OLD National Bancorp IN Lowers Position in ResMed Inc. $RMD

OLD National Bancorp IN reduced its stake in ResMed Inc. (NYSE:RMD) by 47.9% in the first quarter, HoldingsChannel reports. The institutional investor owned 20,418 shares of the medical equipment provider’s stock after selling 18,772 shares during the quarter. OLD National Bancorp IN’s holdings in ResMed were worth $4,583,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. First Trust Advisors LP grew its stake in shares of ResMed by 240.9% in the 4th quarter. First Trust Advisors LP now owns 1,517,592 shares of the medical equipment provider’s stock worth $365,542,000 after acquiring an additional 1,072,394 shares in the last quarter. Norges Bank bought a new position in shares of ResMed during the fourth quarter valued at about $249,068,000. Deutsche Bank AG lifted its position in shares of ResMed by 126.0% during the fourth quarter. Deutsche Bank AG now owns 1,413,477 shares of the medical equipment provider’s stock valued at $340,464,000 after purchasing an additional 787,949 shares in the last quarter. Morgan Stanley boosted its holdings in ResMed by 25.0% during the fourth quarter. Morgan Stanley now owns 2,891,697 shares of the medical equipment provider’s stock worth $696,523,000 after purchasing an additional 578,559 shares during the last quarter. Finally, Swedbank AB boosted its holdings in ResMed by 103.1% during the fourth quarter. Swedbank AB now owns 1,102,476 shares of the medical equipment provider’s stock worth $265,553,000 after purchasing an additional 559,765 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael J. Farrell sold 4,991 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $193.96, for a total transaction of $968,054.36. Following the completion of the sale, the chief executive officer directly owned 466,256 shares in the company, valued at approximately $90,435,013.76. This trade represents a 1.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 16,973 shares of company stock worth $3,580,754. Insiders own 0.65% of the company’s stock.

Analysts Set New Price Targets

RMD has been the subject of several analyst reports. Weiss Ratings lowered shares of ResMed from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 22nd. JPMorgan Chase & Co. started coverage on ResMed in a research note on Wednesday, April 15th. They issued an “overweight” rating on the stock. KeyCorp reduced their target price on ResMed from $290.00 to $266.00 and set an “overweight” rating for the company in a report on Monday. Morgan Stanley reaffirmed an “equal weight” rating and set a $230.00 price target (down from $286.00) on shares of ResMed in a research report on Wednesday, June 17th. Finally, Royal Bank Of Canada lifted their price target on ResMed from $314.00 to $321.00 and gave the stock an “outperform” rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, ResMed presently has a consensus rating of “Moderate Buy” and an average price target of $270.82.

ResMed Stock Performance

Shares of RMD opened at $200.49 on Friday. The firm has a market cap of $29.08 billion, a PE ratio of 19.33, a PEG ratio of 1.27 and a beta of 0.80. The stock’s fifty day moving average price is $203.31 and its two-hundred day moving average price is $231.18. 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.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share for the quarter, topping the consensus estimate of $2.79 by $0.07. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.37 EPS. On average, equities research analysts forecast that ResMed Inc. will post 11.13 EPS for the current year.

ResMed Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, May 14th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $2.40 annualized dividend and a yield of 1.2%. ResMed’s dividend payout ratio is 23.14%.

ResMed Company 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.