Royal Bank of Canada increased its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 9.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 285,051 shares of the medical equipment provider's stock after buying an additional 24,621 shares during the period. Royal Bank of Canada owned about 0.19% of ResMed worth $65,189,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in RMD. Colonial Trust Co SC boosted its position in 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 purchasing an additional 125 shares during the period. Optiver Holding B.V. bought a new position in shares of ResMed in the fourth quarter valued at approximately $33,000. Itau Unibanco Holding S.A. boosted its position in shares of 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 acquiring an additional 150 shares during the period. OFI Invest Asset Management bought a new position in shares of ResMed in the fourth quarter valued at approximately $39,000. Finally, Coppell Advisory Solutions LLC raised its stake in ResMed by 1,750.0% in the fourth quarter. Coppell Advisory Solutions LLC now owns 185 shares of the medical equipment provider's stock valued at $42,000 after purchasing an additional 175 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company's stock.
Insider Activity at ResMed
In related news, Director Witte Jan De sold 2,000 shares of the firm's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total value of $486,940.00. Following the completion of the transaction, the director now directly owns 5,806 shares of the company's stock, valued at approximately $1,413,586.82. This trade represents a 25.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the firm's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $229.20, for a total value of $1,835,662.80. Following the completion of the sale, the chief executive officer now owns 455,472 shares of the company's stock, valued at approximately $104,394,182.40. This represents a 1.73% 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 owned by company insiders.
Wall Street Analyst Weigh In
A number of equities research analysts recently weighed in on RMD shares. JPMorgan Chase & Co. raised their target price 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. Needham & Company LLC reissued a "hold" rating on shares of ResMed in a research note on Friday, January 31st. Morgan Stanley set a $286.00 price target on shares of ResMed and gave the stock an "overweight" rating in a research note on Tuesday. Stifel Nicolaus decreased their price target on shares of ResMed from $250.00 to $240.00 and set a "hold" rating on the stock in a research note on Wednesday, March 5th. Finally, Piper Sandler decreased their price target on shares of ResMed from $260.00 to $248.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $259.33.
Check Out Our Latest Stock Analysis on ResMed
ResMed Stock Down 1.0%
ResMed stock traded down $2.46 during mid-day trading on Friday, reaching $243.03. The stock had a trading volume of 558,144 shares, compared to its average volume of 1,021,518. The company has a market capitalization of $35.63 billion, a price-to-earnings ratio of 28.69, a PEG ratio of 1.53 and a beta of 0.78. The company has a 50-day moving average price of $227.88 and a two-hundred day moving average price of $234.34. ResMed Inc. has a one year low of $179.42 and a one year high of $263.05. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.33 and a quick ratio of 2.29.
ResMed (NYSE:RMD - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share for the quarter, topping analysts' consensus estimates of $2.36 by $0.01. ResMed had a return on equity of 26.17% and a net margin of 25.34%. The business had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the previous year, the firm earned $2.13 EPS. ResMed's revenue was up 7.9% on a year-over-year basis. On average, analysts expect that ResMed Inc. will post 9.47 EPS for the current fiscal year.
ResMed Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 8th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 0.87%. The ex-dividend date of this dividend is Thursday, May 8th. ResMed's payout ratio is currently 23.79%.
About ResMed
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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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