ResMed Inc. (NYSE:RMD) Position Reduced by Russell Investments Group Ltd.

Russell Investments Group Ltd. lowered its stake in shares of ResMed Inc. (NYSE:RMD) by 26.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 279,293 shares of the medical equipment provider’s stock after selling 102,249 shares during the period. Russell Investments Group Ltd.’s holdings in ResMed were worth $21,747,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of RMD. BlackRock Inc. increased its position in ResMed by 5,439.8% in the first quarter. BlackRock Inc. now owns 13,335,138 shares of the medical equipment provider’s stock valued at $959,731,000 after buying an additional 13,094,421 shares during the last quarter. Vanguard Group Inc. increased its position in ResMed by 4.6% in the first quarter. Vanguard Group Inc. now owns 11,535,707 shares of the medical equipment provider’s stock valued at $830,225,000 after buying an additional 508,392 shares during the last quarter. State Street Corp increased its position in ResMed by 2.1% in the first quarter. State Street Corp now owns 4,598,911 shares of the medical equipment provider’s stock valued at $330,983,000 after buying an additional 95,552 shares during the last quarter. FMR LLC increased its position in ResMed by 1.9% in the first quarter. FMR LLC now owns 4,010,810 shares of the medical equipment provider’s stock valued at $288,659,000 after buying an additional 74,389 shares during the last quarter. Finally, Morgan Stanley increased its position in ResMed by 69.1% in the first quarter. Morgan Stanley now owns 1,344,234 shares of the medical equipment provider’s stock valued at $96,744,000 after buying an additional 549,279 shares during the last quarter. 60.65% of the stock is currently owned by institutional investors and hedge funds.

ResMed Inc. (NYSE:RMD) traded up 2.23% during trading on Friday, hitting $75.09. 1,181,814 shares of the stock traded hands. The company’s 50 day moving average price is $77.30 and its 200-day moving average price is $71.87. ResMed Inc. has a 52-week low of $56.59 and a 52-week high of $79.63. The stock has a market cap of $10.66 billion, a P/E ratio of 31.29 and a beta of 0.83.

ResMed (NYSE:RMD) last issued its quarterly earnings data on Tuesday, August 1st. The medical equipment provider reported $0.77 EPS for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.02. The firm had revenue of $556.69 million for the quarter, compared to analysts’ expectations of $557.68 million. ResMed had a net margin of 16.56% and a return on equity of 21.99%. The firm’s revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.74 EPS. Equities research analysts forecast that ResMed Inc. will post $3.05 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Thursday, August 17th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.86%. This is a boost from ResMed’s previous quarterly dividend of $0.33. The ex-dividend date is Tuesday, August 15th. ResMed’s dividend payout ratio is presently 54.77%.

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RMD has been the topic of several recent analyst reports. J P Morgan Chase & Co downgraded shares of ResMed from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $72.00 to $71.00 in a report on Thursday, April 20th. William Blair reaffirmed an “outperform” rating on shares of ResMed in a report on Thursday, April 13th. Bank of America Corporation downgraded shares of ResMed from a “buy” rating to a “neutral” rating in a report on Wednesday. BidaskClub downgraded shares of ResMed from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Finally, Zacks Investment Research downgraded shares of ResMed from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. Four analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $65.63.

In related news, CFO Brett Sandercock sold 1,250 shares of the stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $71.02, for a total value of $88,775.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Richard Sulpizio sold 65,887 shares of the stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $77.82, for a total transaction of $5,127,326.34. Following the completion of the sale, the director now directly owns 4,429 shares in the company, valued at $344,664.78. The disclosure for this sale can be found here. Over the last three months, insiders sold 160,260 shares of company stock worth $12,212,644. 1.97% of the stock is owned by corporate insiders.

About ResMed

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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