Fifth Third Bancorp Has $7.41 Million Stock Holdings in ResMed Inc. $RMD

Fifth Third Bancorp raised its position in shares of ResMed Inc. (NYSE:RMD) by 236.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,985 shares of the medical equipment provider’s stock after acquiring an additional 23,194 shares during the period. Fifth Third Bancorp’s holdings in ResMed were worth $7,405,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Simplicity Wealth LLC acquired a new position in shares of ResMed in the first quarter valued at about $228,000. Candriam S.C.A. increased its stake in ResMed by 4.0% during the 1st quarter. Candriam S.C.A. now owns 10,945 shares of the medical equipment provider’s stock worth $2,457,000 after acquiring an additional 425 shares during the period. Sequoia Financial Advisors LLC increased its position in shares of ResMed by 12.9% in the first quarter. Sequoia Financial Advisors LLC now owns 6,431 shares of the medical equipment provider’s stock worth $1,444,000 after purchasing an additional 737 shares during the period. Kestra Advisory Services LLC raised its stake in ResMed by 36.3% in the first quarter. Kestra Advisory Services LLC now owns 2,277 shares of the medical equipment provider’s stock valued at $511,000 after purchasing an additional 606 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV increased its holdings in ResMed by 3.2% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 4,606 shares of the medical equipment provider’s stock valued at $1,034,000 after buying an additional 143 shares during the period. Institutional investors and hedge funds own 54.98% of the company’s stock.

ResMed Price Performance

Shares of NYSE RMD opened at $198.46 on Thursday. The firm has a market capitalization of $28.79 billion, a P/E ratio of 19.14, a P/E/G ratio of 1.15 and a beta of 0.78. The firm’s 50-day moving average price is $199.64 and its 200-day moving average price is $227.13. The company has a current ratio of 3.01, a quick ratio of 2.33 and a debt-to-equity ratio of 0.06. ResMed Inc. has a 1-year low of $180.26 and a 1-year high of $293.81.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share for the quarter, beating 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 analyst estimates of $1.42 billion. During the same quarter last year, the company earned $2.37 earnings per share. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. Equities research analysts anticipate that ResMed Inc. will post 11.13 earnings per share for the current fiscal year.

ResMed Dividend Announcement

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

Insider Buying and Selling

In other news, CEO Michael J. Farrell sold 4,991 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $218.55, for a total value of $1,090,783.05. Following the sale, the chief executive officer owned 466,223 shares of the company’s stock, valued at $101,893,036.65. The trade was a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 14,973 shares of company stock worth $3,096,067 over the last quarter. 0.65% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on RMD shares. Jefferies Financial Group cut their target price on ResMed from $240.00 to $225.00 and set a “hold” rating for the company in a research note on Friday, July 10th. Evercore set a $255.00 price objective on ResMed and gave the stock an “outperform” rating in a research report on Monday, April 13th. Mizuho reduced their price objective on ResMed from $235.00 to $220.00 and set an “outperform” rating on the stock in a research note on Wednesday. Royal Bank Of Canada lowered their target price on ResMed from $321.00 to $276.00 and set an “outperform” rating for the company in a research note on Wednesday, July 8th. Finally, Wells Fargo & Company cut their target price on shares of ResMed from $227.00 to $225.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $253.50.

ResMed Company 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.