Cornerstone Wealth Management LLC lessened its position in ResMed Inc. (NYSE:RMD) by 26.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,715 shares of the medical equipment provider’s stock after selling 4,616 shares during the period. Cornerstone Wealth Management LLC’s holdings in ResMed were worth $167,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Morgan Stanley lifted its stake in shares of ResMed by 30.2% during the 2nd quarter. Morgan Stanley now owns 966,736 shares of the medical equipment provider’s stock worth $100,135,000 after buying an additional 223,963 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its stake in shares of ResMed by 12.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 813,087 shares of the medical equipment provider’s stock worth $84,220,000 after buying an additional 87,893 shares during the last quarter. Swiss National Bank lifted its stake in shares of ResMed by 3.9% during the 2nd quarter. Swiss National Bank now owns 472,000 shares of the medical equipment provider’s stock worth $48,890,000 after buying an additional 17,600 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of ResMed by 6.9% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 452,439 shares of the medical equipment provider’s stock worth $46,864,000 after buying an additional 29,375 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. lifted its stake in shares of ResMed by 1,082.0% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 445,260 shares of the medical equipment provider’s stock worth $46,120,000 after buying an additional 407,590 shares during the last quarter. 64.10% of the stock is owned by institutional investors.
A number of research firms have recently issued reports on RMD. Zacks Investment Research cut shares of ResMed from a “hold” rating to a “sell” rating in a research note on Tuesday, July 24th. BMO Capital Markets raised their target price on shares of ResMed from $107.00 to $109.00 and gave the stock a “market perform” rating in a research note on Friday, October 26th. Finally, Credit Suisse Group upgraded shares of ResMed from a “neutral” rating to an “outperform” rating in a research note on Friday, October 26th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $114.50.
ResMed (NYSE:RMD) last issued its quarterly earnings data on Thursday, October 25th. The medical equipment provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.01. ResMed had a net margin of 13.94% and a return on equity of 26.29%. The business had revenue of $588.28 million during the quarter, compared to analysts’ expectations of $576.66 million. As a group, equities research analysts expect that ResMed Inc. will post 3.7 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 13th. Shareholders of record on Thursday, November 8th will be paid a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 1.38%. The ex-dividend date is Wednesday, November 7th. ResMed’s dividend payout ratio (DPR) is 41.93%.
In other ResMed news, insider James Hollingshead sold 600 shares of ResMed stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $111.59, for a total value of $66,954.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brett Sandercock sold 2,000 shares of ResMed stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $114.30, for a total transaction of $228,600.00. Following the completion of the sale, the chief financial officer now owns 73,232 shares of the company’s stock, valued at approximately $8,370,417.60. The disclosure for this sale can be found here. Insiders sold a total of 13,420 shares of company stock valued at $1,467,835 in the last quarter. Corporate insiders own 1.24% of the company’s stock.
ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications that diagnose, treat, and manage respiratory disorders comprising sleep disordered breathing, chronic obstructive pulmonary disease, neuromuscular disease, and other chronic diseases. It offers various products and solutions for a range of respiratory disorders, including technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, portable oxygen concentrators, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.
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