Allspring Global Investments Holdings LLC trimmed its stake in shares of ResMed Inc. (NYSE:RMD – Free Report) by 4.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,774 shares of the medical equipment provider’s stock after selling 1,318 shares during the period. Allspring Global Investments Holdings LLC’s holdings in ResMed were worth $6,287,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of RMD. Cambridge Investment Research Advisors Inc. lifted its position in shares of ResMed by 15.7% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 3,050 shares of the medical equipment provider’s stock valued at $740,000 after acquiring an additional 414 shares during the period. Cibc World Market Inc. lifted its position in shares of ResMed by 13.0% during the 1st quarter. Cibc World Market Inc. now owns 1,000 shares of the medical equipment provider’s stock valued at $243,000 after acquiring an additional 115 shares during the period. Vontobel Holding Ltd. lifted its position in shares of ResMed by 14.5% during the 1st quarter. Vontobel Holding Ltd. now owns 8,112 shares of the medical equipment provider’s stock valued at $2,020,000 after acquiring an additional 1,025 shares during the period. Sei Investments Co. lifted its position in shares of ResMed by 7.8% during the 1st quarter. Sei Investments Co. now owns 40,740 shares of the medical equipment provider’s stock valued at $9,781,000 after acquiring an additional 2,955 shares during the period. Finally, Prudential PLC acquired a new stake in shares of ResMed during the 1st quarter valued at approximately $694,000. 63.79% of the stock is currently owned by institutional investors and hedge funds.
In other news, COO Robert Andrew Douglas sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $181.01, for a total transaction of $271,515.00. Following the completion of the sale, the chief operating officer now directly owns 250,526 shares in the company, valued at $45,347,711.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other ResMed news, CEO Michael J. Farrell sold 5,675 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $146.35, for a total value of $830,536.25. Following the sale, the chief executive officer now owns 449,360 shares in the company, valued at $65,763,836. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Robert Andrew Douglas sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $181.01, for a total transaction of $271,515.00. Following the completion of the sale, the chief operating officer now owns 250,526 shares in the company, valued at approximately $45,347,711.26. The disclosure for this sale can be found here. Insiders sold 18,575 shares of company stock worth $2,947,417 over the last ninety days. Corporate insiders own 1.21% of the company’s stock.
ResMed Stock Up 2.0 %
ResMed (NYSE:RMD – Get Free Report) last announced its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.63 by $0.01. ResMed had a net margin of 20.72% and a return on equity of 24.14%. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same period in the prior year, the company earned $1.51 EPS. The firm’s revenue was up 16.0% on a year-over-year basis. Equities research analysts forecast that ResMed Inc. will post 7.24 earnings per share for the current fiscal year.
ResMed Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 14th. Stockholders of record on Thursday, November 9th will be paid a dividend of $0.48 per share. The ex-dividend date is Wednesday, November 8th. This represents a $1.92 annualized dividend and a dividend yield of 1.28%. ResMed’s dividend payout ratio is presently 31.17%.
Analyst Upgrades and Downgrades
Several research analysts recently issued reports on the company. StockNews.com assumed coverage on ResMed in a research report on Thursday, October 5th. They set a “hold” rating for the company. KeyCorp cut their price objective on ResMed from $280.00 to $260.00 and set an “overweight” rating for the company in a research report on Friday, August 4th. JPMorgan Chase & Co. upgraded ResMed from a “neutral” rating to an “overweight” rating and cut their price objective for the stock from $210.00 to $170.00 in a research report on Monday, October 9th. Wolfe Research downgraded ResMed from an “outperform” rating to a “peer perform” rating in a research report on Friday, September 29th. Finally, TheStreet downgraded ResMed from a “b-” rating to a “c+” rating in a research report on Thursday, August 24th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $202.33.
ResMed Company Profile
ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.
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