Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in ResMed Inc. (NYSE:RMD – Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 4,228 shares of the medical equipment provider’s stock, valued at approximately $946,000.
Other hedge funds have also added to or reduced their stakes in the company. Global X Japan Co. Ltd. boosted its holdings in ResMed by 121.4% in the first quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider’s stock valued at $28,000 after acquiring an additional 68 shares during the last quarter. Colonial Trust Co SC boosted its holdings in ResMed by 6,250.0% in the fourth quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider’s stock valued at $29,000 after acquiring an additional 125 shares during the last quarter. Optiver Holding B.V. bought a new position in ResMed in the fourth quarter valued at about $33,000. Itau Unibanco Holding S.A. boosted its holdings in ResMed by 1,000.0% in the fourth quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider’s stock valued at $38,000 after acquiring an additional 150 shares during the last quarter. Finally, OFI Invest Asset Management bought a new position in ResMed in the fourth quarter valued at about $39,000. Institutional investors own 54.98% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on RMD shares. Morgan Stanley set a $286.00 target price on ResMed and gave the stock an “overweight” rating in a report on Tuesday, May 20th. Stifel Nicolaus reduced their target price on ResMed from $250.00 to $240.00 and set a “hold” rating on the stock in a report on Wednesday, March 5th. Citigroup upgraded ResMed from a “neutral” rating to a “buy” rating in a report on Wednesday, March 5th. UBS Group reduced their target price on ResMed from $290.00 to $285.00 and set a “buy” rating on the stock in a report on Thursday, April 24th. Finally, Wall Street Zen cut ResMed from a “buy” rating to a “hold” rating in a report on Saturday, May 24th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $259.33.
ResMed Trading Up 0.2%
NYSE RMD opened at $254.25 on Tuesday. The firm has a market cap of $37.28 billion, a P/E ratio of 28.54, a P/E/G ratio of 1.75 and a beta of 0.78. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.41 and a quick ratio of 2.49. The stock’s 50-day moving average is $241.51 and its 200-day moving average is $234.94. ResMed Inc. has a one year low of $179.42 and a one year high of $263.05.
ResMed (NYSE:RMD – Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.01. The company had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.28 billion. ResMed had a return on equity of 25.67% and a net margin of 26.15%. ResMed’s revenue was up 7.9% compared to the same quarter last year. During the same quarter last year, the firm posted $2.13 earnings per share. Sell-side analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.
ResMed Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Thursday, May 8th were given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date of this dividend was Thursday, May 8th. ResMed’s dividend payout ratio is currently 23.79%.
Insider Transactions at ResMed
In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of the business’s stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $251.21, for a total value of $2,011,940.89. Following the sale, the chief executive officer now owns 455,503 shares in the company, valued at approximately $114,426,908.63. The trade was a 1.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Witte Jan De sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total value of $486,940.00. Following the completion of the sale, the director now owns 5,806 shares in the company, valued at $1,413,586.82. The trade was a 25.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,132 shares of company stock valued at $7,075,837 over the last 90 days. 0.71% of the stock is owned by company insiders.
ResMed Profile
ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company operates in two segments, Sleep and Respiratory Care, and Software as a Service. It offers various products and solutions for a range of respiratory disorders, including ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.
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