JPMorgan Chase & Co. increased its position in shares of ResMed Inc. (NYSE:RMD) by 6.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,463,046 shares of the medical equipment provider’s stock after buying an additional 93,024 shares during the quarter. JPMorgan Chase & Co. owned 1.02% of ResMed worth $152,113,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund raised its position in ResMed by 15,868.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 5,275,028 shares of the medical equipment provider’s stock worth $46,000 after purchasing an additional 5,241,994 shares during the last quarter. WCM Investment Management LLC bought a new stake in shares of ResMed during the 4th quarter valued at $492,415,000. Norges Bank bought a new stake in shares of ResMed during the 4th quarter valued at $140,077,000. BlackRock Inc. raised its position in shares of ResMed by 5.2% during the 4th quarter. BlackRock Inc. now owns 11,764,243 shares of the medical equipment provider’s stock valued at $1,339,597,000 after acquiring an additional 583,831 shares during the last quarter. Finally, Ardevora Asset Management LLP bought a new stake in shares of ResMed during the 4th quarter valued at $37,566,000. 67.26% of the stock is currently owned by institutional investors and hedge funds.
In related news, CFO Brett Sandercock sold 3,000 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $104.96, for a total transaction of $314,880.00. Following the sale, the chief financial officer now owns 85,390 shares in the company, valued at approximately $8,962,534.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael J. Farrell sold 6,651 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $118.16, for a total transaction of $785,882.16. Following the sale, the chief executive officer now owns 292,988 shares in the company, valued at approximately $34,619,462.08. The disclosure for this sale can be found here. Over the last three months, insiders sold 98,171 shares of company stock worth $10,895,378. Insiders own 1.24% of the company’s stock.
Shares of RMD stock traded down $1.35 on Friday, reaching $118.09. The stock had a trading volume of 597,500 shares, compared to its average volume of 925,391. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.69 and a current ratio of 2.38. The stock has a market cap of $17.14 billion, a price-to-earnings ratio of 33.45, a PEG ratio of 3.11 and a beta of 0.44. ResMed Inc. has a 12 month low of $90.64 and a 12 month high of $120.00.
ResMed (NYSE:RMD) last issued its earnings results on Thursday, May 2nd. The medical equipment provider reported $0.89 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.05. The company had revenue of $662.23 million for the quarter, compared to analysts’ expectations of $657.82 million. ResMed had a net margin of 17.65% and a return on equity of 26.46%. ResMed’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.92 EPS. Sell-side analysts predict that ResMed Inc. will post 3.63 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Thursday, May 9th were issued a $0.37 dividend. The ex-dividend date was Wednesday, May 8th. This represents a $1.48 annualized dividend and a yield of 1.25%. ResMed’s dividend payout ratio is currently 41.93%.
Several brokerages have commented on RMD. UBS Group upgraded shares of ResMed from a “neutral” rating to a “buy” rating and upped their target price for the company from $109.00 to $119.00 in a research report on Monday, May 6th. Zacks Investment Research raised shares of ResMed from a “sell” rating to a “buy” rating and set a $116.00 price target for the company in a report on Monday, April 1st. ValuEngine raised shares of ResMed from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. Deutsche Bank raised shares of ResMed from a “hold” rating to a “buy” rating in a research note on Wednesday, March 20th. Finally, JPMorgan Chase & Co. raised shares of ResMed from an “underweight” rating to a “neutral” rating and set a $95.00 target price for the company in a research note on Thursday, April 18th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $112.50.
ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications that diagnose, treat, and manage respiratory disorders comprising sleep disordered breathing, chronic obstructive pulmonary disease, neuromuscular disease, and other chronic diseases. It offers various products and solutions for a range of respiratory disorders, including technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, portable oxygen concentrators, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.
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