CIBC Asset Management Inc Raises Stock Holdings in ResMed Inc. $RMD

CIBC Asset Management Inc boosted its stake in shares of ResMed Inc. (NYSE:RMD) by 67.4% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 34,588 shares of the medical equipment provider’s stock after buying an additional 13,920 shares during the quarter. CIBC Asset Management Inc’s holdings in ResMed were worth $8,331,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of RMD. Imprint Wealth LLC purchased a new stake in ResMed in the third quarter worth $26,000. WFA of San Diego LLC purchased a new stake in ResMed in the second quarter worth $26,000. International Assets Investment Management LLC purchased a new stake in ResMed in the fourth quarter worth $25,000. ORG Partners LLC increased its stake in ResMed by 181.6% in the fourth quarter. ORG Partners LLC now owns 107 shares of the medical equipment provider’s stock worth $26,000 after purchasing an additional 69 shares during the period. Finally, Sunbelt Securities Inc. purchased a new stake in ResMed in the third quarter worth $31,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

ResMed Stock Up 0.8%

Shares of RMD stock opened at $195.95 on Friday. The stock has a 50 day moving average of $213.11 and a 200 day moving average of $237.21. The company has a current ratio of 3.01, a quick ratio of 2.33 and a debt-to-equity ratio of 0.06. The stock has a market cap of $28.42 billion, a P/E ratio of 18.90, a P/E/G ratio of 1.24 and a beta of 0.80. ResMed Inc. has a twelve month low of $180.26 and a twelve month high of $293.81.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share for the quarter, beating the consensus estimate of $2.79 by $0.07. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.42 billion. ResMed had a return on equity of 25.35% and a net margin of 27.44%.ResMed’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period last year, the business earned $2.37 earnings per share. As a group, sell-side analysts expect that ResMed Inc. will post 11.13 EPS for the current year.

ResMed Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Thursday, May 14th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.2%. The ex-dividend date is Thursday, May 14th. ResMed’s dividend payout ratio (DPR) is currently 23.14%.

Insider Activity at ResMed

In related news, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total transaction of $450,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $251.03, for a total value of $1,252,890.73. Following the transaction, the chief executive officer owned 466,223 shares of the company’s stock, valued at approximately $117,035,959.69. This represents a 1.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 16,973 shares of company stock valued at $3,865,591. 0.65% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RMD. Royal Bank Of Canada increased their target price on ResMed from $314.00 to $321.00 and gave the stock an “outperform” rating in a research note on Friday, May 1st. Robert W. Baird set a $225.00 price target on ResMed in a research report on Friday, May 1st. Weiss Ratings downgraded ResMed from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 22nd. KeyCorp dropped their price target on ResMed from $302.00 to $290.00 and set an “overweight” rating on the stock in a research report on Monday, April 27th. Finally, Wells Fargo & Company dropped their price target on ResMed from $270.00 to $227.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $286.18.

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.