Strs Ohio cut its stake in shares of ResMed Inc. (NYSE:RMD) by 3.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,789 shares of the medical equipment provider’s stock after selling 647 shares during the period. Strs Ohio’s holdings in ResMed were worth $1,599,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in ResMed by 17.3% during the second 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. acquired a new stake in ResMed during the second quarter worth approximately $6,194,000. Prudential Financial Inc. lifted its position in ResMed by 50.5% during the second 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. lifted its position in ResMed by 21.4% during the second quarter. Victory Capital Management Inc. now owns 21,597 shares of the medical equipment provider’s stock worth $1,682,000 after acquiring an additional 3,809 shares during the last quarter. Finally, KBC Group NV lifted its position in ResMed by 7.9% during the second quarter. KBC Group NV now owns 27,212 shares of the medical equipment provider’s stock worth $2,119,000 after acquiring an additional 1,993 shares during the last quarter. Hedge funds and other institutional investors own 59.66% of the company’s stock.
ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported $0.66 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.66. The company had revenue of $523.66 million for the quarter, compared to analysts’ expectations of $506.08 million. ResMed had a net margin of 16.58% and a return on equity of 21.53%. ResMed’s revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.62 EPS.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Investors of record on Thursday, November 9th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend is Wednesday, November 8th. ResMed’s payout ratio is currently 56.68%.
In related news, Director Peter C. Farrell sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 4th. The shares were sold at an average price of $77.01, for a total transaction of $1,540,200.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Brett Sandercock sold 1,250 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $77.56, for a total transaction of $96,950.00. Following the sale, the chief financial officer now directly owns 65,941 shares in the company, valued at approximately $5,114,383.96. The disclosure for this sale can be found here. Insiders have sold a total of 99,618 shares of company stock worth $7,553,475 over the last 90 days. 1.77% of the stock is currently owned by corporate insiders.
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Several equities research analysts have issued reports on the stock. Northland Securities restated a “sell” rating and set a $55.00 price objective on shares of ResMed in a research report on Friday, October 27th. Credit Suisse Group cut shares of ResMed from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 8th. Zacks Investment Research cut shares of ResMed from a “buy” rating to a “hold” rating in a report on Thursday, August 3rd. Jefferies Group LLC reaffirmed a “sell” rating and set a $56.00 target price on shares of ResMed in a report on Thursday, October 12th. Finally, BMO Capital Markets raised their target price on shares of ResMed from $61.00 to $70.00 and gave the stock a “market perform” rating in a report on Wednesday, August 2nd. Four analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $67.57.
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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