Los Angeles Capital Management & Equity Research Inc. Buys New Stake in ResMed Inc. (RMD)
Los Angeles Capital Management & Equity Research Inc. bought a new stake in ResMed Inc. (NYSE:RMD) during the second quarter, Holdings Channel reports. The firm bought 9,790 shares of the company’s stock, valued at approximately $619,000.
A number of other institutional investors have also recently bought and sold shares of the company. Glenmede Trust Co. NA raised its position in ResMed by 7.3% in the second quarter. Glenmede Trust Co. NA now owns 2,625 shares of the company’s stock valued at $165,000 after buying an additional 179 shares during the last quarter. Wright Investors Service Inc. purchased a new position in ResMed during the second quarter valued at about $233,000. CIBC World Markets Inc. purchased a new position in ResMed during the first quarter valued at about $264,000. BB&T Securities LLC purchased a new position in ResMed during the first quarter valued at about $268,000. Finally, Financial Architects Inc raised its position in ResMed by 13.8% in the second quarter. Financial Architects Inc now owns 4,550 shares of the company’s stock valued at $288,000 after buying an additional 550 shares during the last quarter. 61.07% of the stock is currently owned by hedge funds and other institutional investors.
ResMed Inc. (NYSE:RMD) traded up 0.45% on Thursday, reaching $64.09. The company had a trading volume of 546,109 shares. The stock has a 50 day moving average of $67.70 and a 200 day moving average of $61.98. The firm has a market capitalization of $9.02 billion, a PE ratio of 25.74 and a beta of 0.71. ResMed Inc. has a 12 month low of $49.11 and a 12 month high of $70.90.
ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.74 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.74. ResMed had a return on equity of 23.89% and a net margin of 18.63%. The firm earned $518.60 million during the quarter, compared to the consensus estimate of $512.37 million. During the same quarter in the previous year, the business earned $0.68 earnings per share. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, analysts anticipate that ResMed Inc. will post $2.88 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Thursday, August 18th will be given a $0.33 dividend. This is an increase from ResMed’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, August 16th. This represents a $1.32 annualized dividend and a dividend yield of 2.07%. ResMed’s dividend payout ratio is presently 54.32%.
RMD has been the topic of several research reports. Jefferies Group increased their target price on ResMed from $56.00 to $60.00 and gave the stock a “hold” rating in a research note on Friday, July 29th. Zacks Investment Research raised ResMed from a “sell” rating to a “hold” rating in a research note on Tuesday, July 26th. Canaccord Genuity reissued a “hold” rating and set a $57.00 target price on shares of ResMed in a research note on Monday, July 25th. Bank of America Corp. reaffirmed a “hold” rating and issued a $65.00 price target on shares of ResMed in a research report on Sunday, July 10th. Finally, JPMorgan Chase & Co. lowered ResMed from an “overweight” rating to a “neutral” rating in a research report on Monday. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of C$58.60.
In other news, insider David Pendarvis sold 6,000 shares of the company’s stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of C$63.62, for a total value of C$381,720.00. Following the completion of the sale, the insider now owns 80,512 shares of the company’s stock, valued at C$5,122,173.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ronald R. Taylor bought 2,487 shares of the firm’s stock in a transaction dated Wednesday, August 17th. The stock was bought at an average cost of C$69.13 per share, with a total value of C$171,926.31. Following the transaction, the director now directly owns 16,729 shares of the company’s stock, valued at C$1,156,475.77. The disclosure for this purchase can be found here. 2.54% of the stock is owned by insiders.
ResMed Inc is engaged in the development, manufacturing, distribution and marketing of medical products for the diagnosis, treatment and management of respiratory disorders, with a focus on sleep-disordered breathing (SDB). The Company develops various products for SDB and other respiratory disorders, including airflow generators, diagnostic products, mask systems, headgear and other accessories.
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