Summit Global Investments lifted its holdings in shares of ResMed Inc. (NYSE:RMD) by 11.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,590 shares of the medical equipment provider’s stock after purchasing an additional 850 shares during the quarter. Summit Global Investments’ holdings in ResMed were worth $669,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in shares of 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 purchasing an additional 6,316 shares during the period. Airain ltd purchased a new position in ResMed during the 1st quarter valued at about $1,242,000. Dai Ichi Life Insurance Company Ltd purchased a new position in ResMed during the 1st quarter valued at about $205,000. Wealthsource Partners LLC boosted its holdings in ResMed by 14.5% during the 1st quarter. Wealthsource Partners LLC now owns 8,230 shares of the medical equipment provider’s stock valued at $592,000 after acquiring an additional 1,045 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in ResMed by 5.5% during the 1st quarter. Geode Capital Management LLC now owns 1,176,810 shares of the medical equipment provider’s stock valued at $84,667,000 after acquiring an additional 61,478 shares during the period. Institutional investors and hedge funds own 60.25% of the company’s stock.
A number of brokerages recently commented on RMD. Credit Suisse Group cut ResMed from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 8th. Zacks Investment Research cut ResMed from a “buy” rating to a “hold” rating in a report on Thursday, August 3rd. Citigroup Inc. upgraded ResMed from a “neutral” rating to a “buy” rating in a report on Wednesday, August 2nd. BMO Capital Markets raised their target price on ResMed from $61.00 to $70.00 and gave the company a “market perform” rating in a report on Wednesday, August 2nd. Finally, Bank of America Corporation cut ResMed from a “buy” rating to a “neutral” rating in a report on Wednesday, August 2nd. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $67.86.
ResMed Inc. (NYSE RMD) traded up 1.38% during midday trading on Monday, reaching $80.94. The company’s stock had a trading volume of 127,953 shares. The company has a market capitalization of $11.51 billion, a P/E ratio of 33.72 and a beta of 0.79. The company has a 50 day moving average of $75.31 and a 200-day moving average of $73.07. ResMed Inc. has a 1-year low of $56.59 and a 1-year high of $81.04.
ResMed (NYSE:RMD) last posted its quarterly earnings results on Tuesday, August 1st. The medical equipment provider reported $0.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.02. ResMed had a return on equity of 21.99% and a net margin of 16.56%. The firm had revenue of $556.69 million during the quarter, compared to the consensus estimate of $557.68 million. During the same quarter in the previous year, the business earned $0.74 earnings per share. The firm’s quarterly revenue was up 7.3% compared to the same quarter last year. Equities research analysts anticipate that ResMed Inc. will post $3.03 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, August 17th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend is Tuesday, August 15th. This is an increase from ResMed’s previous quarterly dividend of $0.33. ResMed’s payout ratio is 58.09%.
In other news, Director Richard Sulpizio sold 65,887 shares of the company’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $77.82, for a total value of $5,127,326.34. Following the completion of the sale, the director now owns 4,429 shares of the company’s stock, valued at $344,664.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Peter C. Farrell sold 20,000 shares of the company’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $76.74, for a total value of $1,534,800.00. Following the completion of the sale, the director now directly owns 314,800 shares of the company’s stock, valued at approximately $24,157,752. The disclosure for this sale can be found here. In the last three months, insiders have sold 204,649 shares of company stock valued at $15,635,958. 1.97% of the stock is owned by company insiders.
ResMed Company Profile
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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