Suntrust Banks Inc. reduced its stake in ResMed Inc. (NYSE:RMD) by 3.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,501 shares of the medical equipment provider’s stock after selling 168 shares during the period. Suntrust Banks Inc.’s holdings in ResMed were worth $512,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of RMD. Vanguard Group Inc grew its position in shares of ResMed by 0.5% during the third quarter. Vanguard Group Inc now owns 14,567,805 shares of the medical equipment provider’s stock worth $1,680,251,000 after buying an additional 69,129 shares in the last quarter. BlackRock Inc. grew its position in shares of ResMed by 5.2% during the fourth quarter. BlackRock Inc. now owns 11,764,243 shares of the medical equipment provider’s stock worth $1,339,597,000 after buying an additional 583,831 shares in the last quarter. Oregon Public Employees Retirement Fund grew its position in shares of ResMed by 15,868.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 5,275,028 shares of the medical equipment provider’s stock worth $46,000 after buying an additional 5,241,994 shares in the last quarter. WCM Investment Management LLC acquired a new position in shares of ResMed during the fourth quarter worth about $492,415,000. Finally, Geode Capital Management LLC grew its position in shares of ResMed by 7.0% during the fourth quarter. Geode Capital Management LLC now owns 2,020,799 shares of the medical equipment provider’s stock worth $229,741,000 after buying an additional 131,732 shares in the last quarter. Hedge funds and other institutional investors own 68.12% of the company’s stock.
In other news, insider James Hollingshead sold 1,600 shares of the stock in a transaction that occurred on Wednesday, January 2nd. The stock was sold at an average price of $112.13, for a total value of $179,408.00. Following the completion of the sale, the insider now directly owns 84,489 shares of the company’s stock, valued at $9,473,751.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Rajwant Sodhi sold 16,739 shares of the stock in a transaction that occurred on Monday, February 25th. The shares were sold at an average price of $101.50, for a total value of $1,699,008.50. Following the completion of the sale, the insider now directly owns 25,639 shares of the company’s stock, valued at $2,602,358.50. The disclosure for this sale can be found here. Insiders sold 71,205 shares of company stock valued at $7,305,737 over the last three months. Corporate insiders own 1.24% of the company’s stock.
ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, January 24th. The medical equipment provider reported $1.00 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.05. The business had revenue of $651.10 million during the quarter, compared to the consensus estimate of $676.77 million. ResMed had a return on equity of 26.53% and a net margin of 18.34%. The company’s revenue was up 8.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.00 earnings per share. On average, sell-side analysts predict that ResMed Inc. will post 3.55 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 14th. Stockholders of record on Thursday, February 7th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 1.41%. The ex-dividend date of this dividend was Wednesday, February 6th. ResMed’s payout ratio is currently 41.93%.
A number of brokerages recently issued reports on RMD. Zacks Investment Research downgraded ResMed from a “hold” rating to a “sell” rating in a report on Friday. Goldman Sachs Group downgraded ResMed from a “buy” rating to a “neutral” rating in a report on Friday, January 25th. Deutsche Bank raised ResMed from a “hold” rating to a “buy” rating in a report on Wednesday, March 20th. BMO Capital Markets lowered their price target on ResMed to $120.00 and set a “positive” rating for the company in a report on Monday, January 28th. Finally, JPMorgan Chase & Co. downgraded ResMed from a “neutral” rating to an “underweight” rating and set a $99.60 price target for the company. in a report on Friday, January 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. ResMed presently has an average rating of “Hold” and an average price target of $111.87.
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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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