ResMed Inc. $RMD Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia reduced its stake in ResMed Inc. (NYSE:RMD) by 11.0% in the 1st quarter, Holdings Channel reports. The institutional investor owned 20,315 shares of the medical equipment provider’s stock after selling 2,522 shares during the period. Bank of Nova Scotia’s holdings in ResMed were worth $4,560,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of RMD. First Trust Advisors LP boosted its position in shares of ResMed by 1.3% during the 1st quarter. First Trust Advisors LP now owns 1,537,825 shares of the medical equipment provider’s stock valued at $345,211,000 after acquiring an additional 20,233 shares during the last quarter. Fortis Capital Management LLC raised its stake in ResMed by 2.5% during the first quarter. Fortis Capital Management LLC now owns 28,688 shares of the medical equipment provider’s stock worth $6,440,000 after purchasing an additional 687 shares during the period. ABN Amro Investment Solutions raised its stake in ResMed by 14.9% during the first quarter. ABN Amro Investment Solutions now owns 6,770 shares of the medical equipment provider’s stock worth $1,520,000 after purchasing an additional 880 shares during the period. Andra AP fonden boosted its holdings in ResMed by 437.8% in the 1st quarter. Andra AP fonden now owns 84,343 shares of the medical equipment provider’s stock valued at $18,933,000 after purchasing an additional 68,661 shares during the last quarter. Finally, Florida Financial Advisors LLC acquired a new position in ResMed in the 1st quarter valued at about $211,000. 54.98% of the stock is owned by institutional investors and hedge funds.

ResMed Stock Up 4.1%

Shares of NYSE RMD opened at $203.34 on Tuesday. The firm has a market cap of $29.50 billion, a price-to-earnings ratio of 19.61, a PEG ratio of 1.22 and a beta of 0.78. The company has a quick ratio of 2.33, a current ratio of 3.01 and a debt-to-equity ratio of 0.06. ResMed Inc. has a 52-week low of $180.26 and a 52-week high of $293.81. The business’s 50 day moving average is $198.68 and its two-hundred day moving average is $224.51.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, topping analysts’ consensus estimates of $2.79 by $0.07. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the prior year, the firm earned $2.37 earnings per share. The firm’s revenue was up 10.8% compared to the same quarter last year. Research analysts predict that ResMed Inc. will post 11.14 EPS for the current year.

ResMed Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Thursday, May 14th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Thursday, May 14th. ResMed’s payout ratio is currently 23.14%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RMD. Mizuho dropped their price target on shares of ResMed from $235.00 to $220.00 and set an “outperform” rating for the company in a research note on Wednesday, July 15th. KeyCorp reduced their price target on shares of ResMed from $290.00 to $266.00 and set an “overweight” rating on the stock in a research report on Monday, June 22nd. Jefferies Financial Group decreased their price objective on ResMed from $240.00 to $225.00 and set a “hold” rating on the stock in a report on Friday, July 10th. Wells Fargo & Company lowered their price objective on ResMed from $227.00 to $225.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 8th. Finally, UBS Group reissued a “buy” rating and set a $300.00 target price on shares of ResMed in a research note on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $246.25.

Insider Transactions at ResMed

In related news, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $218.55, for a total transaction of $1,090,783.05. Following the transaction, the chief executive officer owned 466,223 shares of the company’s stock, valued at approximately $101,893,036.65. This represents a 1.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 14,973 shares of company stock worth $3,096,067. 0.65% of the stock is currently owned by corporate insiders.

About ResMed

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.