ResMed Inc. $RMD Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its stake in shares of ResMed Inc. (NYSE:RMD) by 4.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 73,774 shares of the medical equipment provider’s stock after selling 3,806 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.05% of ResMed worth $14,380,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of RMD. Tidal Investments LLC increased its stake in ResMed by 21.1% in the 2nd quarter. Tidal Investments LLC now owns 32,332 shares of the medical equipment provider’s stock worth $6,301,000 after purchasing an additional 5,627 shares in the last quarter. National Pension Service raised its holdings in ResMed by 15.5% during the 2nd quarter. National Pension Service now owns 281,465 shares of the medical equipment provider’s stock worth $54,852,000 after buying an additional 37,680 shares during the period. WINTON GROUP Ltd purchased a new stake in ResMed during the second quarter valued at about $1,540,000. Engineers Gate Manager LP lifted its stake in ResMed by 77.8% during the second quarter. Engineers Gate Manager LP now owns 8,127 shares of the medical equipment provider’s stock valued at $1,584,000 after buying an additional 3,555 shares in the last quarter. Finally, C WorldWide Group Holding A S lifted its stake in ResMed by 7.2% during the second quarter. C WorldWide Group Holding A S now owns 59,987 shares of the medical equipment provider’s stock valued at $11,690,000 after buying an additional 4,048 shares in the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Trading Down 0.6%

NYSE:RMD opened at $218.28 on Friday. The stock has a market cap of $31.49 billion, a PE ratio of 20.93, a price-to-earnings-growth ratio of 1.38 and a beta of 0.77. ResMed Inc. has a fifty-two week low of $180.26 and a fifty-two week high of $284.87. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 2.42. The stock’s 50-day moving average is $217.39 and its two-hundred day moving average is $217.00.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.89 by $0.06. The business had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.46 billion. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The firm’s revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.55 earnings per share. As a group, equities research analysts forecast that ResMed Inc. will post 12.02 earnings per share for the current fiscal year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th will be paid a $0.66 dividend. The ex-dividend date is Thursday, August 20th. This represents a $2.64 annualized dividend and a yield of 1.2%. This is a boost from ResMed’s previous quarterly dividend of $0.60. ResMed’s dividend payout ratio (DPR) is currently 25.31%.

Insider Buying and Selling

In other news, Director Peter C. Farrell sold 970 shares of the business’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $234.73, for a total transaction of $227,688.10. Following the transaction, the director directly owned 51,803 shares in the company, valued at $12,159,718.19. The trade was a 1.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $222.44, for a total transaction of $1,110,198.04. Following the completion of the transaction, the chief executive officer directly owned 466,256 shares in the company, valued at $103,713,984.64. This trade represents a 1.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 23,943 shares of company stock valued at $5,255,268. Insiders own 0.65% of the company’s stock.

Analyst Ratings Changes

RMD has been the topic of several analyst reports. Mizuho dropped their target price on shares of ResMed from $235.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 15th. Weiss Ratings upgraded shares of ResMed from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. Citigroup reaffirmed a “neutral” rating on shares of ResMed in a research note on Thursday. Jefferies Financial Group lowered their price objective on shares of ResMed from $240.00 to $225.00 and set a “hold” rating on the stock in a research report on Friday, July 10th. Finally, UBS Group reissued a “buy” rating and set a $300.00 target price on shares of ResMed in a research note on Tuesday, July 21st. Six equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $240.31.

ResMed Profile

ResMed Inc is a medical equipment and software company that develops products and services for the diagnosis and treatment of sleep-disordered breathing and other respiratory conditions. Its offerings include continuous positive airway pressure (CPAP) and other positive airway pressure devices, masks, ventilation systems, oxygen-related solutions, and connected health technologies.

The company also provides cloud-based software and digital health platforms that help clinicians, home medical equipment providers, and patients monitor therapy, manage equipment, and support adherence to treatment.