Bank of Montreal Can Sells 128,166 Shares of ResMed Inc. $RMD

Bank of Montreal Can cut its holdings in shares of ResMed Inc. (NYSE:RMD) by 38.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 203,480 shares of the medical equipment provider’s stock after selling 128,166 shares during the period. Bank of Montreal Can owned 0.14% of ResMed worth $55,699,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Entropy Technologies LP boosted its stake in shares of ResMed by 188.7% during the 2nd quarter. Entropy Technologies LP now owns 16,384 shares of the medical equipment provider’s stock valued at $4,227,000 after purchasing an additional 10,708 shares in the last quarter. Quantbot Technologies LP raised its stake in ResMed by 244.8% in the second quarter. Quantbot Technologies LP now owns 36,355 shares of the medical equipment provider’s stock worth $9,380,000 after buying an additional 25,810 shares in the last quarter. Allianz Asset Management GmbH raised its stake in ResMed by 44.8% in the third quarter. Allianz Asset Management GmbH now owns 357,421 shares of the medical equipment provider’s stock worth $97,837,000 after buying an additional 110,647 shares in the last quarter. WCM Investment Management LLC purchased a new stake in ResMed in the third quarter worth about $3,110,000. Finally, Nordea Investment Management AB boosted its position in ResMed by 3.5% during the 3rd quarter. Nordea Investment Management AB now owns 790,872 shares of the medical equipment provider’s stock valued at $217,387,000 after acquiring an additional 26,629 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. UBS Group reiterated a “buy” rating and set a $345.00 target price on shares of ResMed in a report on Friday, December 12th. KeyCorp restated an “overweight” rating and set a $302.00 price target on shares of ResMed in a research report on Friday, January 30th. Piper Sandler upped their price target on ResMed from $270.00 to $275.00 and gave the stock a “neutral” rating in a research note on Friday, January 30th. Stifel Nicolaus increased their price objective on ResMed from $260.00 to $265.00 and gave the stock a “hold” rating in a report on Friday, January 30th. Finally, Robert W. Baird set a $281.00 price objective on ResMed in a research report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $299.27.

ResMed Price Performance

Shares of NYSE RMD opened at $232.64 on Friday. The company has a 50 day simple moving average of $255.32 and a two-hundred day simple moving average of $258.93. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.81. The company has a market capitalization of $33.89 billion, a price-to-earnings ratio of 23.01, a P/E/G ratio of 1.59 and a beta of 0.88. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.32 and a current ratio of 3.06.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, January 29th. The medical equipment provider reported $2.81 earnings per share for the quarter, topping the consensus estimate of $2.68 by $0.13. ResMed had a return on equity of 25.20% and a net margin of 27.53%.The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the business posted $2.43 EPS. The firm’s quarterly revenue was up 11.0% compared to the same quarter last year. Analysts expect that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 19th. Stockholders of record on Thursday, February 12th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Thursday, February 12th. ResMed’s payout ratio is currently 23.74%.

Insider Activity

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $248.46, for a total transaction of $1,240,063.86. Following the completion of the sale, the chief executive officer directly owned 466,223 shares in the company, valued at approximately $115,837,766.58. This trade represents a 1.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $260.22, for a total transaction of $520,440.00. Following the completion of the transaction, the director directly owned 62,773 shares of the company’s stock, valued at $16,334,790.06. This trade represents a 3.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 21,073 shares of company stock valued at $5,405,198. 0.65% of the stock is owned by insiders.

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.