US Bancorp DE Cuts Stake in ResMed Inc. (RMD)
US Bancorp DE reduced its stake in ResMed Inc. (NYSE:RMD) by 2.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,007 shares of the medical equipment provider’s stock after selling 1,114 shares during the period. US Bancorp DE’s holdings in ResMed were worth $4,362,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Toronto Dominion Bank raised its position in ResMed by 26.6% in the first quarter. Toronto Dominion Bank now owns 1,543 shares of the medical equipment provider’s stock valued at $111,000 after buying an additional 324 shares during the last quarter. Creative Planning raised its position in ResMed by 97.1% in the second quarter. Creative Planning now owns 1,671 shares of the medical equipment provider’s stock valued at $130,000 after buying an additional 823 shares during the last quarter. Van ECK Associates Corp raised its position in ResMed by 7.5% in the first quarter. Van ECK Associates Corp now owns 1,945 shares of the medical equipment provider’s stock valued at $140,000 after buying an additional 136 shares during the last quarter. Morgan Dempsey Capital Management LLC raised its position in ResMed by 2.3% in the first quarter. Morgan Dempsey Capital Management LLC now owns 2,189 shares of the medical equipment provider’s stock valued at $158,000 after buying an additional 50 shares during the last quarter. Finally, Pacer Advisors Inc. raised its position in ResMed by 3.0% in the first quarter. Pacer Advisors Inc. now owns 2,699 shares of the medical equipment provider’s stock valued at $194,000 after buying an additional 79 shares during the last quarter. 60.68% of the stock is owned by hedge funds and other institutional investors.
Shares of ResMed Inc. (NYSE RMD) traded down 0.05% on Monday, reaching $75.05. The company had a trading volume of 573,222 shares. The firm has a market capitalization of $10.66 billion, a PE ratio of 31.27 and a beta of 0.83. The firm’s 50 day moving average is $77.30 and its 200 day moving average is $71.87. ResMed Inc. has a 12 month low of $56.59 and a 12 month high of $79.63.
ResMed (NYSE:RMD) last posted its quarterly earnings results on Tuesday, August 1st. The medical equipment provider reported $0.77 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.02. ResMed had a return on equity of 21.99% and a net margin of 16.56%. The company had revenue of $556.69 million for the quarter, compared to analysts’ expectations of $557.68 million. During the same period last year, the firm earned $0.74 earnings per share. ResMed’s quarterly revenue was up 7.3% on a year-over-year basis. On average, equities research analysts expect that ResMed Inc. will post $3.05 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, August 17th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, August 15th. This is a boost from ResMed’s previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a yield of 1.87%. ResMed’s dividend payout ratio (DPR) is currently 54.77%.
Several research analysts have recently commented on the company. Zacks Investment Research raised ResMed from a “hold” rating to a “buy” rating and set a $87.00 price target for the company in a research report on Thursday, July 6th. Citigroup Inc. raised ResMed from a “neutral” rating to a “buy” rating in a research report on Wednesday, August 2nd. Needham & Company LLC reissued a “sell” rating on shares of ResMed in a research report on Wednesday, August 2nd. Jefferies Group LLC reissued a “sell” rating and issued a $56.00 price target on shares of ResMed in a research report on Friday, April 28th. Finally, BMO Capital Markets reissued a “hold” rating on shares of ResMed in a research report on Friday, May 12th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $65.63.
In other ResMed news, Director Richard Sulpizio sold 65,887 shares of the firm’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $77.82, for a total value of $5,127,326.34. Following the sale, the director now directly owns 4,429 shares in the company, valued at $344,664.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider David Pendarvis sold 6,365 shares of ResMed stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $72.62, for a total value of $462,226.30. Following the sale, the insider now owns 84,477 shares in the company, valued at approximately $6,134,719.74. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 160,260 shares of company stock worth $12,212,644. 1.97% of the stock is owned by insiders.
ResMed Inc is a holding company. The Company is engaged in the development, manufacturing, distribution and marketing of medical devices and cloud-based software applications that diagnose, treat and manage respiratory disorders, including sleep disordered breathing (SDB), chronic obstructive pulmonary disease (COPD), neuromuscular disease and other diseases.
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