Citigroup Inc. Acquires 15,048 Shares of ResMed Inc. (RMD)
Citigroup Inc. increased its holdings in ResMed Inc. (NYSE:RMD) by 405.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,757 shares of the medical equipment provider’s stock after purchasing an additional 15,048 shares during the quarter. Citigroup Inc.’s holdings in ResMed were worth $1,460,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Creative Planning lifted its stake in ResMed by 97.1% during the second quarter. Creative Planning now owns 1,671 shares of the medical equipment provider’s stock valued at $130,000 after purchasing an additional 823 shares during the last quarter. Van ECK Associates Corp boosted its holdings in ResMed by 7.5% during the first quarter. Van ECK Associates Corp now owns 1,945 shares of the medical equipment provider’s stock worth $140,000 after buying an additional 136 shares in the last quarter. Huntington National Bank bought a new stake in ResMed during the second quarter worth approximately $156,000. Pacer Advisors Inc. boosted its holdings in ResMed by 3.0% during the first quarter. Pacer Advisors Inc. now owns 2,699 shares of the medical equipment provider’s stock worth $194,000 after buying an additional 79 shares in the last quarter. Finally, Nomura Holdings Inc. acquired a new position in ResMed in the first quarter worth approximately $201,000. Institutional investors and hedge funds own 60.10% of the company’s stock.
Shares of ResMed Inc. (RMD) opened at 77.41 on Tuesday. The firm has a market capitalization of $11.01 billion, a P/E ratio of 32.25 and a beta of 0.77. ResMed Inc. has a 52 week low of $56.59 and a 52 week high of $81.87. The firm’s 50-day moving average is $76.68 and its 200 day moving average is $73.85.
ResMed (NYSE:RMD) last announced its quarterly earnings results on Tuesday, August 1st. The medical equipment provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.02. The company had revenue of $556.69 million during the quarter, compared to analysts’ expectations of $557.68 million. ResMed had a return on equity of 21.99% and a net margin of 16.56%. ResMed’s revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.74 EPS. Equities research analysts forecast that ResMed Inc. will post $3.05 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 21st. Investors of record on Thursday, August 17th were paid a dividend of $0.35 per share. This is a positive change from ResMed’s previous quarterly dividend of $0.33. The ex-dividend date was Tuesday, August 15th. This represents a $1.40 annualized dividend and a yield of 1.81%. ResMed’s dividend payout ratio (DPR) is presently 58.09%.
In other news, Director Peter C. Farrell sold 20,000 shares of ResMed stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $76.74, for a total transaction of $1,534,800.00. Following the transaction, the director now directly owns 314,800 shares of the company’s stock, valued at $24,157,752. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Brett Sandercock sold 1,250 shares of ResMed stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $77.49, for a total transaction of $96,862.50. Following the transaction, the chief financial officer now directly owns 59,258 shares in the company, valued at $4,591,902.42. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 106,758 shares of company stock valued at $8,065,873. Corporate insiders own 1.77% of the company’s stock.
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A number of brokerages have recently commented on RMD. Credit Suisse Group downgraded ResMed from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 8th. Zacks Investment Research lowered ResMed from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. Citigroup Inc. upgraded ResMed from a “neutral” rating to a “buy” rating in a report on Wednesday, August 2nd. BMO Capital Markets lifted their target price on ResMed from $61.00 to $70.00 and gave the stock a “market perform” rating in a report on Wednesday, August 2nd. Finally, Bank of America Corporation lowered ResMed from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 2nd. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $68.50.
ResMed Company Profile
ResMed Inc is a holding company. The Company is engaged in the development, manufacturing, distribution and marketing of medical devices and cloud-based software applications that diagnose, treat and manage respiratory disorders, including sleep disordered breathing (SDB), chronic obstructive pulmonary disease (COPD), neuromuscular disease and other diseases.
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