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

Marks Group Wealth Management Inc decreased its holdings in ResMed Inc. (NYSE:RMD) by 11.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 27,242 shares of the medical equipment provider’s stock after selling 3,397 shares during the quarter. Marks Group Wealth Management Inc’s holdings in ResMed were worth $6,115,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Jones Financial Companies Lllp grew its stake in ResMed by 52.6% during the 1st quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider’s stock valued at $645,000 after purchasing an additional 994 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in ResMed during the 2nd quarter worth approximately $389,000. Brown Advisory Inc. raised its position in shares of ResMed by 17.8% in the 2nd quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider’s stock valued at $409,000 after purchasing an additional 240 shares in the last quarter. Cresset Asset Management LLC acquired a new position in shares of ResMed in the 2nd quarter valued at approximately $206,000. Finally, Alliancebernstein L.P. boosted its stake in shares of ResMed by 24.2% during the 2nd quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider’s stock valued at $73,808,000 after buying an additional 55,790 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

ResMed Stock Up 2.8%

ResMed stock opened at $198.46 on Thursday. The company has a 50-day simple moving average of $199.64 and a 200-day simple moving average of $227.13. The firm has a market capitalization of $28.79 billion, a P/E ratio of 19.14, a P/E/G ratio of 1.15 and a beta of 0.78. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.33 and a current ratio of 3.01. ResMed Inc. has a one year low of $180.26 and a one year high of $293.81.

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

ResMed Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, May 14th were paid a $0.60 dividend. The ex-dividend date was Thursday, May 14th. This represents a $2.40 annualized dividend and a dividend yield of 1.2%. ResMed’s dividend payout ratio (DPR) is presently 23.14%.

Analyst Ratings Changes

A number of research firms have recently weighed in on RMD. Morgan Stanley reissued an “equal weight” rating and set a $230.00 price target (down from $286.00) on shares of ResMed in a research report on Wednesday, June 17th. Jefferies Financial Group cut their price target on shares of ResMed from $240.00 to $225.00 and set a “hold” rating on the stock in a report on Friday, July 10th. JPMorgan Chase & Co. assumed coverage on shares of ResMed in a research note on Wednesday, April 15th. They set an “overweight” rating on the stock. Royal Bank Of Canada decreased their price objective on shares of ResMed from $321.00 to $276.00 and set an “outperform” rating for the company in a report on Wednesday, July 8th. Finally, Mizuho dropped their target price on shares of ResMed from $235.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $253.50.

Insider Buying and Selling at ResMed

In other news, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $218.55, for a total transaction of $1,090,783.05. Following the sale, the chief executive officer owned 466,223 shares of the company’s stock, valued at approximately $101,893,036.65. The trade was a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 14,973 shares of company stock worth $3,096,067 over the last quarter. Insiders own 0.65% of the company’s stock.

ResMed Profile

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.