The Manufacturers Life Insurance Company cut its holdings in ResMed Inc. (NYSE:RMD) by 1.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 153,075 shares of the medical equipment provider’s stock after selling 2,729 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.11% of ResMed worth $15,074,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of ResMed by 19.3% during the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 87,733 shares of the medical equipment provider’s stock valued at $8,639,000 after buying an additional 14,209 shares during the period. Rampart Investment Management Company LLC lifted its stake in shares of ResMed by 225.5% during the first quarter. Rampart Investment Management Company LLC now owns 5,754 shares of the medical equipment provider’s stock valued at $567,000 after buying an additional 3,986 shares during the period. Crestwood Advisors Group LLC lifted its stake in shares of ResMed by 0.4% during the first quarter. Crestwood Advisors Group LLC now owns 212,404 shares of the medical equipment provider’s stock valued at $20,915,000 after buying an additional 922 shares during the period. Nomura Asset Management Co. Ltd. lifted its stake in shares of ResMed by 9.9% during the first quarter. Nomura Asset Management Co. Ltd. now owns 21,540 shares of the medical equipment provider’s stock valued at $2,121,000 after buying an additional 1,938 shares during the period. Finally, BB&T Securities LLC lifted its stake in shares of ResMed by 53.7% during the first quarter. BB&T Securities LLC now owns 20,216 shares of the medical equipment provider’s stock valued at $1,989,000 after buying an additional 7,063 shares during the period. Institutional investors and hedge funds own 62.21% of the company’s stock.
RMD opened at $107.93 on Monday. The firm has a market cap of $15.41 billion, a P/E ratio of 38.27 and a beta of 0.93. ResMed Inc. has a twelve month low of $71.29 and a twelve month high of $108.29. The company has a quick ratio of 2.85, a current ratio of 3.48 and a debt-to-equity ratio of 0.39.
ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, April 26th. The medical equipment provider reported $0.92 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.07. The business had revenue of $591.60 million during the quarter, compared to analyst estimates of $575.75 million. ResMed had a net margin of 13.52% and a return on equity of 23.72%. The business’s revenue was up 15.1% on a year-over-year basis. During the same period last year, the business earned $0.71 EPS. equities analysts forecast that ResMed Inc. will post 3.5 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 14th. Stockholders of record on Thursday, May 10th were given a $0.35 dividend. The ex-dividend date was Wednesday, May 9th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.30%. ResMed’s payout ratio is currently 49.65%.
In other news, CFO Brett Sandercock sold 2,000 shares of the firm’s stock in a transaction dated Friday, June 15th. The shares were sold at an average price of $106.76, for a total value of $213,520.00. Following the transaction, the chief financial officer now directly owns 67,072 shares in the company, valued at approximately $7,160,606.72. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Richard Sulpizio sold 28,403 shares of the firm’s stock in a transaction dated Wednesday, May 30th. The stock was sold at an average price of $102.78, for a total transaction of $2,919,260.34. Following the completion of the transaction, the director now owns 35,823 shares in the company, valued at $3,681,887.94. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 70,226 shares of company stock worth $7,038,593. Insiders own 1.77% of the company’s stock.
Several brokerages recently issued reports on RMD. Zacks Investment Research downgraded shares of ResMed from a “buy” rating to a “hold” rating in a research note on Tuesday, June 12th. William Blair reissued an “outperform” rating on shares of ResMed in a research note on Monday, April 16th. UBS Group downgraded shares of ResMed from a “buy” rating to a “neutral” rating in a research note on Tuesday, April 24th. Citigroup downgraded shares of ResMed from a “buy” rating to a “neutral” rating in a research note on Wednesday, April 4th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a research note on Wednesday, March 7th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $76.67.
ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications that diagnose, treat, and manage respiratory disorders comprising sleep disordered breathing, chronic obstructive pulmonary disease, neuromuscular disease, and other chronic diseases. It offers various products and solutions for a range of respiratory disorders, including technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, portable oxygen concentrators, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.
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