BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 3,662 Shares of ResMed Inc. (NYSE:RMD)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its stake in shares of ResMed Inc. (NYSE:RMD) by 13.0% during the third quarter, Holdings Channel.com reports. The firm owned 24,509 shares of the medical equipment provider’s stock after selling 3,662 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in ResMed were worth $5,983,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of RMD. OFI Invest Asset Management acquired a new position in ResMed during the 2nd quarter valued at about $32,000. Ashton Thomas Securities LLC acquired a new position in ResMed in the third quarter valued at approximately $34,000. Versant Capital Management Inc boosted its stake in ResMed by 196.7% in the second quarter. Versant Capital Management Inc now owns 181 shares of the medical equipment provider’s stock valued at $35,000 after acquiring an additional 120 shares during the last quarter. Financial Connections Group Inc. bought a new position in ResMed in the second quarter valued at approximately $37,000. Finally, Blue Trust Inc. grew its holdings in ResMed by 182.7% during the 2nd quarter. Blue Trust Inc. now owns 212 shares of the medical equipment provider’s stock worth $42,000 after acquiring an additional 137 shares during the period. 54.98% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RMD. KeyCorp raised their price target on ResMed from $251.00 to $266.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Bank of America boosted their target price on ResMed from $240.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. StockNews.com upgraded shares of ResMed from a “hold” rating to a “buy” rating in a research report on Tuesday, October 15th. Robert W. Baird boosted their price objective on shares of ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Finally, Wolfe Research reiterated an “underperform” rating and issued a $180.00 target price on shares of ResMed in a report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, ResMed presently has an average rating of “Moderate Buy” and an average price target of $225.70.

Insiders Place Their Bets

In other ResMed news, insider Kaushik Ghoshal sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $252.56, for a total value of $1,262,800.00. Following the completion of the transaction, the insider now directly owns 21,788 shares in the company, valued at $5,502,777.28. This trade represents a 18.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Justin Leong sold 6,160 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $243.09, for a total value of $1,497,434.40. Following the transaction, the insider now directly owns 21,718 shares in the company, valued at $5,279,428.62. This trade represents a 22.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 68,408 shares of company stock valued at $16,398,132 in the last quarter. 0.71% of the stock is currently owned by insiders.

ResMed Trading Down 1.7 %

Shares of NYSE:RMD opened at $244.83 on Tuesday. The firm has a market cap of $35.94 billion, a price-to-earnings ratio of 32.43, a PEG ratio of 1.81 and a beta of 0.68. ResMed Inc. has a 12 month low of $159.60 and a 12 month high of $260.49. The company’s fifty day simple moving average is $242.21 and its 200 day simple moving average is $225.87. The company has a quick ratio of 1.91, a current ratio of 2.92 and a debt-to-equity ratio of 0.13.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.17. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.19 billion. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the business posted $1.64 EPS. As a group, research analysts forecast that ResMed Inc. will post 9.28 EPS for the current fiscal year.

ResMed Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 7th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.87%. The ex-dividend date is Thursday, November 7th. ResMed’s payout ratio is 28.08%.

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.