APG Asset Management N.V. cut its position in shares of ResMed Inc. (NYSE:RMD) by 16.2% during the first quarter, Holdings Channel reports. The firm owned 366,325 shares of the medical equipment provider’s stock after selling 70,575 shares during the period. APG Asset Management N.V. owned 0.26% of ResMed worth $26,364,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RMD. FineMark National Bank & Trust raised its position in ResMed by 30.8% in the third quarter. FineMark National Bank & Trust now owns 1,700 shares of the medical equipment provider’s stock worth $110,000 after buying an additional 400 shares during the period. Sei Investments Co. raised its position in ResMed by 26.1% in the third quarter. Sei Investments Co. now owns 2,172 shares of the medical equipment provider’s stock worth $141,000 after buying an additional 450 shares during the period. Pittenger & Anderson Inc. raised its position in ResMed by 385.4% in the fourth quarter. Pittenger & Anderson Inc. now owns 2,985 shares of the medical equipment provider’s stock worth $185,000 after buying an additional 2,370 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in ResMed during the third quarter worth about $204,000. Finally, Parametrica Management Ltd bought a new position in ResMed during the first quarter worth about $214,000. Hedge funds and other institutional investors own 62.51% of the company’s stock.
ResMed Inc. (NYSE:RMD) traded up 0.57% during mid-day trading on Friday, reaching $69.39. The company’s stock had a trading volume of 515,596 shares. The stock’s 50 day moving average price is $70.24 and its 200 day moving average price is $66.00. ResMed Inc. has a 1-year low of $56.28 and a 1-year high of $73.46. The stock has a market capitalization of $9.83 billion, a P/E ratio of 30.43 and a beta of 0.82.
ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, April 27th. The medical equipment provider reported $0.71 EPS for the quarter, topping the consensus estimate of $0.70 by $0.01. ResMed had a net margin of 16.48% and a return on equity of 22.82%. The business had revenue of $514.20 million for the quarter, compared to analysts’ expectations of $525.84 million. During the same quarter last year, the company posted $0.68 earnings per share. The company’s quarterly revenue was up 13.3% compared to the same quarter last year. Analysts expect that ResMed Inc. will post $2.80 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Thursday, May 11th will be given a dividend of $0.33 per share. The ex-dividend date is Tuesday, May 9th. This represents a $1.32 annualized dividend and a dividend yield of 1.90%. ResMed’s payout ratio is 57.39%.
RMD has been the subject of a number of recent research reports. Zacks Investment Research upgraded ResMed from a “hold” rating to a “buy” rating and set a $81.00 target price for the company in a report on Tuesday, February 21st. Canaccord Genuity reiterated a “hold” rating and issued a $59.00 target price (up from $55.00) on shares of ResMed in a report on Monday, January 23rd. BMO Capital Markets reiterated a “hold” rating and issued a $61.00 target price on shares of ResMed in a report on Tuesday, January 24th. JPMorgan Chase & Co. lowered ResMed from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $72.00 to $71.00 in a report on Thursday, April 20th. Finally, Citigroup Inc lowered ResMed from a “buy” rating to a “neutral” rating in a report on Friday, April 28th. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. ResMed presently has a consensus rating of “Hold” and a consensus target price of $63.75.
In other news, Director Peter C. Farrell sold 20,000 shares of the stock in a transaction dated Monday, February 6th. The shares were sold at an average price of $68.32, for a total transaction of $1,366,400.00. Following the transaction, the director now owns 321,557 shares of the company’s stock, valued at $21,968,774.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Christopher G. Roberts sold 10,000 shares of the stock in a transaction dated Monday, February 20th. The stock was sold at an average price of $71.91, for a total transaction of $719,100.00. Following the transaction, the director now directly owns 145,610 shares in the company, valued at approximately $10,470,815.10. The disclosure for this sale can be found here. Insiders have sold 122,022 shares of company stock worth $8,564,745 in the last ninety days. Corporate insiders own 1.97% 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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