Employees Retirement System of Texas acquired a new position in shares of ResMed Inc. (NYSE:RMD) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 39,000 shares of the medical equipment provider’s stock, valued at approximately $3,037,000.
Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in ResMed by 6.8% in the 2nd quarter. BlackRock Inc. now owns 14,240,077 shares of the medical equipment provider’s stock valued at $1,108,877,000 after purchasing an additional 904,939 shares in the last quarter. Vanguard Group Inc. increased its holdings in ResMed by 3.3% in the 2nd quarter. Vanguard Group Inc. now owns 11,914,671 shares of the medical equipment provider’s stock valued at $927,797,000 after purchasing an additional 378,964 shares in the last quarter. FMR LLC increased its holdings in ResMed by 38.2% in the 2nd quarter. FMR LLC now owns 5,542,582 shares of the medical equipment provider’s stock valued at $431,601,000 after purchasing an additional 1,531,772 shares in the last quarter. State Street Corp increased its holdings in ResMed by 2.1% in the 1st quarter. State Street Corp now owns 4,598,911 shares of the medical equipment provider’s stock valued at $330,983,000 after purchasing an additional 95,552 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in ResMed by 1.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,266,663 shares of the medical equipment provider’s stock valued at $176,505,000 after purchasing an additional 25,925 shares in the last quarter. Institutional investors and hedge funds own 60.10% of the company’s stock.
ResMed (NYSE:RMD) last posted its earnings results on Tuesday, August 1st. The medical equipment provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.75 by $0.02. ResMed had a net margin of 16.56% and a return on equity of 21.99%. The business had revenue of $556.69 million for the quarter, compared to the consensus estimate of $557.68 million. During the same period last year, the company earned $0.74 EPS. The firm’s revenue was up 7.3% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 21st. Investors of record on Thursday, August 17th were given a dividend of $0.35 per share. The ex-dividend date was Tuesday, August 15th. This is an increase from ResMed’s previous quarterly dividend of $0.33. This represents a $1.40 annualized dividend and a yield of 1.79%. ResMed’s dividend payout ratio (DPR) is currently 58.09%.
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In other news, insider David Pendarvis sold 6,364 shares of ResMed stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $72.10, for a total value of $458,844.40. Following the completion of the sale, the insider now owns 84,476 shares in the company, valued at approximately $6,090,719.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Peter C. Farrell sold 20,000 shares of ResMed stock in a transaction on Wednesday, October 4th. The shares were sold at an average price of $77.01, for a total transaction of $1,540,200.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 107,232 shares of company stock worth $8,109,182. 1.77% of the stock is owned by corporate insiders.
RMD has been the subject of several recent analyst reports. Jefferies Group LLC restated a “sell” rating and set a $56.00 target price on shares of ResMed in a research note on Thursday, October 12th. Zacks Investment Research upgraded ResMed from a “hold” rating to a “buy” rating and set a $87.00 target price for the company in a research note on Thursday, July 6th. Needham & Company LLC restated a “sell” rating on shares of ResMed in a research note on Friday, September 8th. Citigroup Inc. upgraded ResMed from a “neutral” rating to a “buy” rating in a research note on Wednesday, August 2nd. Finally, Credit Suisse Group downgraded ResMed from an “outperform” rating to a “neutral” rating in a research note on Wednesday, August 2nd. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. ResMed presently has an average rating of “Hold” and a consensus target price of $68.33.
ResMed Inc is a holding company. The Company is engaged in the development, manufacturing, distribution and marketing of medical devices and cloud-based software applications that diagnose, treat and manage respiratory disorders, including sleep disordered breathing (SDB), chronic obstructive pulmonary disease (COPD), neuromuscular disease and other diseases.
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