Korea Investment CORP reduced its stake in ResMed Inc. (NYSE:RMD) by 14.4% during the second quarter, Holdings Channel reports. The fund owned 42,308 shares of the medical equipment provider’s stock after selling 7,131 shares during the period. Korea Investment CORP’s holdings in ResMed were worth $3,295,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. boosted 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. boosted 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 boosted 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 boosted 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 boosted 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. 60.66% of the stock is currently owned by hedge funds and other institutional investors.
ResMed Inc. (RMD) opened at 72.56 on Monday. The company has a 50-day moving average price of $76.52 and a 200-day moving average price of $72.27. ResMed Inc. has a 1-year low of $56.59 and a 1-year high of $79.63. The company has a market cap of $10.32 billion, a PE ratio of 30.23 and a beta of 0.83.
ResMed (NYSE:RMD) last announced its quarterly 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. The business 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 business’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.74 EPS. On average, analysts expect that ResMed Inc. will post $3.03 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, August 17th will be paid a $0.35 dividend. The ex-dividend date is Tuesday, August 15th. This represents a $1.40 annualized dividend and a yield of 1.93%. This is a boost from ResMed’s previous quarterly dividend of $0.33. ResMed’s payout ratio is presently 54.77%.
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Several research analysts have recently weighed in on RMD shares. J P Morgan Chase & Co cut shares of ResMed from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $72.00 to $71.00 in a report on Thursday, April 20th. Bank of America Corporation cut shares of ResMed from a “buy” rating to a “neutral” rating in a report on Wednesday, August 2nd. Credit Suisse Group cut shares of ResMed from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 8th. BidaskClub cut shares of ResMed from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Finally, Zacks Investment Research cut shares of ResMed from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. ResMed has an average rating of “Hold” and an average price target of $65.63.
In other ResMed news, insider Jr. Gregor K. Emmert bought 424,000 shares of ResMed stock in a transaction dated Wednesday, June 28th. The shares were purchased at an average cost of $0.06 per share, for a total transaction of $25,440.00. Also, CFO Brett Sandercock sold 1,250 shares of the business’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $71.02, for a total transaction of $88,775.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 204,650 shares of company stock worth $15,516,845. Corporate insiders own 1.97% of the company’s stock.
ResMed Company Profile
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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