First Business Financial Services Inc. acquired a new stake in ResMed Inc. (NYSE:RMD) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 6,457 shares of the medical equipment provider’s stock, valued at approximately $497,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in ResMed by 17.3% during the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 42,898 shares of the medical equipment provider’s stock worth $3,340,000 after acquiring an additional 6,316 shares during the last quarter. Delta Lloyd Asset Management N.V. bought a new stake in ResMed during the 2nd quarter worth $6,194,000. Prudential Financial Inc. grew its position in ResMed by 50.5% during the 2nd quarter. Prudential Financial Inc. now owns 131,997 shares of the medical equipment provider’s stock worth $10,279,000 after acquiring an additional 44,266 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of ResMed by 21.4% in the 2nd quarter. Victory Capital Management Inc. now owns 21,597 shares of the medical equipment provider’s stock valued at $1,682,000 after buying an additional 3,809 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its position in shares of ResMed by 2.9% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 47,056 shares of the medical equipment provider’s stock valued at $3,665,000 after buying an additional 1,306 shares during the last quarter. 58.86% of the stock is owned by hedge funds and other institutional investors.
RMD has been the topic of a number of recent analyst reports. Zacks Investment Research raised ResMed from a “hold” rating to a “buy” rating and set a $86.00 price objective on the stock in a research note on Thursday, October 12th. Northland Securities reissued a “sell” rating and issued a $55.00 price objective on shares of ResMed 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, September 8th. Barclays PLC increased their price objective on ResMed from $65.00 to $68.00 and gave the stock an “underweight” rating in a research note on Monday, September 25th. Finally, Bank of America Corporation downgraded ResMed from a “buy” rating to a “neutral” rating in a research note on Wednesday, August 2nd. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $67.57.
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Shares of ResMed Inc. (NYSE RMD) opened at $84.22 on Wednesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 4.72 and a quick ratio of 3.86. ResMed Inc. has a 12-month low of $57.45 and a 12-month high of $87.81. The stock has a market capitalization of $11,786.54, a price-to-earnings ratio of 28.94, a P/E/G ratio of 1.85 and a beta of 0.79.
ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported $0.66 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.66. ResMed had a return on equity of 21.53% and a net margin of 16.58%. The business had revenue of $523.66 million for the quarter, compared to the consensus estimate of $506.08 million. During the same quarter last year, the business posted $0.62 earnings per share. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. analysts expect that ResMed Inc. will post 3 EPS for the current fiscal 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. The ex-dividend date of this dividend is Wednesday, November 8th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.66%. ResMed’s dividend payout ratio (DPR) is currently 56.68%.
In other news, Director Peter C. Farrell sold 20,000 shares of ResMed stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $76.74, for a total transaction of $1,534,800.00. Following the completion of the transaction, the director now directly owns 314,800 shares in the company, valued at $24,157,752. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brett Sandercock sold 1,250 shares of ResMed stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $77.56, for a total transaction of $96,950.00. Following the transaction, the chief financial officer now owns 65,941 shares of the company’s stock, valued at $5,114,383.96. The disclosure for this sale can be found here. Insiders have sold 201,234 shares of company stock worth $16,339,637 over the last ninety days. Insiders own 1.77% of the company’s stock.
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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