Daiwa Securities Group Inc. raised its position in ResMed Inc. (NYSE:RMD) by 9.1% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,200 shares of the medical equipment provider’s stock after buying an additional 350 shares during the period. Daiwa Securities Group Inc.’s holdings in ResMed were worth $327,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of RMD. Commerzbank Aktiengesellschaft FI boosted its stake in shares of ResMed by 0.3% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 5,238 shares of the medical equipment provider’s stock worth $377,000 after buying an additional 14 shares in the last quarter. Morgan Dempsey Capital Management LLC boosted its stake in shares of ResMed by 2.3% in the first quarter. Morgan Dempsey Capital Management LLC now owns 2,189 shares of the medical equipment provider’s stock worth $158,000 after buying an additional 50 shares in the last quarter. Intrust Bank NA boosted its stake in shares of ResMed by 1.0% in the first quarter. Intrust Bank NA now owns 7,101 shares of the medical equipment provider’s stock worth $511,000 after buying an additional 73 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of ResMed by 3.0% in the first quarter. Pacer Advisors Inc. now owns 2,699 shares of the medical equipment provider’s stock worth $194,000 after buying an additional 79 shares in the last quarter. Finally, Atria Investments LLC boosted its stake in shares of ResMed by 1.9% in the first quarter. Atria Investments LLC now owns 4,564 shares of the medical equipment provider’s stock worth $328,000 after buying an additional 83 shares in the last quarter. Hedge funds and other institutional investors own 60.66% of the company’s stock.
ResMed Inc. (NYSE:RMD) opened at 72.44 on Wednesday. The stock has a market cap of $10.30 billion, a P/E ratio of 30.18 and a beta of 0.83. ResMed Inc. has a 12 month low of $56.59 and a 12 month high of $79.63. The firm’s 50-day moving average is $76.23 and its 200-day moving average is $72.37.
ResMed (NYSE:RMD) last announced its quarterly earnings results on Tuesday, August 1st. The medical equipment provider reported $0.77 earnings per share (EPS) for the quarter, beating 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 company had revenue of $556.69 million during the quarter, compared to the consensus estimate of $557.68 million. During the same quarter in the previous year, the company posted $0.74 earnings per share. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. On average, equities analysts forecast that ResMed Inc. will post $3.03 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, August 17th will be issued a dividend of $0.35 per share. This is an increase from ResMed’s previous quarterly dividend of $0.33. The ex-dividend date is Tuesday, August 15th. This represents a $1.40 annualized dividend and a dividend yield of 1.93%. ResMed’s payout ratio is 54.77%.
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A number of analysts recently weighed in on the stock. 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 research note on Thursday, April 20th. BMO Capital Markets reiterated a “hold” rating on shares of ResMed in a research note on Friday, May 12th. Zacks Investment Research cut shares of ResMed from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. Credit Suisse Group cut shares of ResMed from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 8th. Finally, Citigroup Inc. upgraded shares of ResMed from a “neutral” rating to a “buy” rating in a research note on Wednesday, August 2nd. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. ResMed currently has an average rating of “Hold” and a consensus price target of $65.63.
In other news, CFO Brett Sandercock sold 1,250 shares of the business’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $71.02, for a total transaction of $88,775.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David Pendarvis sold 6,365 shares of the business’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $72.62, for a total transaction of $462,226.30. Following the transaction, the insider now directly owns 84,477 shares of the company’s stock, valued at approximately $6,134,719.74. The disclosure for this sale can be found here. In the last three months, insiders have sold 204,650 shares of company stock valued at $15,516,845. Corporate insiders own 1.97% of the company’s stock.
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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