ResMed Inc. (RMD) Position Reduced by Tandem Investment Advisors Inc.
Tandem Investment Advisors Inc. lowered its holdings in shares of ResMed Inc. (NYSE:RMD) by 22.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 82,327 shares of the medical equipment provider’s stock after selling 24,507 shares during the period. ResMed makes up about 2.4% of Tandem Investment Advisors Inc.’s holdings, making the stock its 24th biggest position. Tandem Investment Advisors Inc. owned 0.06% of ResMed worth $6,336,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Toronto Dominion Bank grew its stake in ResMed by 12.8% during the second quarter. Toronto Dominion Bank now owns 1,740 shares of the medical equipment provider’s stock worth $135,000 after purchasing an additional 197 shares during the period. Koch Industries Inc. grew its stake in ResMed by 17,065.2% during the second quarter. Koch Industries Inc. now owns 985,796 shares of the medical equipment provider’s stock worth $973,000 after purchasing an additional 980,053 shares during the period. BB&T Investment Services Inc. acquired a new stake in ResMed during the second quarter worth approximately $214,000. Ameritas Investment Partners Inc. grew its stake in ResMed by 1.6% during the second quarter. Ameritas Investment Partners Inc. now owns 42,439 shares of the medical equipment provider’s stock worth $3,305,000 after purchasing an additional 681 shares during the period. Finally, Raymond James Financial Services Advisors Inc. grew its stake in ResMed by 2.9% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 47,056 shares of the medical equipment provider’s stock worth $3,665,000 after purchasing an additional 1,306 shares during the period. 60.10% of the stock is owned by institutional investors and hedge funds.
Several research firms recently commented on RMD. Jefferies Group LLC reaffirmed a “sell” rating and set a $56.00 target price on shares of ResMed in a research note on Thursday, October 12th. Credit Suisse Group cut ResMed from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 8th. Zacks Investment Research cut ResMed from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. BMO Capital Markets raised their target price on ResMed from $61.00 to $70.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 2nd. Finally, Citigroup Inc. raised ResMed from a “neutral” rating to a “buy” rating in a research note on Wednesday, August 2nd. Three research analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $68.33.
In other news, CFO Brett Sandercock sold 1,250 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $77.49, for a total value of $96,862.50. Following the sale, the chief financial officer now directly owns 59,258 shares of the company’s stock, valued at approximately $4,591,902.42. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Peter C. Farrell sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 4th. The stock was sold at an average price of $77.01, for a total value of $1,540,200.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 107,232 shares of company stock worth $8,109,182. Insiders own 1.77% of the company’s stock.
Shares of ResMed Inc. (NYSE RMD) traded up 0.52% on Wednesday, reaching $78.83. The company’s stock had a trading volume of 173,881 shares. ResMed Inc. has a 12-month low of $56.59 and a 12-month high of $81.87. The company has a market cap of $11.21 billion, a P/E ratio of 32.85 and a beta of 0.77. The company’s 50 day moving average price is $77.70 and its 200 day moving average price is $74.20.
ResMed (NYSE:RMD) last posted its earnings results on Tuesday, August 1st. The medical equipment provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.02. ResMed had a return on equity of 21.99% and a net margin of 16.56%. The firm had revenue of $556.69 million for the quarter, compared to the consensus estimate of $557.68 million. During the same quarter in the prior year, the business earned $0.74 EPS. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. Analysts forecast that ResMed Inc. will post $3.06 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 21st. Stockholders of record on Thursday, August 17th were given a $0.35 dividend. This is a boost from ResMed’s previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date was Tuesday, August 15th. ResMed’s payout ratio is currently 58.09%.
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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