Royal Bank of Canada Reduces Stock Holdings in ResMed Inc. $RMD

Royal Bank of Canada cut its stake in shares of ResMed Inc. (NYSE:RMD) by 4.7% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 272,526 shares of the medical equipment provider’s stock after selling 13,375 shares during the period. Royal Bank of Canada owned approximately 0.19% of ResMed worth $61,177,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. International Assets Investment Management LLC purchased a new stake in shares of ResMed during the fourth quarter valued at approximately $25,000. Imprint Wealth LLC acquired a new position in shares of ResMed during the third quarter worth $26,000. WFA of San Diego LLC purchased a new position in shares of ResMed in the second quarter valued at $26,000. Sunbelt Securities Inc. purchased a new position in shares of ResMed in the third quarter valued at $31,000. Finally, Reflection Asset Management acquired a new stake in ResMed during the 4th quarter valued at $34,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Buying and Selling

In other news, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $218.55, for a total value of $1,090,783.05. Following the completion of the transaction, the chief executive officer directly owned 466,223 shares of the company’s stock, valued at approximately $101,893,036.65. The trade was a 1.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 14,973 shares of company stock valued at $3,096,067 over the last three months. Insiders own 0.65% of the company’s stock.

ResMed Stock Up 1.4%

NYSE:RMD opened at $211.39 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.33 and a current ratio of 3.01. The company has a market capitalization of $30.66 billion, a price-to-earnings ratio of 20.38, a price-to-earnings-growth ratio of 1.28 and a beta of 0.78. ResMed Inc. has a one year low of $180.26 and a one year high of $293.81. The stock has a 50-day simple moving average of $198.86 and a 200 day simple moving average of $223.58.

ResMed (NYSE:RMD) last released its earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 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 company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter last year, the business posted $2.37 EPS. ResMed’s quarterly revenue was up 10.8% compared to the same quarter last year. Sell-side analysts predict that ResMed Inc. will post 11.14 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RMD. UBS Group reaffirmed a “buy” rating and set a $300.00 target price on shares of ResMed in a research report on Tuesday, July 21st. JPMorgan Chase & Co. assumed coverage on ResMed in a report on Wednesday, April 15th. They issued an “overweight” rating for the company. KeyCorp lowered their price objective on ResMed from $290.00 to $266.00 and set an “overweight” rating for the company in a research note on Monday, June 22nd. Jefferies Financial Group dropped their price objective on ResMed from $240.00 to $225.00 and set a “hold” rating on the stock in a report on Friday, July 10th. Finally, Weiss Ratings lowered ResMed from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, July 24th. Seven research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $246.25.

About ResMed

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.