ResMed Inc. $RMD Stock Position Raised by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its stake in shares of ResMed Inc. (NYSE:RMD) by 0.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,925,386 shares of the medical equipment provider’s stock after purchasing an additional 34,732 shares during the period. Bank of New York Mellon Corp’s holdings in ResMed were worth $1,105,651,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of RMD. Hsbc Holdings PLC increased its stake in ResMed by 17.6% in the 4th quarter. Hsbc Holdings PLC now owns 328,785 shares of the medical equipment provider’s stock valued at $79,321,000 after buying an additional 49,253 shares during the period. Nordea Investment Management AB boosted its stake in shares of ResMed by 37.2% during the 4th quarter. Nordea Investment Management AB now owns 1,084,996 shares of the medical equipment provider’s stock valued at $262,027,000 after buying an additional 294,124 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of ResMed by 13.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 979,087 shares of the medical equipment provider’s stock valued at $235,833,000 after buying an additional 118,296 shares during the period. Fideuram Asset Management Ireland dac purchased a new position in shares of ResMed during the 4th quarter valued at $4,712,000. Finally, Regatta Capital Group LLC purchased a new position in shares of ResMed during the 4th quarter valued at $2,508,000. 54.98% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at ResMed

In related news, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $218.55, for a total value of $1,090,783.05. Following the transaction, the chief executive officer directly owned 466,223 shares of the company’s stock, valued at approximately $101,893,036.65. This trade represents a 1.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 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 valued at $3,096,067. 0.65% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts recently issued reports on RMD shares. Royal Bank Of Canada cut their price objective on ResMed from $321.00 to $276.00 and set an “outperform” rating for the company in a report on Wednesday, July 8th. KeyCorp lowered their target price on ResMed from $290.00 to $266.00 and set an “overweight” rating on the stock in a research note on Monday, June 22nd. The Goldman Sachs Group reaffirmed a “buy” rating on shares of ResMed in a research report on Wednesday, July 1st. Weiss Ratings downgraded ResMed from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 22nd. Finally, JPMorgan Chase & Co. assumed coverage on ResMed in a report on Wednesday, April 15th. They set an “overweight” rating for the company. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, ResMed has a consensus rating of “Moderate Buy” and an average target price of $253.50.

ResMed Stock Up 2.8%

RMD stock opened at $198.46 on Thursday. The firm has a market cap of $28.79 billion, a PE ratio of 19.14, a PEG ratio of 1.15 and a beta of 0.78. ResMed Inc. has a 1 year low of $180.26 and a 1 year high of $293.81. The company has a fifty day simple moving average of $199.64 and a 200 day simple moving average of $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 (NYSE:RMD) last posted its earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, topping the consensus estimate of $2.79 by $0.07. ResMed had a net margin of 27.44% and a return on equity of 25.35%. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same period in the prior year, the business posted $2.37 earnings per share. The business’s quarterly revenue was up 10.8% on a year-over-year basis. Sell-side analysts anticipate that ResMed Inc. will post 11.13 EPS for the current fiscal year.

ResMed Announces Dividend

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

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.