Municipal Employees Retirement System of Michigan reduced its holdings in ResMed Inc. (NYSE:RMD) by 93.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,670 shares of the medical equipment provider’s stock after selling 51,070 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in ResMed were worth $282,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. YorkBridge Wealth Partners LLC increased its position in ResMed by 4.9% in the 2nd quarter. YorkBridge Wealth Partners LLC now owns 1,476 shares of the medical equipment provider’s stock valued at $115,000 after acquiring an additional 69 shares during the period. Creative Planning increased its position in ResMed by 97.1% in the 2nd quarter. Creative Planning now owns 1,671 shares of the medical equipment provider’s stock valued at $130,000 after acquiring an additional 823 shares during the period. Toronto Dominion Bank increased its position in ResMed by 12.8% in the 2nd quarter. Toronto Dominion Bank now owns 1,740 shares of the medical equipment provider’s stock valued at $135,000 after acquiring an additional 197 shares during the period. BB&T Investment Services Inc. acquired a new stake in ResMed in the 2nd quarter valued at approximately $214,000. Finally, Pacer Advisors Inc. increased its position in ResMed by 8.3% in the 2nd quarter. Pacer Advisors Inc. now owns 2,924 shares of the medical equipment provider’s stock valued at $228,000 after acquiring an additional 225 shares during the period. Hedge funds and other institutional investors own 62.02% of the company’s stock.
RMD has been the subject of a number of research reports. BMO Capital Markets increased their price target on ResMed from $70.00 to $74.00 and gave the company a “market perform” rating in a research note on Friday, October 27th. Needham & Company LLC reaffirmed a “sell” rating on shares of ResMed in a research note on Friday, October 27th. Zacks Investment Research lowered ResMed from a “buy” rating to a “sell” rating in a research note on Tuesday, October 24th. J P Morgan Chase & Co increased their price target on ResMed from $72.00 to $73.00 and gave the company an “overweight” rating in a research note on Monday, October 30th. Finally, Barclays increased their price target on ResMed from $68.00 to $70.00 and gave the company an “underweight” rating in a research note on Friday, October 27th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $68.71.
Shares of ResMed Inc. (RMD) traded up $0.07 during midday trading on Tuesday, reaching $86.44. The company’s stock had a trading volume of 426,900 shares, compared to its average volume of 848,471. The company has a current ratio of 4.72, a quick ratio of 3.86 and a debt-to-equity ratio of 0.50. The company has a market cap of $12,256.24, a price-to-earnings ratio of 30.09, a P/E/G ratio of 1.92 and a beta of 0.78. ResMed Inc. has a 52-week low of $60.13 and a 52-week high of $87.81.
ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported $0.66 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.66. The firm had revenue of $523.66 million during the quarter, compared to analyst estimates of $506.08 million. ResMed had a return on equity of 21.53% and a net margin of 16.58%. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. During the same period last year, the company posted $0.62 EPS. analysts predict that ResMed Inc. will post 3 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 14th. Stockholders of record on Thursday, November 9th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.62%. The ex-dividend date is Wednesday, November 8th. ResMed’s dividend payout ratio is presently 56.68%.
In other news, Director Peter C. Farrell sold 118,392 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $82.70, for a total transaction of $9,791,018.40. Following the completion of the sale, the director now directly owns 306,615 shares of the company’s stock, valued at approximately $25,357,060.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Brett Sandercock sold 1,250 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $77.05, for a total value of $96,312.50. Following the sale, the chief financial officer now directly owns 64,691 shares of the company’s stock, valued at $4,984,441.55. The disclosure for this sale can be found here. Over the last three months, insiders have sold 184,693 shares of company stock valued at $15,149,955. Corporate insiders own 1.77% of the company’s stock.
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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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