Hsbc Holdings PLC Buys Shares of 355,518 ResMed Inc. $RMD

Hsbc Holdings PLC bought a new stake in shares of ResMed Inc. (NYSE:RMD) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 355,518 shares of the medical equipment provider’s stock, valued at approximately $69,292,000. Hsbc Holdings PLC owned about 0.25% of ResMed as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. International Assets Investment Management LLC bought a new position in ResMed in the 4th quarter valued at $25,000. Bell Investment Advisors Inc bought a new stake in shares of ResMed during the second quarter worth $26,000. Imprint Wealth LLC bought a new stake in shares of ResMed during the third quarter worth $26,000. WFA of San Diego LLC purchased a new stake in shares of ResMed during the second quarter valued at $26,000. Finally, Sunbelt Securities Inc. purchased a new stake in shares of ResMed during the third quarter valued at $31,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RMD has been the topic of a number of research analyst reports. The Goldman Sachs Group restated a “buy” rating on shares of ResMed in a report on Wednesday, July 1st. UBS Group reissued a “buy” rating and issued a $300.00 price objective on shares of ResMed in a research report on Tuesday, July 21st. Jefferies Financial Group dropped their target price on shares of ResMed from $240.00 to $225.00 and set a “hold” rating on the stock in a research note on Friday, July 10th. KeyCorp dropped their target price on shares of ResMed from $260.00 to $255.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Finally, Wells Fargo & Company decreased their price target on shares of ResMed from $225.00 to $215.00 and set an “equal weight” rating for the company in a research note on Friday, August 7th. Seven research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $239.38.

Insiders Place Their Bets

In related news, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $205.69, for a total transaction of $1,026,598.79. Following the completion of the sale, the chief executive officer directly owned 466,256 shares in the company, valued at $95,904,196.64. This represents a 1.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total value of $1,800,000.00. Following the sale, the director directly owned 52,773 shares in the company, valued at approximately $11,873,925. The trade was a 13.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 22,973 shares of company stock worth $4,885,436 over the last quarter. Company insiders own 0.65% of the company’s stock.

ResMed Stock Performance

RMD stock opened at $235.73 on Thursday. ResMed Inc. has a 1-year low of $180.26 and a 1-year high of $285.08. The business has a 50-day moving average price of $209.84 and a 200 day moving average price of $219.29. The company has a market capitalization of $34.00 billion, a P/E ratio of 22.60, a PEG ratio of 1.48 and a beta of 0.76. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 2.42.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 EPS for the quarter, beating analysts’ consensus estimates of $2.89 by $0.06. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The business had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter last year, the firm posted $2.55 EPS. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, equities research analysts forecast that ResMed Inc. will post 12.03 EPS for the current fiscal year.

ResMed Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th will be given a dividend of $0.66 per share. This is a boost from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $2.64 annualized dividend and a yield of 1.1%. ResMed’s payout ratio is 25.31%.

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.