Westpac Banking Corp Boosts Stake in ResMed Inc. (RMD)
Westpac Banking Corp boosted its stake in ResMed Inc. (NYSE:RMD) by 27.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,472 shares of the company’s stock after buying an additional 1,835 shares during the period. Westpac Banking Corp’s holdings in ResMed were worth $536,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of RMD. Aperio Group LLC raised its position in shares of ResMed by 27.7% in the first quarter. Aperio Group LLC now owns 35,053 shares of the company’s stock valued at $2,027,000 after buying an additional 7,597 shares during the last quarter. Virginia Retirement System bought a new stake in shares of ResMed during the first quarter valued at about $622,000. CIBC World Markets Inc. bought a new stake in shares of ResMed during the first quarter valued at about $264,000. Ngam Advisors L.P. bought a new stake in shares of ResMed during the first quarter valued at about $1,080,000. Finally, TIAA CREF Investment Management LLC increased its stake in shares of ResMed by 34.0% in the first quarter. TIAA CREF Investment Management LLC now owns 650,942 shares of the company’s stock valued at $37,637,000 after buying an additional 165,025 shares during the period. Institutional investors own 61.07% of the company’s stock.
Shares of ResMed Inc. (NYSE:RMD) traded up 0.16% on Thursday, hitting $64.01. The stock had a trading volume of 47,186 shares. The company has a market capitalization of $9.01 billion, a P/E ratio of 25.71 and a beta of 0.68. The firm has a 50 day moving average price of $66.04 and a 200 day moving average price of $62.42. ResMed Inc. has a one year low of $50.77 and a one year high of $70.90.
ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.74 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.74. The business had revenue of $518.60 million for the quarter, compared to analyst estimates of $512.37 million. ResMed had a return on equity of 23.89% and a net margin of 18.63%. ResMed’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.68 EPS. On average, equities research analysts predict that ResMed Inc. will post $2.88 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 22nd. Investors of record on Thursday, August 18th were given a dividend of $0.33 per share. The ex-dividend date was Tuesday, August 16th. This is a positive change from ResMed’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a yield of 2.07%. ResMed’s dividend payout ratio is 54.32%.
Several analysts recently issued reports on the company. Canaccord Genuity reissued a “hold” rating and issued a $57.00 price target on shares of ResMed in a report on Monday, July 25th. Jefferies Group lifted their target price on ResMed from $56.00 to $60.00 and gave the company a “hold” rating in a research note on Friday, July 29th. Needham & Company LLC reaffirmed an “underperform” rating on shares of ResMed in a research note on Tuesday, August 30th. Bank of America Corp. reaffirmed a “hold” rating and set a $65.00 target price on shares of ResMed in a research note on Sunday, July 10th. Finally, Zacks Investment Research raised ResMed from a “sell” rating to a “hold” rating in a research note on Tuesday, July 26th. Five analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. ResMed has an average rating of “Hold” and a consensus price target of C$59.73.
In other news, Director Ronald R. Taylor acquired 2,487 shares of ResMed stock in a transaction on Wednesday, August 17th. The shares were purchased at an average price of C$69.13 per share, with a total value of C$171,926.31. Following the acquisition, the director now owns 16,729 shares in the company, valued at C$1,156,475.77. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Brett Sandercock sold 35,000 shares of the company’s stock in a transaction on Thursday, August 11th. The stock was sold at an average price of C$70.50, for a total value of C$2,467,500.00. The disclosure for this sale can be found here. Corporate insiders own 1.97% of the company’s stock.
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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