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

by · The Cerbat Gem

Bank of New York Mellon Corp lifted its position in shares of ResMed Inc. (NYSE:RMD – Free Report) by 7.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 4,890,654 shares of the medical equipment provider’s stock after purchasing an additional 337,738 shares during the period. Bank of New York Mellon Corp’s holdings in ResMed were worth $1,178,012,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in ResMed by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 19,040,440 shares of the medical equipment provider’s stock worth $5,211,940,000 after purchasing an additional 293,515 shares during the period. Geode Capital Management LLC boosted its position in ResMed by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 4,302,906 shares of the medical equipment provider’s stock valued at $1,032,877,000 after buying an additional 51,218 shares during the last quarter. Swedbank AB boosted its position in ResMed by 103.1% in the 4th quarter. Swedbank AB now owns 1,102,476 shares of the medical equipment provider’s stock valued at $265,553,000 after buying an additional 559,765 shares during the last quarter. Nordea Investment Management AB boosted its position in ResMed by 37.2% in the 4th quarter. Nordea Investment Management AB now owns 1,084,996 shares of the medical equipment provider’s stock valued at $262,027,000 after buying an additional 294,124 shares during the last quarter. Finally, Norges Bank purchased a new position in ResMed in the 4th quarter valued at about $249,068,000. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Wells Fargo & Company decreased their price objective on shares of ResMed from $270.00 to $227.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st. Weiss Ratings cut shares of ResMed from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 22nd. KeyCorp reduced their price target on shares of ResMed from $302.00 to $290.00 and set an “overweight” rating on the stock in a research report on Monday, April 27th. Citigroup reduced their price target on shares of ResMed from $345.00 to $340.00 and set a “buy” rating on the stock in a research report on Thursday, April 9th. Finally, Robert W. Baird set a $225.00 price objective on shares of ResMed in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, ResMed presently has a consensus rating of “Moderate Buy” and an average price target of $286.18.

View Our Latest Analysis on RMD

Insider Buying and Selling

In related news, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $225.00, for a total value of $450,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $207.82, for a total transaction of $1,037,229.62. Following the completion of the transaction, the chief executive officer directly owned 466,223 shares of the company’s stock, valued at $96,890,463.86. This represents a 1.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 16,973 shares of company stock valued at $3,865,591 over the last 90 days. 0.65% of the stock is currently owned by insiders.

ResMed Price Performance

Shares of NYSE:RMD opened at $183.01 on Wednesday. The firm’s 50 day moving average is $216.11 and its two-hundred day moving average is $238.80. ResMed Inc. has a 52 week low of $180.26 and a 52 week high of $293.81. The firm has a market capitalization of $26.55 billion, a P/E ratio of 17.65, a PEG ratio of 1.19 and a beta of 0.80. The company has a current ratio of 3.01, a quick ratio of 2.33 and a debt-to-equity ratio of 0.06.

ResMed (NYSE:RMD – Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, beating analysts’ consensus estimates of $2.79 by $0.07. ResMed had a net margin of 27.44% and a return on equity of 25.35%. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter last year, the business earned $2.37 earnings per share. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. Analysts anticipate that ResMed Inc. will post 11.13 earnings per share for the current year.

ResMed Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Thursday, May 14th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Thursday, May 14th. ResMed’s dividend payout ratio (DPR) is presently 23.14%.

ResMed Company Profile

(Free Report)

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.

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