Kornitzer Capital Management Inc. KS lessened its holdings in shares of ResMed Inc. (NYSE:RMD) by 3.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 29,363 shares of the medical equipment provider’s stock after selling 930 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in ResMed were worth $3,967,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. Fulcrum Capital LLC bought a new position in ResMed during the third quarter valued at approximately $473,000. Parallel Advisors LLC raised its position in ResMed by 21.3% during the third quarter. Parallel Advisors LLC now owns 1,485 shares of the medical equipment provider’s stock valued at $201,000 after acquiring an additional 261 shares in the last quarter. First Mercantile Trust Co. raised its position in ResMed by 6.0% during the third quarter. First Mercantile Trust Co. now owns 7,349 shares of the medical equipment provider’s stock valued at $993,000 after acquiring an additional 413 shares in the last quarter. Mackay Shields LLC raised its position in shares of ResMed by 41.9% in the third quarter. Mackay Shields LLC now owns 30,857 shares of the medical equipment provider’s stock valued at $4,169,000 after purchasing an additional 9,111 shares during the period. Finally, IFM Investors Pty Ltd raised its position in shares of ResMed by 40.5% in the third quarter. IFM Investors Pty Ltd now owns 15,097 shares of the medical equipment provider’s stock valued at $2,040,000 after purchasing an additional 4,351 shares during the period. 66.45% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider David Pendarvis sold 4,367 shares of the business’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $128.62, for a total transaction of $561,683.54. Following the transaction, the insider now owns 126,618 shares of the company’s stock, valued at $16,285,607.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Rajwant Sodhi sold 1,350 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $144.38, for a total transaction of $194,913.00. Insiders have sold 60,112 shares of company stock worth $8,139,860 in the last ninety days. 1.22% of the stock is currently owned by insiders.
RMD has been the topic of a number of recent analyst reports. UBS Group raised shares of ResMed from a “neutral” rating to a “buy” rating and lifted their price target for the company from $122.00 to $140.00 in a research report on Monday, July 29th. Goldman Sachs Group raised shares of ResMed from a “neutral” rating to a “buy” rating in a research report on Monday, July 29th. Needham & Company LLC reissued a “hold” rating on shares of ResMed in a research report on Friday, October 25th. Finally, ValuEngine lowered shares of ResMed from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $121.50.
Shares of NYSE:RMD traded up $1.67 during trading on Friday, reaching $143.85. The stock had a trading volume of 371,556 shares, compared to its average volume of 738,537. ResMed Inc. has a 52 week low of $90.64 and a 52 week high of $149.96. The firm has a market capitalization of $20.76 billion, a price-to-earnings ratio of 39.52, a P/E/G ratio of 2.76 and a beta of 0.41. The company has a quick ratio of 1.46, a current ratio of 2.11 and a debt-to-equity ratio of 0.60. The stock has a fifty day simple moving average of $135.96 and a two-hundred day simple moving average of $125.98.
ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, October 24th. The medical equipment provider reported $0.93 EPS for the quarter, beating the Zacks’ consensus estimate of $0.87 by $0.06. ResMed had a net margin of 15.52% and a return on equity of 26.72%. The company had revenue of $681.06 million for the quarter, compared to analyst estimates of $660.87 million. During the same quarter last year, the firm posted $0.81 earnings per share. The company’s quarterly revenue was up 15.8% compared to the same quarter last year. On average, analysts forecast that ResMed Inc. will post 4.04 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 7th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date is Wednesday, November 6th. ResMed’s dividend payout ratio (DPR) is currently 42.86%.
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.
Read More: Cost of Debt
Receive News & Ratings for ResMed Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ResMed and related companies with MarketBeat.com's FREE daily email newsletter.