Stephens Investment Management Group LLC increased its stake in shares of ResMed Inc. (NYSE:RMD) by 1.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 353,503 shares of the medical equipment provider’s stock after purchasing an additional 4,389 shares during the quarter. Stephens Investment Management Group LLC owned 0.25% of ResMed worth $43,138,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the business. DekaBank Deutsche Girozentrale increased its position in ResMed by 71.7% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 45,045 shares of the medical equipment provider’s stock valued at $5,500,000 after buying an additional 18,811 shares in the last quarter. Advisory Services Network LLC acquired a new stake in ResMed during the second quarter worth about $96,000. Pendal Group Ltd acquired a new stake in ResMed during the second quarter worth about $76,000. Kornitzer Capital Management Inc. KS boosted its position in ResMed by 16.3% during the second quarter. Kornitzer Capital Management Inc. KS now owns 30,293 shares of the medical equipment provider’s stock worth $3,697,000 after purchasing an additional 4,250 shares in the last quarter. Finally, Advisor Group Inc. boosted its position in ResMed by 6.1% during the second quarter. Advisor Group Inc. now owns 18,719 shares of the medical equipment provider’s stock worth $2,285,000 after purchasing an additional 1,084 shares in the last quarter. 66.54% of the stock is currently owned by institutional investors.
In other ResMed news, Director John P. Wareham sold 44,342 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $113.86, for a total value of $5,048,780.12. Following the transaction, the director now owns 24,085 shares of the company’s stock, valued at $2,742,318.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brett Sandercock sold 3,000 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $112.34, for a total transaction of $337,020.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,167 shares of company stock valued at $13,203,891. 1.24% of the stock is owned by insiders.
ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, July 25th. The medical equipment provider reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.03. The company had revenue of $705.00 million for the quarter, compared to analyst estimates of $701.56 million. ResMed had a return on equity of 26.49% and a net margin of 15.52%. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.95 EPS. As a group, equities analysts anticipate that ResMed Inc. will post 3.92 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Thursday, August 15th will be issued a $0.39 dividend. This is an increase from ResMed’s previous quarterly dividend of $0.37. This represents a $1.56 annualized dividend and a yield of 1.18%. The ex-dividend date is Wednesday, August 14th. ResMed’s dividend payout ratio is currently 40.66%.
RMD has been the topic of several research reports. ValuEngine upgraded ResMed from a “hold” rating to a “buy” rating in a research report on Wednesday, May 1st. JPMorgan Chase & Co. raised ResMed from an “underweight” rating to a “neutral” rating and set a $95.00 target price for the company in a research note on Thursday, April 18th. Zacks Investment Research raised ResMed from a “hold” rating to a “buy” rating and set a $131.00 price objective for the company in a research note on Monday, July 8th. Goldman Sachs Group raised ResMed from a “neutral” rating to a “buy” rating in a research note on Monday, July 29th. Finally, UBS Group upgraded ResMed from a “neutral” rating to a “buy” rating and lifted their target price for the company from $122.00 to $140.00 in a report on Monday, July 29th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. ResMed presently has an average rating of “Buy” and a consensus target price of $121.50.
ResMed Company Profile
ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications that diagnose, treat, and manage respiratory disorders comprising sleep disordered breathing, chronic obstructive pulmonary disease, neuromuscular disease, and other chronic diseases. It offers various products and solutions for a range of respiratory disorders, including technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, portable oxygen concentrators, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.
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