Macquarie Group Ltd. Reduces Stake in ResMed Inc. (RMD)
Macquarie Group Ltd. trimmed its position in ResMed Inc. (NYSE:RMD) by 36.3% in the second quarter, according to its most recent filing with the SEC. The fund owned 84,682 shares of the medical equipment provider’s stock after selling 48,218 shares during the period. Macquarie Group Ltd. owned 0.06% of ResMed worth $6,595,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in shares of ResMed by 17.3% in the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 42,898 shares of the medical equipment provider’s stock valued at $3,340,000 after acquiring an additional 6,316 shares during the last quarter. Delta Lloyd Asset Management N.V. bought a new position in shares of ResMed in the 2nd quarter valued at $6,194,000. Prudential Financial Inc. lifted its stake in shares of ResMed by 50.5% in the 2nd quarter. Prudential Financial Inc. now owns 131,997 shares of the medical equipment provider’s stock valued at $10,279,000 after acquiring an additional 44,266 shares during the last quarter. KBC Group NV lifted its stake in shares of ResMed by 7.9% in the 2nd quarter. KBC Group NV now owns 27,212 shares of the medical equipment provider’s stock valued at $2,119,000 after acquiring an additional 1,993 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of ResMed by 21.4% in the 2nd quarter. Victory Capital Management Inc. now owns 21,597 shares of the medical equipment provider’s stock valued at $1,682,000 after acquiring an additional 3,809 shares during the last quarter. Institutional investors own 60.10% of the company’s stock.
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In other news, insider David Pendarvis sold 6,364 shares of ResMed stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $72.10, for a total transaction of $458,844.40. Following the completion of the transaction, the insider now owns 84,476 shares of the company’s stock, valued at approximately $6,090,719.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Brett Sandercock sold 1,250 shares of ResMed stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $77.49, for a total value of $96,862.50. Following the transaction, the chief financial officer now directly owns 59,258 shares of the company’s stock, valued at approximately $4,591,902.42. The disclosure for this sale can be found here. Insiders have sold 107,232 shares of company stock worth $8,109,182 in the last quarter. 1.77% of the stock is owned by corporate insiders.
A number of research analysts have recently commented on the company. Needham & Company LLC reiterated a “sell” rating on shares of ResMed in a research note on Friday, September 8th. Bank of America Corporation cut ResMed from a “buy” rating to a “neutral” rating in a research note on Wednesday, August 2nd. Credit Suisse Group cut ResMed from an “outperform” rating to a “neutral” rating in a research note on Wednesday, August 2nd. BMO Capital Markets increased their price target on ResMed from $61.00 to $70.00 and gave the company a “market perform” rating in a research note on Wednesday, August 2nd. Finally, Citigroup Inc. upgraded ResMed from a “neutral” rating to a “buy” rating in a research note on Wednesday, August 2nd. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. ResMed has a consensus rating of “Hold” and a consensus target price of $68.33.
ResMed Inc. (RMD) opened at 78.42 on Wednesday. ResMed Inc. has a 12 month low of $56.59 and a 12 month high of $81.87. The company has a market capitalization of $11.15 billion, a price-to-earnings ratio of 32.67 and a beta of 0.77. The company’s 50-day moving average price is $77.70 and its 200 day moving average price is $74.20.
ResMed (NYSE:RMD) last issued its quarterly earnings data on Tuesday, August 1st. The medical equipment provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.75 by $0.02. The firm had revenue of $556.69 million during the quarter, compared to the consensus estimate of $557.68 million. ResMed had a net margin of 16.56% and a return on equity of 21.99%. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.74 earnings per share. Analysts forecast that ResMed Inc. will post $3.06 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 21st. Investors of record on Thursday, August 17th were given a dividend of $0.35 per share. The ex-dividend date was Tuesday, August 15th. This represents a $1.40 annualized dividend and a dividend yield of 1.79%. This is a boost from ResMed’s previous quarterly dividend of $0.33. ResMed’s payout ratio is currently 58.09%.
ResMed Company Profile
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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