ResMed Inc. (NYSE:RMD) Holdings Cut by Raymond James & Associates

Raymond James & Associates cut its stake in shares of ResMed Inc. (NYSE:RMD – Get Rating) by 11.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,034 shares of the medical equipment provider’s stock after selling 2,701 shares during the quarter. Raymond James & Associates’ holdings in ResMed were worth $4,170,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in RMD. Point72 Asset Management L.P. lifted its stake in ResMed by 245.2% in the third quarter. Point72 Asset Management L.P. now owns 397,861 shares of the medical equipment provider’s stock valued at $86,853,000 after buying an additional 282,613 shares during the last quarter. Capital Research Global Investors boosted its stake in ResMed by 83.1% during the 1st quarter. Capital Research Global Investors now owns 557,558 shares of the medical equipment provider’s stock valued at $135,213,000 after purchasing an additional 253,121 shares during the period. Vanguard Group Inc. grew its stake in shares of ResMed by 1.2% in the third quarter. Vanguard Group Inc. now owns 16,261,844 shares of the medical equipment provider’s stock worth $3,549,959,000 after purchasing an additional 199,805 shares in the last quarter. Royal Bank of Canada increased its holdings in shares of ResMed by 133.6% during the third quarter. Royal Bank of Canada now owns 125,500 shares of the medical equipment provider’s stock valued at $27,396,000 after purchasing an additional 71,769 shares during the period. Finally, Korea Investment CORP lifted its holdings in ResMed by 94.3% in the third quarter. Korea Investment CORP now owns 94,165 shares of the medical equipment provider’s stock worth $20,556,000 after purchasing an additional 45,690 shares during the period. 64.73% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. StockNews.com assumed coverage on shares of ResMed in a report on Thursday, May 18th. They issued a “buy” rating for the company. UBS Group assumed coverage on ResMed in a research note on Monday. They set a “buy” rating and a $290.00 target price for the company. JPMorgan Chase & Co. boosted their price target on shares of ResMed from $245.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, January 27th. Mizuho initiated coverage on ResMed in a report on Thursday, April 13th. They issued a “buy” rating and a $255.00 price target on the stock. Finally, William Blair restated an “outperform” rating on shares of ResMed in a report on Tuesday, January 31st. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, ResMed currently has an average rating of “Moderate Buy” and an average target price of $263.43.

ResMed Trading Down 1.0 %

RMD stock opened at $220.40 on Thursday. ResMed Inc. has a 1-year low of $192.85 and a 1-year high of $247.65. The business’s 50 day moving average is $223.74 and its 200-day moving average is $220.18. The firm has a market cap of $32.38 billion, a P/E ratio of 37.55, a P/E/G ratio of 3.38 and a beta of 0.48. The company has a current ratio of 3.07, a quick ratio of 1.74 and a debt-to-equity ratio of 0.40.

ResMed (NYSE:RMD – Get Rating) last posted its quarterly earnings results on Thursday, April 27th. The medical equipment provider reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.10. The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.05 billion. ResMed had a return on equity of 25.82% and a net margin of 21.49%. The firm’s quarterly revenue was up 29.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.32 EPS. Equities analysts anticipate that ResMed Inc. will post 6.48 earnings per share for the current fiscal year.

ResMed Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Thursday, May 11th will be paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 0.80%. The ex-dividend date of this dividend is Wednesday, May 10th. ResMed’s payout ratio is currently 29.98%.

Insider Activity

In other ResMed news, CEO Michael J. Farrell sold 5,675 shares of ResMed stock in a transaction on Wednesday, March 15th. The shares were sold at an average price of $206.95, for a total transaction of $1,174,441.25. Following the completion of the transaction, the chief executive officer now directly owns 436,900 shares of the company’s stock, valued at $90,416,455. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, COO Robert Andrew Douglas sold 1,500 shares of the stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $232.85, for a total transaction of $349,275.00. Following the sale, the chief operating officer now owns 255,026 shares in the company, valued at approximately $59,382,804.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael J. Farrell sold 5,675 shares of ResMed stock in a transaction on Wednesday, March 15th. The shares were sold at an average price of $206.95, for a total value of $1,174,441.25. Following the completion of the transaction, the chief executive officer now owns 436,900 shares in the company, valued at approximately $90,416,455. The disclosure for this sale can be found here. Insiders sold a total of 31,951 shares of company stock valued at $7,143,067 in the last quarter. Company insiders own 1.39% of the company’s stock.

About ResMed

(Get Rating)

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.