Teacher Retirement System of Texas decreased its stake in ResMed Inc. (NYSE:RMD) by 67.3% during the second quarter, Holdings Channel reports. The fund owned 9,968 shares of the company’s stock after selling 20,541 shares during the period. Teacher Retirement System of Texas’ holdings in ResMed were worth $630,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of RMD. Glenmede Trust Co. NA increased its position in shares of ResMed by 7.3% in the second quarter. Glenmede Trust Co. NA now owns 2,625 shares of the company’s stock valued at $165,000 after buying an additional 179 shares during the last quarter. Wright Investors Service Inc. purchased a new stake in shares of ResMed during the second quarter valued at $233,000. CIBC World Markets Inc. purchased a new stake in shares of ResMed during the first quarter valued at $264,000. BB&T Securities LLC purchased a new stake in shares of ResMed during the first quarter valued at $268,000. Finally, Financial Architects Inc increased its stake in shares of ResMed by 13.8% in the second quarter. Financial Architects Inc now owns 4,550 shares of the company’s stock valued at $288,000 after buying an additional 550 shares during the last quarter. 61.07% of the stock is currently owned by institutional investors.
Shares of ResMed Inc. (NYSE:RMD) traded up 0.90% during trading on Friday, reaching $64.79. 922,766 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $66.54 and its 200 day moving average price is $62.23. The firm has a market capitalization of $9.12 billion, a PE ratio of 26.02 and a beta of 0.71. ResMed Inc. has a 52 week low of $50.77 and a 52 week high of $70.90.
ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.74 EPS for the quarter, hitting the consensus estimate of $0.74. The business earned $518.60 million during the quarter, compared to analyst estimates of $512.37 million. ResMed had a net margin of 18.63% and a return on equity of 23.89%. The company’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.68 earnings per share. Analysts predict that ResMed Inc. will post $2.88 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 22nd. Stockholders of record on Thursday, August 18th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Tuesday, August 16th. This represents a $1.32 annualized dividend and a dividend yield of 2.04%. This is a positive change from ResMed’s previous quarterly dividend of $0.30. ResMed’s dividend payout ratio is currently 54.32%.
RMD has been the topic of several analyst reports. Needham & Company LLC reaffirmed a “sell” rating on shares of ResMed in a report on Monday, September 12th. Jefferies Group lifted their target price on shares of ResMed from $56.00 to $60.00 and gave the company a “hold” rating in a report on Friday, July 29th. Northland Securities set a $50.00 target price on shares of ResMed and gave the company a “sell” rating in a report on Monday, August 29th. JPMorgan Chase & Co. downgraded shares of ResMed from an “overweight” rating to a “neutral” rating in a report on Monday, September 19th. Finally, Bank of America Corp. reaffirmed a “hold” rating and issued a $65.00 target price on shares of ResMed in a report on Sunday, July 10th. Five equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of C$59.30.
In related news, insider David Pendarvis sold 6,000 shares of the stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of C$63.62, for a total value of C$381,720.00. Following the completion of the transaction, the insider now owns 80,512 shares in the company, valued at approximately C$5,122,173.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael J. Farrell sold 5,975 shares of the stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of C$64.84, for a total transaction of C$387,419.00. The disclosure for this sale can be found here. Insiders own 2.54% of the company’s stock.
ResMed Company Profile
ResMed Inc is engaged in the development, manufacturing, distribution and marketing of medical products for the diagnosis, treatment and management of respiratory disorders, with a focus on sleep-disordered breathing (SDB). The Company develops various products for SDB and other respiratory disorders, including airflow generators, diagnostic products, mask systems, headgear and other accessories.
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