Bank of New York Mellon Corp Sells 492,643 Shares of ResMed Inc. $RMD

Bank of New York Mellon Corp trimmed its position in shares of ResMed Inc. (NYSE:RMD) by 9.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,552,916 shares of the medical equipment provider’s stock after selling 492,643 shares during the period. Bank of New York Mellon Corp owned 3.12% of ResMed worth $1,246,270,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of ResMed in the second quarter valued at about $306,452,000. Vanguard Group Inc. raised its stake in ResMed by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 18,746,925 shares of the medical equipment provider’s stock valued at $4,836,707,000 after purchasing an additional 253,223 shares during the period. Ilex Capital Partners UK LLP purchased a new position in ResMed in the 2nd quarter worth approximately $39,306,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in ResMed during the 2nd quarter valued at approximately $34,443,000. Finally, Swedbank AB grew its holdings in ResMed by 25.4% during the 3rd quarter. Swedbank AB now owns 542,711 shares of the medical equipment provider’s stock valued at $148,556,000 after buying an additional 109,760 shares in the last quarter. Institutional investors own 54.98% of the company’s stock.

Insider Buying and Selling at ResMed

In related news, CEO Michael J. Farrell sold 8,011 shares of the company’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $249.75, for a total transaction of $2,000,747.25. Following the transaction, the chief executive officer directly owned 467,866 shares in the company, valued at approximately $116,849,533.50. This represents a 1.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Witte Jan De sold 2,055 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $255.00, for a total transaction of $524,025.00. Following the completion of the sale, the director directly owned 4,261 shares of the company’s stock, valued at approximately $1,086,555. The trade was a 32.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 21,594 shares of company stock worth $5,403,495 over the last quarter. Insiders own 0.65% of the company’s stock.

ResMed Stock Up 0.3%

Shares of NYSE:RMD opened at $256.22 on Wednesday. The company has a market cap of $37.39 billion, a price-to-earnings ratio of 26.23, a PEG ratio of 1.72 and a beta of 0.88. ResMed Inc. has a 12 month low of $199.92 and a 12 month high of $293.81. The company has a current ratio of 2.89, a quick ratio of 2.13 and a debt-to-equity ratio of 0.07. The company has a 50-day moving average price of $250.37 and a 200 day moving average price of $263.27.

ResMed (NYSE:RMD) last issued its quarterly earnings data on Friday, October 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, topping the consensus estimate of $2.49 by $0.06. The company had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.33 billion. ResMed had a return on equity of 25.45% and a net margin of 27.35%.The firm’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the previous year, the firm posted $2.20 earnings per share. As a group, equities research analysts predict that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 18th. Shareholders of record on Thursday, November 13th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Thursday, November 13th. ResMed’s payout ratio is presently 24.56%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Robert W. Baird restated a “neutral” rating and set a $275.00 target price (down previously from $300.00) on shares of ResMed in a research report on Tuesday, December 16th. Mizuho decreased their price target on shares of ResMed from $310.00 to $300.00 and set an “outperform” rating on the stock in a research note on Friday, October 31st. Morgan Stanley set a $305.00 price objective on ResMed in a research report on Friday, October 31st. KeyCorp boosted their target price on ResMed from $298.00 to $299.00 and gave the stock an “overweight” rating in a research report on Friday, October 31st. Finally, Wells Fargo & Company assumed coverage on ResMed in a research note on Monday, October 13th. They set an “equal weight” rating and a $280.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $296.09.

About ResMed

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.