Bank of Nova Scotia Takes $2.98 Million Position in ResMed Inc. $RMD

Bank of Nova Scotia purchased a new stake in ResMed Inc. (NYSE:RMD) in the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 15,294 shares of the medical equipment provider’s stock, valued at approximately $2,980,000.

A number of other large investors have also added to or reduced their stakes in RMD. Imprint Wealth LLC acquired a new position in ResMed in the 3rd quarter valued at $26,000. WFA of San Diego LLC acquired a new stake in shares of ResMed during the 2nd quarter worth $26,000. International Assets Investment Management LLC acquired a new stake in shares of ResMed during the 4th quarter worth $25,000. Sunbelt Securities Inc. bought a new position in shares of ResMed in the third quarter worth $31,000. Finally, Bell Investment Advisors Inc acquired a new position in ResMed in the second quarter valued at about $26,000. Institutional investors and hedge funds own 54.98% of the company’s stock.

Insider Activity

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $205.69, for a total transaction of $1,026,598.79. Following the transaction, the chief executive officer owned 466,256 shares in the company, valued at approximately $95,904,196.64. This represents a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 8,000 shares of the firm’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the completion of the transaction, the director directly owned 52,773 shares in the company, valued at $11,873,925. This trade represents a 13.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 22,973 shares of company stock valued at $4,885,436. 0.65% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Piper Sandler reduced their price objective on shares of ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a research note on Friday, August 7th. UBS Group restated a “buy” rating and issued a $300.00 target price on shares of ResMed in a research report on Tuesday, July 21st. Rothschild & Co Redburn assumed coverage on shares of ResMed in a report on Wednesday, August 19th. They set a “neutral” rating and a $230.00 price target for the company. The Goldman Sachs Group reiterated a “buy” rating on shares of ResMed in a research report on Wednesday, July 1st. Finally, Royal Bank Of Canada lifted their price objective on shares of ResMed from $234.00 to $244.00 and gave the company a “sector perform” rating in a research note on Friday, August 7th. Seven analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, ResMed currently has an average rating of “Hold” and a consensus price target of $239.38.

ResMed Stock Down 0.4%

Shares of RMD opened at $235.73 on Thursday. The stock has a fifty day moving average of $209.84 and a 200-day moving average of $219.29. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.42 and a current ratio of 3.10. ResMed Inc. has a 52 week low of $180.26 and a 52 week high of $285.08. The stock has a market capitalization of $34.00 billion, a price-to-earnings ratio of 22.60, a PEG ratio of 1.48 and a beta of 0.76.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 EPS for the quarter, topping analysts’ consensus estimates of $2.89 by $0.06. The company had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.46 billion. ResMed had a net margin of 26.94% and a return on equity of 25.58%. ResMed’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.55 earnings per share. As a group, sell-side analysts anticipate that ResMed Inc. will post 12.03 earnings per share for the current fiscal year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, August 20th will be given a dividend of $0.66 per share. This is a positive change from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $2.64 annualized dividend and a dividend yield of 1.1%. ResMed’s payout ratio is 25.31%.

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.