Raymond James & Associates Cuts Stock Holdings in ResMed Inc. (NYSE:RMD)

Raymond James & Associates trimmed its position in shares of ResMed Inc. (NYSE:RMD) by 34.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,231 shares of the medical equipment provider’s stock after selling 6,949 shares during the quarter. Raymond James & Associates’ holdings in ResMed were worth $3,230,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of RMD. Bank of New York Mellon Corp raised its stake in shares of ResMed by 51.4% during 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. Los Angeles Capital Management LLC raised its stake in shares of ResMed by 48.3% during the 2nd quarter. Los Angeles Capital Management LLC now owns 740,226 shares of the medical equipment provider’s stock worth $141,694,000 after purchasing an additional 241,195 shares during the period. Greenvale Capital LLP raised its stake in shares of ResMed by 61.1% during the 2nd quarter. Greenvale Capital LLP now owns 725,000 shares of the medical equipment provider’s stock worth $138,780,000 after purchasing an additional 275,000 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of ResMed by 19.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 661,717 shares of the medical equipment provider’s stock worth $126,670,000 after purchasing an additional 107,279 shares during the period. Finally, Tandem Investment Advisors Inc. raised its stake in shares of ResMed by 3.0% during the 2nd quarter. Tandem Investment Advisors Inc. now owns 501,391 shares of the medical equipment provider’s stock worth $95,976,000 after purchasing an additional 14,590 shares during the period. 54.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on RMD shares. Robert W. Baird boosted their price objective on ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Bank of America boosted their price objective 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 issued a $180.00 price objective on shares of ResMed in a research note on Wednesday, September 18th. Royal Bank of Canada boosted their price objective on ResMed from $224.00 to $232.00 and gave the company a “sector perform” rating in a research note on Friday, October 25th. Finally, KeyCorp boosted their price objective on ResMed from $251.00 to $266.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $225.70.

ResMed Trading Up 0.7 %

Shares of RMD opened at $244.28 on Monday. ResMed Inc. has a twelve month low of $140.81 and a twelve month high of $260.49. The company has a quick ratio of 1.91, a current ratio of 2.92 and a debt-to-equity ratio of 0.13. The stock has a market cap of $35.86 billion, a PE ratio of 32.35, a P/E/G ratio of 1.78 and a beta of 0.69. The business’s 50-day moving average price is $242.63 and its 200-day moving average price is $220.29.

ResMed (NYSE:RMD) last issued its quarterly earnings data on Thursday, October 24th. The medical equipment provider reported $2.20 EPS for the quarter, topping the consensus estimate of $2.03 by $0.17. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the previous year, the firm earned $1.64 earnings per share. ResMed’s revenue was up 11.1% on a year-over-year basis. On average, equities analysts forecast that ResMed Inc. will post 9.22 EPS for the current fiscal year.

ResMed Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 7th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 0.87%. The ex-dividend date of this dividend is Thursday, November 7th. ResMed’s payout ratio is 28.08%.

Insider Transactions at ResMed

In other news, CEO Michael J. Farrell sold 14,683 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $214.25, for a total transaction of $3,145,832.75. Following the completion of the transaction, the chief executive officer now owns 440,799 shares of the company’s stock, valued at approximately $94,441,185.75. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other ResMed news, CEO Michael J. Farrell sold 14,683 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $214.25, for a total value of $3,145,832.75. Following the completion of the sale, the chief executive officer now owns 440,799 shares of the company’s stock, valued at $94,441,185.75. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brett Sandercock sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $212.16, for a total value of $212,160.00. Following the completion of the sale, the chief financial officer now directly owns 89,056 shares of the company’s stock, valued at approximately $18,894,120.96. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 75,874 shares of company stock valued at $17,731,782. 0.71% of the stock is owned by corporate insiders.

About ResMed

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.