ResMed Inc. $RMD Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia reduced its stake in shares of ResMed Inc. (NYSE:RMD) by 11.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,315 shares of the medical equipment provider’s stock after selling 2,522 shares during the quarter. Bank of Nova Scotia’s holdings in ResMed were worth $4,560,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of RMD. First Trust Advisors LP increased its holdings in shares of ResMed by 240.9% during the 4th quarter. First Trust Advisors LP now owns 1,517,592 shares of the medical equipment provider’s stock valued at $365,542,000 after purchasing an additional 1,072,394 shares in the last quarter. Norges Bank purchased a new stake in ResMed during the fourth quarter worth $249,068,000. Deutsche Bank AG grew its position in ResMed by 126.0% during the fourth quarter. Deutsche Bank AG now owns 1,413,477 shares of the medical equipment provider’s stock valued at $340,464,000 after buying an additional 787,949 shares during the period. Morgan Stanley grew its position in ResMed by 25.0% during the fourth quarter. Morgan Stanley now owns 2,891,697 shares of the medical equipment provider’s stock valued at $696,523,000 after buying an additional 578,559 shares during the period. Finally, Swedbank AB grew its position in ResMed by 103.1% during the fourth quarter. Swedbank AB now owns 1,102,476 shares of the medical equipment provider’s stock valued at $265,553,000 after buying an additional 559,765 shares during the period. 54.98% of the stock is owned by institutional investors and hedge funds.

Insider Activity at ResMed

In other news, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $218.55, for a total value of $1,090,783.05. Following the transaction, the chief executive officer directly owned 466,223 shares of the company’s stock, valued at approximately $101,893,036.65. This trade represents a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 14,973 shares of company stock valued at $3,096,067 in the last ninety days. 0.65% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

RMD has been the subject of a number of analyst reports. Mizuho decreased their price objective on shares of ResMed from $235.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday, July 15th. UBS Group restated a “buy” rating and set a $300.00 target price on shares of ResMed in a research report on Tuesday, July 21st. Citigroup restated a “neutral” rating and issued a $235.00 price target (down from $270.00) on shares of ResMed in a research note on Sunday, July 12th. Wells Fargo & Company reduced their price target on ResMed from $227.00 to $225.00 and set an “equal weight” rating for the company in a report on Wednesday, July 8th. Finally, Royal Bank Of Canada downgraded ResMed from an “outperform” rating to a “sector perform” rating and set a $234.00 price target on the stock. in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $246.25.

ResMed Stock Performance

Shares of NYSE:RMD opened at $203.34 on Tuesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.01 and a quick ratio of 2.33. ResMed Inc. has a 1 year low of $180.26 and a 1 year high of $293.81. The firm has a market capitalization of $29.50 billion, a PE ratio of 19.61, a P/E/G ratio of 1.22 and a beta of 0.78. The business’s 50 day moving average price is $198.68 and its 200-day moving average price is $224.51.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, beating the consensus estimate of $2.79 by $0.07. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The firm’s revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the company earned $2.37 EPS. As a group, equities research analysts expect that ResMed Inc. will post 11.14 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, May 14th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Thursday, May 14th. ResMed’s dividend payout ratio is 23.14%.

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.