IBM Retirement Fund Has $890,000 Stake in ResMed Inc. (RMD)
IBM Retirement Fund lowered its position in ResMed Inc. (NYSE:RMD) by 0.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,072 shares of the company’s stock after selling 121 shares during the period. IBM Retirement Fund’s holdings in ResMed were worth $890,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in RMD. Norges Bank purchased a new stake in shares of ResMed during the fourth quarter worth about $49,232,000. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of ResMed by 9.8% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 42,800 shares of the company’s stock worth $2,475,000 after buying an additional 3,827 shares during the period. Capstone Asset Management Co. increased its stake in shares of ResMed by 549.2% in the first quarter. Capstone Asset Management Co. now owns 83,433 shares of the company’s stock worth $4,824,000 after buying an additional 70,582 shares during the period. Acadian Asset Management LLC increased its stake in shares of ResMed by 831.6% in the first quarter. Acadian Asset Management LLC now owns 265,952 shares of the company’s stock worth $15,376,000 after buying an additional 237,405 shares during the period. Finally, Fisher Asset Management LLC increased its stake in shares of ResMed by 10.1% in the first quarter. Fisher Asset Management LLC now owns 20,950 shares of the company’s stock worth $1,252,000 after buying an additional 1,925 shares during the period. 61.11% of the stock is currently owned by hedge funds and other institutional investors.
ResMed Inc. (NYSE:RMD) traded down 0.77% during trading on Friday, hitting $64.46. 2,466,001 shares of the stock traded hands. The stock has a market cap of $9.07 billion, a P/E ratio of 25.89 and a beta of 0.71. ResMed Inc. has a 52-week low of $49.11 and a 52-week high of $70.90. The company’s 50 day moving average price is $68.27 and its 200-day moving average price is $61.72.
ResMed (NYSE:RMD) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.74 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.74. The company had revenue of $518.60 million for the quarter, compared to analysts’ expectations of $512.37 million. ResMed had a net margin of 18.63% and a return on equity of 23.89%. ResMed’s revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.68 EPS. Equities research analysts forecast that ResMed Inc. will post $2.88 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 22nd. Shareholders of record on Thursday, August 18th will be paid a $0.33 dividend. This is a boost from ResMed’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a yield of 2.05%. The ex-dividend date is Tuesday, August 16th. ResMed’s payout ratio is currently 54.32%.
A number of analysts recently issued reports on RMD shares. Needham & Company LLC downgraded shares of ResMed from a “hold” rating to an “underperform” rating in a report on Monday, June 27th. Zacks Investment Research downgraded shares of ResMed from a “hold” rating to a “sell” rating in a report on Friday, July 8th. Bank of America Corp. reissued a “hold” rating and set a $65.00 price target on shares of ResMed in a report on Sunday, July 10th. Canaccord Genuity reissued a “hold” rating and set a $57.00 price target on shares of ResMed in a report on Monday, July 25th. Finally, Jefferies Group increased their price target on shares of ResMed from $56.00 to $60.00 and gave the stock a “hold” rating in a report on Friday, July 29th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. ResMed has an average rating of “Hold” and a consensus target price of C$58.60.
In other ResMed news, CEO Michael J. Farrell sold 5,975 shares of the business’s stock in a transaction on Friday, July 15th. The shares were sold at an average price of C$65.03, for a total value of C$388,554.25. Following the transaction, the chief executive officer now directly owns 154,814 shares of the company’s stock, valued at approximately C$10,067,554.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider David Pendarvis sold 6,000 shares of the business’s stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of C$63.62, for a total transaction of C$381,720.00. Following the completion of the transaction, the insider now directly owns 80,512 shares in the company, valued at C$5,122,173.44. The disclosure for this sale can be found here. 2.54% of the stock is currently owned by company insiders.
ResMed Inc is engaged in the development, manufacturing, distribution and marketing of medical products for the diagnosis, treatment and management of respiratory disorders, with a focus on sleep-disordered breathing (SDB). The Company develops various products for SDB and other respiratory disorders, including airflow generators, diagnostic products, mask systems, headgear and other accessories.
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