Bank of Nova Scotia Sells 6,026 Shares of ResMed Inc. (NYSE:RMD)

Bank of Nova Scotia lowered its stake in ResMed Inc. (NYSE:RMDGet Rating) by 33.2% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,135 shares of the medical equipment provider’s stock after selling 6,026 shares during the quarter. Bank of Nova Scotia’s holdings in ResMed were worth $2,544,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Kentucky Retirement Systems Insurance Trust Fund increased its stake in shares of ResMed by 15.8% in the 2nd quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 4,998 shares of the medical equipment provider’s stock valued at $1,048,000 after acquiring an additional 682 shares in the last quarter. Kentucky Retirement Systems increased its stake in shares of ResMed by 16.5% in the 2nd quarter. Kentucky Retirement Systems now owns 10,857 shares of the medical equipment provider’s stock valued at $2,276,000 after acquiring an additional 1,536 shares in the last quarter. Texas Permanent School Fund increased its stake in shares of ResMed by 1.9% in the 2nd quarter. Texas Permanent School Fund now owns 19,321 shares of the medical equipment provider’s stock valued at $4,050,000 after acquiring an additional 353 shares in the last quarter. State of Michigan Retirement System increased its stake in ResMed by 6.8% during the 2nd quarter. State of Michigan Retirement System now owns 39,411 shares of the medical equipment provider’s stock valued at $8,262,000 after purchasing an additional 2,500 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its stake in ResMed by 17.1% during the 2nd quarter. Meeder Asset Management Inc. now owns 1,369 shares of the medical equipment provider’s stock valued at $287,000 after purchasing an additional 200 shares in the last quarter. Institutional investors own 65.50% of the company’s stock.

Analyst Upgrades and Downgrades

RMD has been the subject of a number of recent research reports. StockNews.com lowered shares of ResMed from a “buy” rating to a “hold” rating in a research note on Thursday, November 10th. Bank of America upgraded shares of ResMed from a “neutral” rating to a “buy” rating and boosted their price target for the company from $245.00 to $260.00 in a research note on Thursday, October 20th. Royal Bank of Canada boosted their price target on shares of ResMed from $252.00 to $254.00 and gave the company a “sector perform” rating in a research note on Friday, October 28th. JPMorgan Chase & Co. lowered shares of ResMed from an “overweight” rating to a “neutral” rating in a research note on Friday, August 12th. Finally, KeyCorp boosted their price target on shares of ResMed from $276.00 to $280.00 and gave the company an “overweight” rating in a research note on Friday, October 28th. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $267.00.

Insider Buying and Selling

In related news, CEO Michael J. Farrell sold 5,675 shares of the business’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $228.96, for a total value of $1,299,348.00. Following the transaction, the chief executive officer now directly owns 422,570 shares of the company’s stock, valued at approximately $96,751,627.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other ResMed news, CEO Michael J. Farrell sold 5,675 shares of the company’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $228.96, for a total transaction of $1,299,348.00. Following the sale, the chief executive officer now directly owns 422,570 shares of the company’s stock, valued at $96,751,627.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Robert Andrew Douglas sold 11,355 shares of the company’s stock in a transaction dated Friday, October 14th. The shares were sold at an average price of $215.09, for a total transaction of $2,442,346.95. Following the sale, the chief operating officer now directly owns 35,086 shares in the company, valued at $7,546,647.74. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 72,038 shares of company stock valued at $15,986,201. 1.39% of the stock is owned by insiders.

ResMed Stock Performance

NYSE RMD opened at $224.58 on Thursday. ResMed Inc. has a 1 year low of $189.40 and a 1 year high of $268.77. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.94 and a quick ratio of 1.69. The firm has a market cap of $32.90 billion, a price-to-earnings ratio of 41.98, a PEG ratio of 1.43 and a beta of 0.47. The company has a fifty day moving average price of $221.45 and a 200-day moving average price of $218.10.

ResMed (NYSE:RMDGet Rating) last issued its quarterly earnings results on Thursday, October 27th. The medical equipment provider reported $1.51 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.51. The company had revenue of $950.30 million for the quarter, compared to the consensus estimate of $946.07 million. ResMed had a net margin of 21.70% and a return on equity of 25.75%. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.51 EPS. As a group, equities research analysts predict that ResMed Inc. will post 6.48 EPS for the current fiscal year.

ResMed Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, November 10th will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.78%. The ex-dividend date is Wednesday, November 9th. ResMed’s dividend payout ratio (DPR) is currently 32.90%.

ResMed Company Profile

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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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.

Further Reading

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Institutional Ownership by Quarter for ResMed (NYSE:RMD)

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