M&T Bank Corp Trims Stake in ResMed Inc. (NYSE:RMD)

M&T Bank Corp lowered its holdings in ResMed Inc. (NYSE:RMD – Get Rating) by 12.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 36,501 shares of the medical equipment provider’s stock after selling 5,018 shares during the quarter. M&T Bank Corp’s holdings in ResMed were worth $7,967,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in ResMed by 1.2% in the third quarter. Vanguard Group Inc. now owns 16,261,844 shares of the medical equipment provider’s stock valued at $3,549,959,000 after purchasing an additional 199,805 shares during the period. FMR LLC raised its position in ResMed by 7.7% in the second quarter. FMR LLC now owns 7,519,624 shares of the medical equipment provider’s stock valued at $1,576,339,000 after purchasing an additional 535,742 shares during the period. State Street Corp raised its position in ResMed by 0.5% in the third quarter. State Street Corp now owns 6,456,315 shares of the medical equipment provider’s stock valued at $1,409,414,000 after purchasing an additional 30,824 shares during the period. Legal & General Group Plc raised its holdings in shares of ResMed by 2.0% in the 2nd quarter. Legal & General Group Plc now owns 1,157,528 shares of the medical equipment provider’s stock valued at $242,656,000 after buying an additional 22,794 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of ResMed by 0.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 754,358 shares of the medical equipment provider’s stock valued at $182,940,000 after buying an additional 3,521 shares during the period. Hedge funds and other institutional investors own 64.73% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. StockNews.com assumed coverage on ResMed in a report on Thursday. They issued a “hold” rating on the stock. William Blair reiterated an “outperform” rating on shares of ResMed in a report on Tuesday, January 31st. JPMorgan Chase & Co. boosted their price objective on ResMed from $245.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, January 27th. Finally, Citigroup upgraded ResMed from a “neutral” rating to a “buy” rating in a report on Wednesday, January 18th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, ResMed presently has a consensus rating of “Moderate Buy” and an average price target of $263.17.

ResMed Price Performance

Shares of NYSE RMD opened at $207.99 on Thursday. The stock’s 50-day moving average is $218.22 and its two-hundred day moving average is $219.43. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.17 and a quick ratio of 1.82. ResMed Inc. has a 1-year low of $189.40 and a 1-year high of $262.38. The company has a market cap of $30.56 billion, a price-to-earnings ratio of 37.75, a price-to-earnings-growth ratio of 1.94 and a beta of 0.48.

ResMed (NYSE:RMD – Get Rating) last issued its quarterly earnings results on Thursday, January 26th. The medical equipment provider reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.04. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $996.22 million. ResMed had a return on equity of 25.46% and a net margin of 21.51%. ResMed’s revenue was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.47 EPS. Analysts forecast that ResMed Inc. will post 6.38 EPS for the current fiscal year.

ResMed Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 16th. Stockholders of record on Thursday, February 9th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Wednesday, February 8th. This represents a $1.76 annualized dividend and a dividend yield of 0.85%. ResMed’s dividend payout ratio is currently 31.94%.

Insider Transactions at ResMed

In other news, insider David Pendarvis sold 1,500 shares of the company’s stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $210.07, for a total transaction of $315,105.00. Following the completion of the transaction, the insider now directly owns 97,172 shares of the company’s stock, valued at approximately $20,412,922.04. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CFO Brett Sandercock sold 4,000 shares of the company’s stock in a transaction dated Monday, February 13th. The stock was sold at an average price of $215.00, for a total value of $860,000.00. Following the completion of the sale, the chief financial officer now directly owns 116,880 shares of the company’s stock, valued at approximately $25,129,200. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider David Pendarvis sold 1,500 shares of the company’s stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $210.07, for a total value of $315,105.00. Following the completion of the sale, the insider now directly owns 97,172 shares of the company’s stock, valued at $20,412,922.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,444 shares of company stock valued at $5,114,777. 1.39% of the stock is currently owned by corporate insiders.

ResMed Company Profile

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ResMed, Inc engages in providing digital health and cloud-connected medical devices. Its digital health technologies and cloud-connected medical devices transform care for people with sleep apnea, chronic obstructive pulmonary disease, or COPD, and other chronic diseases. The firm operates through the Sleep and Respiratory Care and Software as a Service segments.