ResMed Inc. $RMD Stake Lessened by Royal Bank of Canada

Royal Bank of Canada cut its position in shares of ResMed Inc. (NYSE:RMD) by 4.7% during the 1st quarter, Holdings Channel reports. The firm owned 272,526 shares of the medical equipment provider’s stock after selling 13,375 shares during the period. Royal Bank of Canada’s holdings in ResMed were worth $61,177,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Jones Financial Companies Lllp grew its holdings in ResMed by 52.6% during the first quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider’s stock worth $645,000 after acquiring an additional 994 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in ResMed in the 2nd quarter valued at about $389,000. Brown Advisory Inc. lifted its holdings in ResMed by 17.8% in the 2nd quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider’s stock valued at $409,000 after acquiring an additional 240 shares during the last quarter. Cresset Asset Management LLC acquired a new stake in ResMed in the 2nd quarter valued at about $206,000. Finally, Alliancebernstein L.P. boosted its position in shares of ResMed by 24.2% during the 2nd quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider’s stock valued at $73,808,000 after purchasing an additional 55,790 shares in the last quarter. Institutional investors own 54.98% of the company’s stock.

Insider Activity at ResMed

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $218.55, for a total transaction of $1,090,783.05. Following the completion of the sale, the chief executive officer directly owned 466,223 shares in the company, valued at $101,893,036.65. This represents a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 14,973 shares of company stock valued at $3,096,067 over the last 90 days. Company insiders own 0.65% of the company’s stock.

ResMed Trading Up 1.4%

ResMed stock opened at $211.39 on Friday. The company’s fifty day simple moving average is $198.86 and its 200-day simple moving average is $223.58. The company has a quick ratio of 2.33, a current ratio of 3.01 and a debt-to-equity ratio of 0.06. ResMed Inc. has a 12 month low of $180.26 and a 12 month high of $293.81. The stock has a market cap of $30.66 billion, a P/E ratio of 20.38, a P/E/G ratio of 1.28 and a beta of 0.78.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, beating the consensus estimate of $2.79 by $0.07. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.42 billion. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.37 EPS. As a group, sell-side analysts forecast that ResMed Inc. will post 11.14 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently commented on the stock. KeyCorp cut their target price on shares of ResMed from $290.00 to $266.00 and set an “overweight” rating for the company in a research note on Monday, June 22nd. Robert W. Baird set a $225.00 price target on ResMed in a report on Friday, May 1st. Weiss Ratings lowered ResMed from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, July 24th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of ResMed in a research report on Wednesday, July 1st. Finally, JPMorgan Chase & Co. began coverage on ResMed in a report on Wednesday, April 15th. They set an “overweight” rating for the company. Seven analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, ResMed has a consensus rating of “Hold” and an average price target of $246.25.

ResMed Profile

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.