Avalon Trust Co Cuts Stock Holdings in ResMed Inc. $RMD

Avalon Trust Co cut its stake in ResMed Inc. (NYSE:RMD) by 3.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 92,208 shares of the medical equipment provider’s stock after selling 3,577 shares during the period. ResMed comprises about 1.7% of Avalon Trust Co’s holdings, making the stock its 14th largest holding. Avalon Trust Co owned about 0.06% of ResMed worth $23,790,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. W.H. Cornerstone Investments Inc. purchased a new position in shares of ResMed in the 2nd quarter valued at about $209,000. ABN Amro Investment Solutions acquired a new stake in ResMed in the second quarter valued at approximately $1,724,000. Police & Firemen s Retirement System of New Jersey lifted its stake in ResMed by 5.5% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 22,251 shares of the medical equipment provider’s stock worth $5,741,000 after acquiring an additional 1,158 shares during the last quarter. Geode Capital Management LLC lifted its stake in ResMed by 2.4% in the second quarter. Geode Capital Management LLC now owns 4,215,145 shares of the medical equipment provider’s stock worth $1,083,409,000 after acquiring an additional 98,717 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in ResMed by 0.8% during the 2nd quarter. PNC Financial Services Group Inc. now owns 91,996 shares of the medical equipment provider’s stock worth $23,735,000 after acquiring an additional 729 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

ResMed Stock Up 0.1%

ResMed stock opened at $252.58 on Thursday. The company has a market capitalization of $36.86 billion, a P/E ratio of 26.56, a PEG ratio of 1.75 and a beta of 0.87. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.81. The stock has a 50-day simple moving average of $267.36 and a 200-day simple moving average of $262.80.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, October 30th. The medical equipment provider reported $2.55 EPS for the quarter, topping the consensus estimate of $2.49 by $0.06. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the previous year, the company posted $2.20 earnings per share. The firm’s revenue was up 9.1% compared to the same quarter last year. Equities research analysts expect that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 18th. Investors of record on Thursday, November 13th will be given a $0.60 dividend. The ex-dividend date is Thursday, November 13th. This represents a $2.40 annualized dividend and a yield of 1.0%. ResMed’s dividend payout ratio is 24.56%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. CLSA upgraded shares of ResMed from a “hold” rating to an “outperform” rating in a report on Tuesday, September 2nd. Royal Bank Of Canada raised their price target on ResMed from $300.00 to $303.00 and gave the company an “outperform” rating in a research note on Friday, October 31st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of ResMed in a research report on Wednesday, October 8th. Mizuho dropped their price objective on ResMed from $310.00 to $300.00 and set an “outperform” rating on the stock in a report on Friday, October 31st. Finally, Citigroup initiated coverage on ResMed in a research note on Thursday, September 18th. They set a “buy” rating and a $330.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $297.45.

Insider Buying and Selling

In other news, General Counsel Michael J. Rider sold 100 shares of the company’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total value of $27,436.00. Following the completion of the sale, the general counsel directly owned 11,327 shares of the company’s stock, valued at approximately $3,107,675.72. This represents a 0.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Hernandez sold 2,575 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $287.10, for a total transaction of $739,282.50. Following the sale, the director owned 4,045 shares of the company’s stock, valued at $1,161,319.50. This trade represents a 38.90% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 18,695 shares of company stock worth $5,032,811 in the last 90 days. Company insiders own 0.65% 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.