Marks Group Wealth Management Inc Lowers Position in ResMed Inc. $RMD

Marks Group Wealth Management Inc lessened its stake in ResMed Inc. (NYSE:RMD) by 10.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,639 shares of the medical equipment provider’s stock after selling 3,659 shares during the period. Marks Group Wealth Management Inc’s holdings in ResMed were worth $7,380,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of RMD. Norges Bank purchased a new stake in ResMed in the 4th quarter worth approximately $249,068,000. Swedbank AB boosted its position in ResMed by 103.1% in the 4th quarter. Swedbank AB now owns 1,102,476 shares of the medical equipment provider’s stock worth $265,553,000 after purchasing an additional 559,765 shares in the last quarter. Bank of New York Mellon Corp boosted its position in ResMed by 7.4% in the 4th quarter. Bank of New York Mellon Corp now owns 4,890,654 shares of the medical equipment provider’s stock worth $1,178,012,000 after purchasing an additional 337,738 shares in the last quarter. First Trust Advisors LP boosted its position in ResMed by 285.1% in the 3rd quarter. First Trust Advisors LP now owns 445,198 shares of the medical equipment provider’s stock worth $121,864,000 after purchasing an additional 329,588 shares in the last quarter. Finally, Marshall Wace LLP boosted its position in ResMed by 2,373.1% in the 3rd quarter. Marshall Wace LLP now owns 310,987 shares of the medical equipment provider’s stock worth $85,126,000 after purchasing an additional 298,412 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RMD. JPMorgan Chase & Co. began coverage on ResMed in a research report on Wednesday, April 15th. They set an “overweight” rating on the stock. Wall Street Zen lowered ResMed from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th. Royal Bank Of Canada increased their target price on ResMed from $314.00 to $321.00 and gave the company an “outperform” rating in a research report on Friday, May 1st. Evercore set a $255.00 target price on ResMed and gave the company an “outperform” rating in a research report on Monday, April 13th. Finally, KeyCorp decreased their target price on ResMed from $302.00 to $290.00 and set an “overweight” rating on the stock in a research report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, ResMed has an average rating of “Moderate Buy” and an average target price of $286.18.

ResMed Trading Down 1.4%

Shares of NYSE:RMD opened at $193.35 on Tuesday. The business’s 50 day moving average price is $212.53 and its 200-day moving average price is $236.78. ResMed Inc. has a 1 year low of $180.26 and a 1 year high of $293.81. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.01 and a quick ratio of 2.33. The firm has a market capitalization of $28.05 billion, a price-to-earnings ratio of 18.65, a price-to-earnings-growth ratio of 1.25 and a beta of 0.80.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, beating the consensus estimate of $2.79 by $0.07. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same period in the prior year, the company earned $2.37 EPS. The firm’s revenue was up 10.8% compared to the same quarter last year. On average, equities research analysts forecast that ResMed Inc. will post 11.13 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Thursday, May 14th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Thursday, May 14th. ResMed’s dividend payout ratio is 23.14%.

Insider Transactions at ResMed

In other news, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $225.00, for a total value of $450,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $207.82, for a total transaction of $1,037,229.62. Following the completion of the sale, the chief executive officer owned 466,223 shares of the company’s stock, valued at $96,890,463.86. This trade represents a 1.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 11,982 shares of company stock valued at $2,612,700 over the last quarter. Company insiders own 0.65% of the company’s stock.

About ResMed

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.