Bank of New York Mellon Corp Lowers Stake in ResMed Inc. $RMD

Bank of New York Mellon Corp decreased its stake in shares of ResMed Inc. (NYSE:RMD) by 9.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 4,552,916 shares of the medical equipment provider’s stock after selling 492,643 shares during the period. Bank of New York Mellon Corp’s holdings in ResMed were worth $1,246,270,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. SJS Investment Consulting Inc. raised its position in ResMed by 1,433.3% during the 3rd quarter. SJS Investment Consulting Inc. now owns 92 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 86 shares in the last quarter. WFA of San Diego LLC purchased a new position in shares of ResMed during the second quarter valued at $26,000. GoalVest Advisory LLC bought a new stake in shares of ResMed in the third quarter valued at about $37,000. Root Financial Partners LLC bought a new stake in shares of ResMed in the third quarter valued at about $64,000. Finally, Harbour Investments Inc. lifted its stake in ResMed by 264.2% in the second quarter. Harbour Investments Inc. now owns 244 shares of the medical equipment provider’s stock worth $63,000 after acquiring an additional 177 shares during the period. 54.98% of the stock is currently owned by institutional investors.

Insider Buying and Selling at ResMed

In related news, CEO Michael J. Farrell sold 8,011 shares of ResMed stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $249.75, for a total transaction of $2,000,747.25. Following the completion of the transaction, the chief executive officer directly owned 467,866 shares in the company, valued at approximately $116,849,533.50. This trade represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $248.83, for a total value of $497,660.00. Following the completion of the sale, the director owned 66,773 shares in the company, valued at approximately $16,615,125.59. This represents a 2.91% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 21,594 shares of company stock worth $5,403,495. Insiders own 0.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on RMD shares. Morgan Stanley set a $305.00 price target on shares of ResMed in a research report on Friday, October 31st. UBS Group restated a “buy” rating and set a $345.00 target price on shares of ResMed in a report on Friday, December 12th. Stifel Nicolaus dropped their target price on ResMed from $270.00 to $260.00 and set a “hold” rating on the stock in a research report on Thursday, December 18th. Weiss Ratings reiterated a “hold (c+)” rating on shares of ResMed in a report on Monday, December 29th. Finally, Royal Bank Of Canada upped their price objective on ResMed from $300.00 to $303.00 and gave the stock an “outperform” rating in a research note on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $296.09.

ResMed Stock Performance

Shares of RMD stock opened at $256.22 on Wednesday. The business has a fifty day moving average of $250.37 and a 200 day moving average of $263.27. ResMed Inc. has a 1 year low of $199.92 and a 1 year high of $293.81. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.89 and a quick ratio of 2.13. The firm has a market capitalization of $37.39 billion, a price-to-earnings ratio of 26.23, a price-to-earnings-growth ratio of 1.72 and a beta of 0.88.

ResMed (NYSE:RMD) last released its earnings results on Friday, October 31st. The medical equipment provider reported $2.55 EPS for the quarter, topping analysts’ consensus estimates of $2.49 by $0.06. ResMed had a return on equity of 25.45% and a net margin of 27.35%.The firm had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the previous year, the company posted $2.20 earnings per share. The company’s revenue was up 9.1% compared to the same quarter last year. As a group, research analysts expect that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 18th. Shareholders of record on Thursday, November 13th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Thursday, November 13th. ResMed’s dividend payout ratio (DPR) is currently 24.56%.

ResMed Profile

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.