State Street Corp Increases Stock Position in ResMed Inc. (NYSE:RMD)

State Street Corp increased its stake in shares of ResMed Inc. (NYSE:RMD) by 1.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,261,633 shares of the medical equipment provider’s stock after purchasing an additional 116,918 shares during the period. State Street Corp’s holdings in ResMed were worth $1,528,590,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RMD. Bank of New York Mellon Corp grew its position in ResMed by 51.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,772,761 shares of the medical equipment provider’s stock worth $1,105,022,000 after purchasing an additional 1,959,642 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of ResMed by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 924,047 shares of the medical equipment provider’s stock worth $225,578,000 after buying an additional 13,985 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of ResMed by 0.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 742,411 shares of the medical equipment provider’s stock worth $181,237,000 after acquiring an additional 2,406 shares during the period. Los Angeles Capital Management LLC increased its position in ResMed by 48.3% during the second quarter. Los Angeles Capital Management LLC now owns 740,226 shares of the medical equipment provider’s stock valued at $141,694,000 after acquiring an additional 241,195 shares during the last quarter. Finally, Greenvale Capital LLP lifted its holdings in ResMed by 61.1% in the second quarter. Greenvale Capital LLP now owns 725,000 shares of the medical equipment provider’s stock valued at $138,780,000 after acquiring an additional 275,000 shares during the period. Institutional investors own 54.98% of the company’s stock.

Wall Street Analysts Forecast Growth

RMD has been the subject of a number of recent research reports. Bank of America boosted their price target on ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Wolfe Research restated an “underperform” rating and set a $180.00 target price on shares of ResMed in a research report on Wednesday, September 18th. Baird R W raised shares of ResMed to a “strong-buy” rating in a report on Tuesday, September 24th. StockNews.com upgraded shares of ResMed from a “hold” rating to a “buy” rating in a research note on Tuesday, October 15th. Finally, KeyCorp upped their price objective on ResMed from $251.00 to $266.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $225.70.

ResMed Trading Up 0.8 %

Shares of ResMed stock opened at $241.28 on Friday. ResMed Inc. has a fifty-two week low of $162.05 and a fifty-two week high of $260.49. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.92. The company has a market capitalization of $35.42 billion, a P/E ratio of 31.96, a P/E/G ratio of 1.79 and a beta of 0.68. The company has a fifty day moving average of $242.30 and a 200 day moving average of $226.46.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.17. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.19 billion. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.64 earnings per share. On average, sell-side analysts anticipate that ResMed Inc. will post 9.28 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 7th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date is Thursday, November 7th. ResMed’s dividend payout ratio (DPR) is currently 28.08%.

Insider Activity

In other news, CEO Michael J. Farrell sold 14,683 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $248.38, for a total transaction of $3,646,963.54. Following the sale, the chief executive officer now directly owns 464,169 shares of the company’s stock, valued at $115,290,296.22. This represents a 3.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brett Sandercock sold 1,000 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $246.42, for a total transaction of $246,420.00. Following the sale, the chief financial officer now directly owns 96,812 shares in the company, valued at approximately $23,856,413.04. The trade was a 1.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 68,408 shares of company stock worth $16,409,632 over the last quarter. Insiders own 0.71% of the company’s stock.

ResMed Company Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company operates in two segments, Sleep and Respiratory Care, and Software as a Service. It offers various products and solutions for a range of respiratory disorders, including ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.