OVERSEA CHINESE BANKING Corp Ltd Decreases Position in ResMed Inc. $RMD

OVERSEA CHINESE BANKING Corp Ltd lessened its holdings in shares of ResMed Inc. (NYSE:RMD) by 20.4% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 43,363 shares of the medical equipment provider’s stock after selling 11,132 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in ResMed were worth $11,188,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. ICW Investment Advisors LLC lifted its holdings in shares of ResMed by 0.4% during the 1st quarter. ICW Investment Advisors LLC now owns 11,394 shares of the medical equipment provider’s stock valued at $2,551,000 after purchasing an additional 41 shares during the last quarter. Johnson Investment Counsel Inc. lifted its holdings in shares of ResMed by 2.8% during the 2nd quarter. Johnson Investment Counsel Inc. now owns 1,665 shares of the medical equipment provider’s stock valued at $430,000 after purchasing an additional 45 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of ResMed by 3.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 1,222 shares of the medical equipment provider’s stock valued at $269,000 after purchasing an additional 46 shares during the last quarter. E Fund Management Co. Ltd. lifted its holdings in shares of ResMed by 2.8% during the 1st quarter. E Fund Management Co. Ltd. now owns 1,719 shares of the medical equipment provider’s stock valued at $385,000 after purchasing an additional 47 shares during the last quarter. Finally, V Square Quantitative Management LLC lifted its holdings in shares of ResMed by 3.0% during the 2nd quarter. V Square Quantitative Management LLC now owns 1,747 shares of the medical equipment provider’s stock valued at $451,000 after purchasing an additional 51 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Activity

In other news, CEO Michael J. Farrell sold 8,009 shares of the firm’s stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $282.85, for a total transaction of $2,265,345.65. Following the sale, the chief executive officer directly owned 467,792 shares in the company, valued at $132,314,967.20. This trade represents a 1.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Michael J. Rider sold 100 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total value of $27,436.00. Following the sale, the general counsel owned 11,327 shares in the company, valued at $3,107,675.72. This trade represents a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,743 shares of company stock worth $5,284,514 in the last ninety days. Company insiders own 0.65% of the company’s stock.

ResMed Stock Performance

NYSE RMD opened at $259.87 on Monday. The stock has a 50-day simple moving average of $275.26 and a two-hundred day simple moving average of $259.69. The firm has a market capitalization of $37.93 billion, a P/E ratio of 27.33, a PEG ratio of 1.79 and a beta of 0.83. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.81. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, beating analysts’ consensus estimates of $2.47 by $0.08. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The company’s revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the business posted $2.08 EPS. On average, equities analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Thursday, August 14th. This is an increase from ResMed’s previous quarterly dividend of $0.53. ResMed’s dividend payout ratio (DPR) is 25.24%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. UBS Group upgraded ResMed to a “strong-buy” rating in a report on Tuesday, September 16th. Stifel Nicolaus upped their target price on ResMed from $240.00 to $270.00 and gave the company a “hold” rating in a research report on Friday, August 1st. Wells Fargo & Company assumed coverage on ResMed in a research report on Monday, October 13th. They issued an “equal weight” rating and a $280.00 target price on the stock. Wall Street Zen downgraded ResMed from a “buy” rating to a “hold” rating in a research report on Sunday, August 10th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of ResMed in a research report on Saturday. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, ResMed currently has a consensus rating of “Moderate Buy” and an average price target of $295.70.

ResMed Company Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company operates in two segments, Sleep and Respiratory Care, and Software as a Service. It offers various products and solutions for a range of respiratory disorders, including ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.