is 23.79%.
Insider Activity
In other news, CEO Michael J. Farrell sold 8,009 shares of the firm's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $229.20, for a total value of $1,835,662.80. Following the transaction, the chief executive officer now directly owns 455,472 shares in the company, valued at approximately $104,394,182.40. This trade represents a 1.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Kaushik Ghoshal sold 9,113 shares of ResMed stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $235.40, for a total transaction of $2,145,200.20. Following the completion of the transaction, the insider now directly owns 9,725 shares of the company's stock, valued at $2,289,265. This trade represents a 48.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 50,949 shares of company stock worth $11,822,260. 0.71% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
RMD has been the topic of several research reports. Morgan Stanley set a $286.00 price objective on ResMed and gave the company an "overweight" rating in a research report on Tuesday, May 20th. Needham & Company LLC reiterated a "hold" rating on shares of ResMed in a report on Friday, January 31st. Stifel Nicolaus reduced their price target on ResMed from $250.00 to $240.00 and set a "hold" rating on the stock in a research report on Wednesday, March 5th. Mizuho set a $265.00 price objective on shares of ResMed in a research report on Wednesday, April 16th. Finally, Royal Bank of Canada lifted their price objective on shares of ResMed from $247.00 to $255.00 and gave the company a "sector perform" rating in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $259.33.
Get Our Latest Stock Analysis on ResMed
About ResMed
(
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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