Cullinan Associates Inc. reduced its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 66.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,000 shares of the medical equipment provider's stock after selling 2,000 shares during the quarter. Cullinan Associates Inc.'s holdings in ResMed were worth $240,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. UMB Bank n.a. lifted its holdings in shares of ResMed by 1.9% in the 3rd quarter. UMB Bank n.a. now owns 2,465 shares of the medical equipment provider's stock worth $602,000 after acquiring an additional 47 shares during the last quarter. Dorsey & Whitney Trust CO LLC lifted its stake in ResMed by 3.7% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 1,473 shares of the medical equipment provider's stock worth $292,000 after purchasing an additional 52 shares during the last quarter. QRG Capital Management Inc. boosted its position in shares of ResMed by 4.5% during the second quarter. QRG Capital Management Inc. now owns 1,291 shares of the medical equipment provider's stock valued at $247,000 after buying an additional 56 shares during the period. Inspire Advisors LLC grew its stake in shares of ResMed by 1.9% during the second quarter. Inspire Advisors LLC now owns 3,060 shares of the medical equipment provider's stock valued at $586,000 after buying an additional 56 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its holdings in shares of ResMed by 1.9% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 3,188 shares of the medical equipment provider's stock worth $631,000 after buying an additional 60 shares during the period. 54.98% of the stock is currently owned by hedge funds and other institutional investors.
ResMed Stock Up 7.1 %
RMD stock traded up $17.02 during trading on Friday, hitting $256.07. 3,516,542 shares of the company's stock traded hands, compared to its average volume of 1,046,026. The firm has a market capitalization of $37.58 billion, a P/E ratio of 36.95, a PEG ratio of 1.94 and a beta of 0.69. ResMed Inc. has a 1 year low of $132.24 and a 1 year high of $260.49. The company has a quick ratio of 1.69, a current ratio of 2.59 and a debt-to-equity ratio of 0.14. The business has a fifty day simple moving average of $240.79 and a two-hundred day simple moving average of $217.83.
ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.03 by $0.17. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.19 billion. ResMed had a return on equity of 25.00% and a net margin of 21.79%. The business's revenue was up 11.1% compared to the same quarter last year. During the same period last year, the business posted $1.64 EPS. Sell-side analysts anticipate that ResMed Inc. will post 9.08 EPS for the current year.
ResMed Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 7th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $2.12 dividend on an annualized basis and a yield of 0.83%. ResMed's dividend payout ratio is presently 30.59%.
Wall Street Analyst Weigh In
A number of equities analysts recently issued reports on the company. Baird R W upgraded ResMed to a "strong-buy" rating in a report on Tuesday, September 24th. Royal Bank of Canada boosted their target price on shares of ResMed from $224.00 to $232.00 and gave the company a "sector perform" rating in a research note on Friday. Robert W. Baird raised their price target on shares of ResMed from $280.00 to $283.00 and gave the stock an "outperform" rating in a research note on Friday. KeyCorp lifted their price objective on shares of ResMed from $251.00 to $266.00 and gave the company an "overweight" rating in a report on Friday. Finally, StockNews.com upgraded shares of ResMed from a "hold" rating to a "buy" rating in a research note on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $220.55.
Check Out Our Latest Stock Report on ResMed
Insider Buying and Selling at ResMed
In related news, Director Peter C. Farrell sold 2,000 shares of the business's stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $239.90, for a total transaction of $479,800.00. Following the completion of the transaction, the director now owns 87,204 shares in the company, valued at $20,920,239.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Justin Leong sold 48,000 shares of the firm's stock in a transaction on Monday, August 5th. The stock was sold at an average price of $217.07, for a total value of $10,419,360.00. Following the completion of the sale, the insider now owns 18,741 shares of the company's stock, valued at $4,068,108.87. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the business's stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $239.90, for a total value of $479,800.00. Following the transaction, the director now owns 87,204 shares in the company, valued at approximately $20,920,239.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 123,874 shares of company stock valued at $28,151,142. 0.71% of the stock is currently owned by insiders.
About ResMed
(
Free Report)
ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company operates in two segments, Sleep and Respiratory Care, and Software as a Service. It offers various products and solutions for a range of respiratory disorders, including ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.
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