The Manufacturers Life Insurance Company Sells 8,488 Shares of ResMed Inc. $RMD

Key Points

• The Manufacturers Life Insurance Company cut its ResMed stake by 9.9% in the first quarter, selling 8,488 shares and retaining 77,580 shares valued at approximately $17.4 million. Institutional investors collectively own 54.98% of ResMed.
• Analyst sentiment is mixed, with seven Buy ratings and nine Hold ratings. The consensus target price is $246.25, despite several recent price-target reductions.
• ResMed reported quarterly earnings of $2.86 per share, exceeding estimates of $2.79, while revenue rose 10.8% year over year to $1.43 billion. CEO Michael Farrell also sold 4,991 shares under a pre-arranged trading plan.

The Manufacturers Life Insurance Company reduced its position in ResMed Inc. (NYSE:RMD - Free Report) by 9.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 77,580 shares of the medical equipment provider's stock after selling 8,488 shares during the quarter. The Manufacturers Life Insurance Company owned 0.05% of ResMed worth $17,412,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of RMD. Imprint Wealth LLC bought a new stake in ResMed in the 3rd quarter worth approximately $26,000. WFA of San Diego LLC bought a new position in ResMed during the second quarter valued at approximately $26,000. International Assets Investment Management LLC purchased a new position in shares of ResMed during the fourth quarter worth approximately $25,000. Sunbelt Securities Inc. purchased a new position in shares of ResMed during the third quarter worth approximately $31,000. Finally, Reflection Asset Management bought a new stake in shares of ResMed in the 4th quarter worth approximately $34,000. 54.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RMD. Mizuho cut their price objective on shares of ResMed from $235.00 to $220.00 and set an "outperform" rating for the company in a research note on Wednesday, July 15th. UBS Group reiterated a "buy" rating and issued a $300.00 target price on shares of ResMed in a research report on Tuesday, July 21st. Evercore set a $255.00 price target on shares of ResMed and gave the stock an "outperform" rating in a research note on Monday, April 13th. Wells Fargo & Company lowered their price target on shares of ResMed from $227.00 to $225.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 8th. Finally, Jefferies Financial Group cut their price target on shares of ResMed from $240.00 to $225.00 and set a "hold" rating for the company in a research report on Friday, July 10th. Seven equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $246.25.

ResMed Stock Performance

Shares of RMD stock opened at $211.39 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.33 and a current ratio of 3.01. ResMed Inc. has a fifty-two week low of $180.26 and a fifty-two week high of $293.81. The stock has a 50 day moving average price of $198.86 and a two-hundred day moving average price of $223.58. The company has a market capitalization of $30.66 billion, a P/E ratio of 20.38, a PEG ratio of 1.28 and a beta of 0.78.

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

Insider Buying and Selling

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction 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 completion of the sale, the chief executive officer owned 466,223 shares of the company's stock, valued at $101,893,036.65. This represents a 1.06% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 14,973 shares of company stock worth $3,096,067. Corporate insiders own 0.65% of the company's stock.

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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