The Manufacturers Life Insurance Company trimmed its position in shares of ResMed Inc. (NYSE:RMD) by 20.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 152,924 shares of the medical equipment provider’s stock after selling 39,764 shares during the quarter. The Manufacturers Life Insurance Company owned 0.11% of ResMed worth $26,216,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Newfound Research LLC acquired a new position in shares of ResMed during the third quarter worth approximately $29,000. James Investment Research Inc. acquired a new position in shares of ResMed during the third quarter worth approximately $37,000. Freestone Capital Holdings LLC acquired a new position in shares of ResMed during the third quarter worth approximately $45,000. CX Institutional raised its position in shares of ResMed by 37.7% during the second quarter. CX Institutional now owns 241 shares of the medical equipment provider’s stock worth $46,000 after purchasing an additional 66 shares during the period. Finally, Ellevest Inc. raised its position in shares of ResMed by 31.6% during the third quarter. Ellevest Inc. now owns 283 shares of the medical equipment provider’s stock worth $49,000 after purchasing an additional 68 shares during the period. 69.38% of the stock is currently owned by institutional investors.
Shares of ResMed stock opened at $211.02 on Friday. ResMed Inc. has a 1 year low of $108.85 and a 1 year high of $224.24. The firm has a market cap of $30.58 billion, a PE ratio of 49.42, a P/E/G ratio of 2.73 and a beta of 0.38. The stock has a fifty day moving average price of $190.61 and a 200-day moving average price of $180.43. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.53 and a quick ratio of 1.84.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders of record on Thursday, November 12th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 0.74%. The ex-dividend date of this dividend is Tuesday, November 10th. ResMed’s dividend payout ratio is presently 32.77%.
A number of equities analysts have recently weighed in on RMD shares. UBS Group raised ResMed from a “neutral” rating to a “buy” rating and set a $210.00 target price on the stock in a research report on Monday, November 2nd. Oppenheimer increased their price target on ResMed from $200.00 to $210.00 in a research report on Thursday, August 6th. Needham & Company LLC reissued a “hold” rating on shares of ResMed in a research report on Thursday, August 6th. Zacks Investment Research lowered ResMed from a “buy” rating to a “hold” rating and set a $184.00 price target for the company. in a research report on Tuesday, August 11th. Finally, Morgan Stanley lowered ResMed from an “overweight” rating to an “equal weight” rating in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $188.50.
In other news, CFO Brett Sandercock sold 2,500 shares of the stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $175.49, for a total transaction of $438,725.00. Following the completion of the transaction, the chief financial officer now owns 86,775 shares in the company, valued at approximately $15,228,144.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Rajwant Sodhi sold 1,500 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $181.00, for a total value of $271,500.00. Following the transaction, the insider now owns 34,089 shares of the company’s stock, valued at approximately $6,170,109. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 31,350 shares of company stock valued at $5,797,434. Insiders own 1.33% of the company’s stock.
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 apnea, chronic obstructive pulmonary disease, neuromuscular disease, and other chronic diseases. The company operates in two segments, Sleep and Respiratory Care, and Software as a Service.
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