409,697 Shares in ResMed Inc. $RMD Purchased by Caisse de depot et placement du Quebec

Caisse de depot et placement du Quebec bought a new position in ResMed Inc. (NYSE:RMD) in the 2nd quarter, HoldingsChannel reports. The institutional investor bought 409,697 shares of the medical equipment provider’s stock, valued at approximately $79,842,000.

Other hedge funds have also added to or reduced their stakes in the company. International Assets Investment Management LLC purchased a new stake in shares of ResMed in the fourth quarter worth about $25,000. WFA of San Diego LLC purchased a new position in ResMed during the second quarter valued at approximately $26,000. Imprint Wealth LLC purchased a new position in ResMed during the third quarter valued at approximately $26,000. Bell Investment Advisors Inc purchased a new position in ResMed during the second quarter valued at approximately $26,000. Finally, Sunbelt Securities Inc. bought a new stake in ResMed during the 3rd quarter worth approximately $31,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

ResMed Trading Down 0.0%

Shares of RMD opened at $235.64 on Friday. ResMed Inc. has a 1-year low of $180.26 and a 1-year high of $284.87. The company has a market capitalization of $33.99 billion, a P/E ratio of 22.59, a P/E/G ratio of 1.48 and a beta of 0.76. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 2.42. The firm’s 50 day simple moving average is $210.78 and its 200 day simple moving average is $219.03.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 EPS for the quarter, topping analysts’ consensus estimates of $2.89 by $0.06. The business had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.46 billion. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.55 EPS. Sell-side analysts forecast that ResMed Inc. will post 12.03 earnings per share for the current fiscal year.

ResMed Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, August 20th will be given a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 1.1%. This is a boost from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date is Thursday, August 20th. ResMed’s dividend payout ratio (DPR) is presently 25.31%.

Analyst Ratings Changes

Several analysts have issued reports on RMD shares. Piper Sandler lowered their target price on shares of ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a research note on Friday, August 7th. Wells Fargo & Company decreased their price target on shares of ResMed from $225.00 to $215.00 and set an “equal weight” rating on the stock in a report on Friday, August 7th. Morgan Stanley reiterated an “equal weight” rating and issued a $230.00 price objective (down from $286.00) on shares of ResMed in a research report on Wednesday, June 17th. Citigroup reissued a “neutral” rating and set a $235.00 price objective (down from $270.00) on shares of ResMed in a research note on Sunday, July 12th. Finally, KeyCorp reduced their target price on ResMed from $260.00 to $255.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Seven equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $239.38.

Insider Buying and Selling at ResMed

In related news, Director Peter C. Farrell sold 8,000 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total value of $1,800,000.00. Following the transaction, the director owned 52,773 shares of the company’s stock, valued at $11,873,925. This represents a 13.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $205.69, for a total value of $1,026,598.79. Following the sale, the chief executive officer owned 466,256 shares in the company, valued at $95,904,196.64. The trade was a 1.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 22,973 shares of company stock valued at $4,885,436 over the last quarter. 0.65% of the stock is owned by company insiders.

ResMed Company 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.