Zurcher Kantonalbank Zurich Cantonalbank Reduces Stock Position in ResMed Inc. $RMD

Zurcher Kantonalbank Zurich Cantonalbank lowered its stake in shares of ResMed Inc. (NYSE:RMD) by 22.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 70,439 shares of the medical equipment provider’s stock after selling 20,164 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in ResMed were worth $16,967,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. SJS Investment Consulting Inc. lifted its position in shares of ResMed by 1,433.3% during the third quarter. SJS Investment Consulting Inc. now owns 92 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 86 shares in the last quarter. Imprint Wealth LLC purchased a new stake in shares of ResMed in the third quarter worth $26,000. WFA of San Diego LLC purchased a new stake in shares of ResMed in the second quarter worth $26,000. ORG Partners LLC raised its position in shares of ResMed by 181.6% in the fourth quarter. ORG Partners LLC now owns 107 shares of the medical equipment provider’s stock worth $26,000 after buying an additional 69 shares in the last quarter. Finally, Sunbelt Securities Inc. purchased a new stake in shares of ResMed in the third quarter worth $31,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Transactions at ResMed

In other news, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total transaction of $450,000.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $273.78, for a total value of $1,366,435.98. Following the transaction, the chief executive officer directly owned 466,223 shares in the company, valued at $127,642,532.94. This trade represents a 1.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 21,023 shares of company stock worth $5,230,857 over the last ninety days. Insiders own 0.65% of the company’s stock.

Analyst Upgrades and Downgrades

RMD has been the topic of a number of recent analyst reports. Evercore set a $255.00 price objective on ResMed and gave the stock an “outperform” rating in a research report on Monday, April 13th. Wall Street Zen cut ResMed from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. Stifel Nicolaus increased their target price on ResMed from $260.00 to $265.00 and gave the company a “hold” rating in a research note on Friday, January 30th. Wells Fargo & Company increased their target price on ResMed from $265.00 to $270.00 and gave the company an “equal weight” rating in a research note on Friday, January 30th. Finally, Robert W. Baird set a $281.00 target price on ResMed in a research note on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, ResMed has a consensus rating of “Moderate Buy” and a consensus price target of $295.17.

ResMed Stock Up 0.4%

RMD opened at $222.01 on Thursday. The stock has a market cap of $32.34 billion, a PE ratio of 21.96, a P/E/G ratio of 1.46 and a beta of 0.93. The company has a quick ratio of 2.32, a current ratio of 3.06 and a debt-to-equity ratio of 0.06. ResMed Inc. has a 52 week low of $210.34 and a 52 week high of $293.81. The business’s fifty day simple moving average is $237.70 and its 200 day simple moving average is $249.06.

ResMed (NYSE:RMD) last released its earnings results on Friday, January 30th. The medical equipment provider reported $2.81 EPS for the quarter, beating analysts’ consensus estimates of $2.68 by $0.13. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.40 billion. ResMed had a return on equity of 25.20% and a net margin of 27.53%.The firm’s revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.43 earnings per share. As a group, research analysts expect that ResMed Inc. will post 11.05 earnings per share for the current fiscal year.

ResMed Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Stockholders of record on Thursday, February 12th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Thursday, February 12th. ResMed’s dividend payout ratio (DPR) is 23.74%.

About ResMed

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.