Bank of America Corp DE lessened its position in ResMed Inc. (NYSE:RMD) by 7.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 119,719 shares of the medical equipment provider’s stock after selling 10,173 shares during the quarter. Bank of America Corp DE owned approximately 0.08% of ResMed worth $12,400,000 as of its most recent filing with the SEC.
Other institutional investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. acquired a new stake in ResMed in the 2nd quarter valued at approximately $131,000. Piedmont Investment Advisors LLC acquired a new stake in ResMed in the 2nd quarter valued at approximately $167,000. Frontier Investment Mgmt Co. acquired a new stake in ResMed in the 2nd quarter valued at approximately $207,000. Zeke Capital Advisors LLC acquired a new stake in ResMed in the 2nd quarter valued at approximately $207,000. Finally, Creative Planning acquired a new stake in ResMed in the 2nd quarter valued at approximately $209,000. 63.81% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts recently issued reports on the company. Zacks Investment Research lowered ResMed from a “hold” rating to a “sell” rating in a research report on Tuesday, July 24th. Goldman Sachs Group assumed coverage on ResMed in a research report on Sunday, July 1st. They issued a “buy” rating on the stock. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $81.60.
In other ResMed news, insider David Pendarvis sold 2,810 shares of the business’s stock in a transaction that occurred on Wednesday, October 3rd. The stock was sold at an average price of $113.95, for a total transaction of $320,199.50. Following the transaction, the insider now owns 107,061 shares of the company’s stock, valued at approximately $12,199,600.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James Hollingshead sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $105.93, for a total value of $63,558.00. The disclosure for this sale can be found here. Insiders have sold a total of 13,420 shares of company stock worth $1,480,182 in the last ninety days. Insiders own 1.77% of the company’s stock.
NYSE:RMD opened at $103.25 on Friday. The company has a market cap of $16.46 billion, a price-to-earnings ratio of 29.25, a P/E/G ratio of 2.94 and a beta of 0.87. ResMed Inc. has a twelve month low of $77.27 and a twelve month high of $116.64. The company has a current ratio of 2.08, a quick ratio of 1.56 and a debt-to-equity ratio of 0.13.
ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, August 2nd. The medical equipment provider reported $0.95 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.95. The firm had revenue of $623.63 million for the quarter, compared to analyst estimates of $622.78 million. ResMed had a return on equity of 24.74% and a net margin of 13.49%. The business’s quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.77 EPS. Research analysts forecast that ResMed Inc. will post 3.71 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 20th. Shareholders of record on Thursday, August 16th were given a dividend of $0.37 per share. This is a positive change from ResMed’s previous quarterly dividend of $0.35. The ex-dividend date was Wednesday, August 15th. This represents a $1.48 annualized dividend and a dividend yield of 1.43%. ResMed’s payout ratio is 41.93%.
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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