ResMed Inc. $RMD Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its stake in shares of ResMed Inc. (NYSE:RMD) by 3.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,045,559 shares of the medical equipment provider’s stock after selling 158,658 shares during the quarter. Bank of New York Mellon Corp owned about 3.44% of ResMed worth $1,301,754,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. W.G. Shaheen & Associates DBA Whitney & Co increased its holdings in ResMed by 2.0% in the 2nd quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 53,531 shares of the medical equipment provider’s stock worth $13,811,000 after buying an additional 1,043 shares during the period. Telos Capital Management Inc. increased its holdings in ResMed by 0.7% in the 2nd quarter. Telos Capital Management Inc. now owns 30,721 shares of the medical equipment provider’s stock worth $7,926,000 after buying an additional 216 shares during the period. State of Michigan Retirement System increased its holdings in ResMed by 0.5% in the 2nd quarter. State of Michigan Retirement System now owns 41,511 shares of the medical equipment provider’s stock worth $10,710,000 after buying an additional 200 shares during the period. Versor Investments LP increased its holdings in ResMed by 23.2% in the 2nd quarter. Versor Investments LP now owns 2,220 shares of the medical equipment provider’s stock worth $573,000 after buying an additional 418 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. increased its holdings in ResMed by 6.1% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 33,477 shares of the medical equipment provider’s stock worth $8,637,000 after buying an additional 1,925 shares during the period. Institutional investors and hedge funds own 54.98% of the company’s stock.

ResMed Trading Down 2.2%

Shares of NYSE:RMD opened at $246.67 on Monday. ResMed Inc. has a 1 year low of $199.92 and a 1 year high of $293.81. The firm has a market capitalization of $36.00 billion, a price-to-earnings ratio of 25.94, a price-to-earnings-growth ratio of 1.75 and a beta of 0.83. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. The business’s 50 day moving average price is $271.78 and its 200-day moving average price is $261.43.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Thursday, October 30th. The medical equipment provider reported $2.55 earnings per share for the quarter, beating analysts’ consensus estimates of $2.49 by $0.06. The company had revenue of $1.34 billion for 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 firm’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same quarter last year, the firm posted $2.20 EPS. On average, equities research analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 18th. Shareholders of record on Thursday, November 13th will be issued a $0.60 dividend. The ex-dividend date is Thursday, November 13th. This represents a $2.40 dividend on an annualized basis and a yield of 1.0%. ResMed’s dividend payout ratio (DPR) is presently 24.56%.

Wall Street Analyst Weigh In

RMD has been the topic of several research reports. Mizuho cut their price target on shares of ResMed from $310.00 to $300.00 and set an “outperform” rating on the stock in a report on Friday. Morgan Stanley set a $305.00 price objective on shares of ResMed in a research note on Friday. William Blair raised shares of ResMed to a “strong-buy” rating in a research note on Friday, August 1st. KeyCorp raised their price objective on shares of ResMed from $298.00 to $299.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Piper Sandler raised their price objective on shares of ResMed from $248.00 to $270.00 and gave the stock a “neutral” rating in a research note on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $297.20.

Insider Buying and Selling at ResMed

In other news, Director John Hernandez sold 2,575 shares of ResMed stock in a transaction on Monday, August 18th. The stock was sold at an average price of $287.10, for a total transaction of $739,282.50. Following the transaction, the director owned 4,045 shares in the company, valued at $1,161,319.50. The trade was a 38.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Michael J. Rider sold 100 shares of ResMed stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $274.36, for a total value of $27,436.00. Following the transaction, the general counsel owned 11,327 shares in the company, valued at approximately $3,107,675.72. This represents a 0.88% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 18,693 shares of company stock worth $5,270,419. Corporate insiders own 0.65% of the company’s stock.

ResMed 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.