ResMed Inc. (RMD) Sees Large Volume Increase
Shares of ResMed Inc. (NYSE:RMD) saw unusually-high trading volume on Tuesday . Approximately 1,022,412 shares traded hands during mid-day trading, a decline of 1% from the previous session’s volume of 1,037,560 shares.The stock last traded at $67.09 and had previously closed at $67.90.
RMD has been the subject of a number of research reports. Jefferies Group increased their target price on shares of ResMed from $56.00 to $60.00 and gave the stock a “hold” rating in a report on Friday, July 29th. Zacks Investment Research raised shares of ResMed from a “sell” rating to a “hold” rating in a report on Tuesday, July 26th. Canaccord Genuity reissued a “hold” rating and issued a $57.00 target price on shares of ResMed in a report on Monday, July 25th. Bank of America Corp. reissued a “hold” rating and issued a $65.00 target price on shares of ResMed in a report on Sunday, July 10th. Finally, Northland Securities set a $50.00 target price on shares of ResMed and gave the stock a “sell” rating in a report on Monday. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of C$58.60.
The stock has a 50-day moving average of $67.88 and a 200-day moving average of $61.20. The stock has a market capitalization of $9.46 billion and a PE ratio of 27.00.
ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.74 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.74. The company had revenue of $518.60 million for the quarter, compared to the consensus estimate of $512.37 million. The company’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.68 earnings per share. Equities research analysts forecast that ResMed Inc. will post $2.88 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Thursday, August 18th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.96%. This is an increase from ResMed’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, August 16th.
In other news, CEO Michael J. Farrell sold 5,975 shares of the business’s stock in a transaction dated Wednesday, June 15th. The stock was sold at an average price of C$59.63, for a total transaction of C$356,289.25. Following the completion of the transaction, the chief executive officer now owns 154,814 shares of the company’s stock, valued at C$9,231,558.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David Pendarvis sold 6,000 shares of the business’s stock in a transaction dated Friday, June 3rd. The stock was sold at an average price of C$59.41, for a total value of C$356,460.00. Following the transaction, the insider now directly owns 80,512 shares of the company’s stock, valued at approximately C$4,783,217.92. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have modified their holdings of RMD. KBC Group NV raised its position in shares of ResMed by 36.7% in the fourth quarter. KBC Group NV now owns 43,904 shares of the company’s stock valued at $2,357,000 after buying an additional 11,795 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of ResMed during the fourth quarter valued at approximately $1,133,000. Finally, Advisors Asset Management Inc. raised its position in shares of ResMed by 370.0% in the fourth quarter. Advisors Asset Management Inc. now owns 20,878 shares of the company’s stock valued at $1,121,000 after buying an additional 16,436 shares during the last quarter.
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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