CIBC Asset Management Inc Sells 5,970 Shares of ResMed Inc. (NYSE:RMD)
CIBC Asset Management Inc cut its position in shares of ResMed Inc. (NYSE:RMD) by 20.1% during the second quarter, Holdings Channel reports. The firm owned 23,764 shares of the medical equipment provider’s stock after selling 5,970 shares during the period. CIBC Asset Management Inc’s holdings in ResMed were worth $1,851,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of RMD. BlackRock Inc. raised its stake in ResMed by 5,439.8% in the first quarter. BlackRock Inc. now owns 13,335,138 shares of the medical equipment provider’s stock worth $959,731,000 after buying an additional 13,094,421 shares during the period. Vanguard Group Inc. raised its stake in ResMed by 4.6% in the first quarter. Vanguard Group Inc. now owns 11,535,707 shares of the medical equipment provider’s stock worth $830,225,000 after buying an additional 508,392 shares during the period. State Street Corp raised its stake in ResMed by 2.1% in the first quarter. State Street Corp now owns 4,598,911 shares of the medical equipment provider’s stock worth $330,983,000 after buying an additional 95,552 shares during the period. FMR LLC raised its stake in ResMed by 1.9% in the first quarter. FMR LLC now owns 4,010,810 shares of the medical equipment provider’s stock worth $288,659,000 after buying an additional 74,389 shares during the period. Finally, Morgan Stanley raised its stake in ResMed by 69.1% in the first quarter. Morgan Stanley now owns 1,344,234 shares of the medical equipment provider’s stock worth $96,744,000 after buying an additional 549,279 shares during the period. Institutional investors and hedge funds own 60.68% of the company’s stock.
ResMed Inc. (NYSE RMD) opened at 74.40 on Wednesday. The stock has a market cap of $10.57 billion, a P/E ratio of 31.00 and a beta of 0.83. ResMed Inc. has a one year low of $56.59 and a one year high of $79.63. The company has a 50-day moving average price of $77.14 and a 200-day moving average price of $71.90.
ResMed (NYSE:RMD) last posted its quarterly earnings data on Tuesday, August 1st. The medical equipment provider reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.02. The business had revenue of $556.69 million for the quarter, compared to analyst estimates of $557.68 million. ResMed had a return on equity of 21.99% and a net margin of 16.56%. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.74 earnings per share. On average, analysts anticipate that ResMed Inc. will post $3.05 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, August 17th will be paid a $0.35 dividend. The ex-dividend date is Tuesday, August 15th. This is a positive change from ResMed’s previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.88%. ResMed’s payout ratio is presently 54.77%.
RMD has been the subject of a number of recent research reports. J P Morgan Chase & Co lowered ResMed from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $72.00 to $71.00 in a research note on Thursday, April 20th. William Blair reissued an “outperform” rating on shares of ResMed in a report on Thursday, April 13th. Bank of America Corporation downgraded ResMed from a “buy” rating to a “neutral” rating in a report on Wednesday, August 2nd. Credit Suisse Group downgraded ResMed from an “outperform” rating to a “neutral” rating in a report on Tuesday. Finally, BidaskClub downgraded ResMed from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $65.63.
In related news, Director Peter C. Farrell sold 20,000 shares of ResMed stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $75.15, for a total transaction of $1,503,000.00. Following the sale, the director now directly owns 321,557 shares of the company’s stock, valued at $24,165,008.55. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider David Pendarvis sold 6,365 shares of ResMed stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $72.62, for a total value of $462,226.30. Following the sale, the insider now directly owns 84,477 shares in the company, valued at $6,134,719.74. The disclosure for this sale can be found here. Insiders sold 180,260 shares of company stock worth $13,715,644 over the last quarter. 1.97% of the stock is currently owned by corporate insiders.
ResMed Company Profile
ResMed Inc is a holding company. The Company is engaged in the development, manufacturing, distribution and marketing of medical devices and cloud-based software applications that diagnose, treat and manage respiratory disorders, including sleep disordered breathing (SDB), chronic obstructive pulmonary disease (COPD), neuromuscular disease and other diseases.
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