Cibc World Market Inc. Lowers Stock Position in ResMed Inc. $RMD

Cibc World Market Inc. reduced its stake in shares of ResMed Inc. (NYSE:RMD) by 20.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,170 shares of the medical equipment provider’s stock after selling 8,768 shares during the period. Cibc World Market Inc.’s holdings in ResMed were worth $7,990,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Imprint Wealth LLC purchased a new position in shares of ResMed during the 3rd quarter valued at about $26,000. WFA of San Diego LLC purchased a new position in shares of ResMed during the 2nd quarter valued at about $26,000. International Assets Investment Management LLC purchased a new position in shares of ResMed during the 4th quarter valued at about $25,000. ORG Partners LLC lifted its position in shares of ResMed by 181.6% during the 4th quarter. ORG Partners LLC now owns 107 shares of the medical equipment provider’s stock valued at $26,000 after buying an additional 69 shares in the last quarter. Finally, Sunbelt Securities Inc. purchased a new position in shares of ResMed during the 3rd quarter valued at about $31,000. 54.98% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RMD has been the topic of a number of analyst reports. Weiss Ratings cut ResMed from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 22nd. JPMorgan Chase & Co. initiated coverage on ResMed in a research report on Wednesday, April 15th. They set an “overweight” rating on the stock. Wells Fargo & Company lowered their price objective on ResMed from $270.00 to $227.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Citigroup lowered their price objective on 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 ResMed in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $286.18.

ResMed Stock Performance

NYSE:RMD opened at $195.95 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.01 and a quick ratio of 2.33. ResMed Inc. has a 1 year low of $180.26 and a 1 year high of $293.81. The stock’s 50 day simple moving average is $213.11 and its two-hundred day simple moving average is $237.21. The company has a market cap of $28.42 billion, a price-to-earnings ratio of 18.90, a PEG ratio of 1.25 and a beta of 0.80.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.79 by $0.07. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the previous year, the company posted $2.37 EPS. The company’s revenue was up 10.8% compared to the same quarter last year. As a group, equities analysts anticipate that ResMed Inc. will post 11.13 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, June 18th. Shareholders of record on Thursday, May 14th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Thursday, May 14th. This represents a $2.40 dividend on an annualized basis and a yield of 1.2%. ResMed’s payout ratio is presently 23.14%.

Insider Buying and Selling

In other news, CEO Michael J. Farrell sold 4,991 shares of the business’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 transaction, the chief executive officer owned 466,223 shares of the company’s stock, valued at approximately $96,890,463.86. The trade was a 1.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 2,000 shares of the business’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. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 16,973 shares of company stock worth $3,865,591. Corporate insiders own 0.65% of the company’s stock.

ResMed Profile

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.