The Manufacturers Life Insurance Company Sells 3,806 Shares of ResMed Inc. $RMD

The Manufacturers Life Insurance Company lowered its position in ResMed Inc. (NYSE:RMD) by 4.9% during the second quarter, HoldingsChannel reports. The institutional investor owned 73,774 shares of the medical equipment provider’s stock after selling 3,806 shares during the period. The Manufacturers Life Insurance Company’s holdings in ResMed were worth $14,380,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp lifted its stake in ResMed by 52.6% in the first quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider’s stock valued at $645,000 after acquiring an additional 994 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of ResMed during the 2nd quarter worth $389,000. Brown Advisory Inc. raised its holdings in shares of ResMed by 17.8% during the 2nd quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider’s stock valued at $409,000 after purchasing an additional 240 shares in the last quarter. Cresset Asset Management LLC bought a new position in shares of ResMed during the 2nd quarter valued at $206,000. Finally, Alliancebernstein L.P. lifted its stake in shares of ResMed by 24.2% in the 2nd quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider’s stock valued at $73,808,000 after purchasing an additional 55,790 shares during the last quarter. Institutional investors own 54.98% of the company’s stock.

Insider Activity at ResMed

In related news, Director Peter C. Farrell sold 8,000 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the transaction, the director owned 52,773 shares of the company’s stock, valued at approximately $11,873,925. The trade was a 13.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $205.69, for a total transaction of $1,026,598.79. Following the transaction, the chief executive officer owned 466,256 shares of the company’s stock, valued at approximately $95,904,196.64. The trade was a 1.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 23,943 shares of company stock worth $5,255,268. Company insiders own 0.65% of the company’s stock.

ResMed Stock Down 0.6%

ResMed stock opened at $218.28 on Friday. The firm has a market cap of $31.49 billion, a price-to-earnings ratio of 20.93, a P/E/G ratio of 1.38 and a beta of 0.77. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 2.42. ResMed Inc. has a fifty-two week low of $180.26 and a fifty-two week high of $284.87. The firm has a fifty day moving average price of $217.39 and a two-hundred day moving average price of $217.00.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.89 by $0.06. ResMed had a return on equity of 25.58% and a net margin of 26.94%.The company had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same period last year, the business posted $2.55 earnings per share. The firm’s revenue was up 8.6% compared to the same quarter last year. As a group, analysts forecast that ResMed Inc. will post 12.02 earnings per share for the current year.

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th will be issued a $0.66 dividend. This is an increase from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $2.64 dividend on an annualized basis and a yield of 1.2%. ResMed’s payout ratio is 25.31%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on RMD. Wells Fargo & Company decreased their price objective on shares of ResMed from $225.00 to $215.00 and set an “equal weight” rating for the company in a report on Friday, August 7th. Jefferies Financial Group cut their target price on ResMed from $240.00 to $225.00 and set a “hold” rating on the stock in a report on Friday, July 10th. Robert W. Baird set a $213.00 price target on ResMed in a research report on Friday, August 7th. The Goldman Sachs Group reiterated a “buy” rating on shares of ResMed in a research note on Wednesday, July 1st. Finally, Weiss Ratings raised ResMed from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Six research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, ResMed presently has a consensus rating of “Hold” and a consensus price target of $240.31.

ResMed Company Profile

ResMed Inc is a medical equipment and software company that develops products and services for the diagnosis and treatment of sleep-disordered breathing and other respiratory conditions. Its offerings include continuous positive airway pressure (CPAP) and other positive airway pressure devices, masks, ventilation systems, oxygen-related solutions, and connected health technologies.

The company also provides cloud-based software and digital health platforms that help clinicians, home medical equipment providers, and patients monitor therapy, manage equipment, and support adherence to treatment.