ResMed Inc. $RMD Holdings Raised by OMERS ADMINISTRATION Corp

Key Points

• OMERS Administration Corp increased its ResMed stake by 34.8% in the first quarter, owning 19,291 shares valued at approximately $4.33 million. Institutional investors and hedge funds collectively hold 54.98% of ResMed’s stock.
• ResMed reported quarterly earnings of $2.86 per share, exceeding estimates by $0.07, while revenue rose 10.8% year over year to $1.43 billion. The company also pays a quarterly dividend of $0.60, equivalent to a 1.2% annual yield.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $246.25, despite some recent target reductions. ResMed shares opened at $203.34, well below their 52-week high of $293.81.

OMERS ADMINISTRATION Corp boosted its stake in ResMed Inc. (NYSE:RMD - Free Report) by 34.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,291 shares of the medical equipment provider's stock after buying an additional 4,985 shares during the period. OMERS ADMINISTRATION Corp's holdings in ResMed were worth $4,330,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Imprint Wealth LLC bought a new position in shares of ResMed in the third quarter valued at approximately $26,000. WFA of San Diego LLC bought a new stake in ResMed during the second quarter worth approximately $26,000. International Assets Investment Management LLC bought a new stake in ResMed during the fourth quarter worth approximately $25,000. ORG Partners LLC lifted its position in ResMed by 181.6% in the fourth quarter. ORG Partners LLC now owns 107 shares of the medical equipment provider's stock worth $26,000 after purchasing an additional 69 shares during the period. Finally, Sunbelt Securities Inc. acquired a new stake in ResMed in the third quarter worth approximately $31,000. Institutional investors and hedge funds own 54.98% of the company's stock.

ResMed Stock Performance

ResMed stock opened at $203.34 on Tuesday. ResMed Inc. has a fifty-two week low of $180.26 and a fifty-two week high of $293.81. The firm's 50 day simple moving average is $198.68 and its 200-day simple moving average is $224.51. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.01 and a quick ratio of 2.33. The company has a market cap of $29.50 billion, a P/E ratio of 19.61, a price-to-earnings-growth ratio of 1.22 and a beta of 0.78.

ResMed (NYSE:RMD - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, topping analysts' consensus estimates of $2.79 by $0.07. ResMed had a net margin of 27.44% and a return on equity of 25.35%. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter last year, the business posted $2.37 EPS. The company's revenue was up 10.8% on a year-over-year basis. As a group, equities research analysts predict that ResMed Inc. will post 11.14 EPS for the current year.

ResMed Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, May 14th were given 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 is 23.14%.

Insider Activity at ResMed

In related news, CEO Michael J. Farrell sold 4,991 shares of the business's stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $218.55, for a total transaction of $1,090,783.05. Following the transaction, the chief executive officer directly owned 466,223 shares of the company's stock, valued at approximately $101,893,036.65. The trade was a 1.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 14,973 shares of company stock worth $3,096,067 in the last ninety days. Company insiders own 0.65% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RMD. Wells Fargo & Company lowered their price target on ResMed from $227.00 to $225.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 8th. KeyCorp cut their price objective on ResMed from $290.00 to $266.00 and set an "overweight" rating for the company in a report on Monday, June 22nd. Evercore set a $255.00 target price on ResMed and gave the company an "outperform" rating in a research note on Monday, April 13th. The Goldman Sachs Group reiterated a "buy" rating on shares of ResMed in a research report on Wednesday, July 1st. Finally, Weiss Ratings downgraded shares of ResMed from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, ResMed presently has an average rating of "Moderate Buy" and an average price target of $246.25.

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.

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