Comerica Bank Reduces Position in ResMed Inc. (RMD)
Comerica Bank reduced its position in shares of ResMed Inc. (NYSE:RMD) by 60.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 49,606 shares of the medical equipment provider’s stock after selling 75,948 shares during the period. Comerica Bank’s holdings in ResMed were worth $4,117,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the stock. YorkBridge Wealth Partners LLC grew its stake in ResMed by 4.9% during the 2nd quarter. YorkBridge Wealth Partners LLC now owns 1,476 shares of the medical equipment provider’s stock worth $115,000 after buying an additional 69 shares during the last quarter. Creative Planning grew its stake in ResMed by 97.1% during the 2nd quarter. Creative Planning now owns 1,671 shares of the medical equipment provider’s stock worth $130,000 after buying an additional 823 shares during the last quarter. Toronto Dominion Bank grew its stake in ResMed by 12.8% during the 2nd quarter. Toronto Dominion Bank now owns 1,740 shares of the medical equipment provider’s stock worth $135,000 after buying an additional 197 shares during the last quarter. Huntington National Bank bought a new position in ResMed during the 2nd quarter worth $156,000. Finally, BB&T Investment Services Inc. bought a new position in ResMed during the 2nd quarter worth $214,000. 60.38% of the stock is currently owned by institutional investors and hedge funds.
In other news, CFO Brett Sandercock sold 1,250 shares of the stock in a transaction on Friday, September 1st. The stock was sold at an average price of $77.56, for a total value of $96,950.00. Following the completion of the transaction, the chief financial officer now owns 65,941 shares of the company’s stock, valued at $5,114,383.96. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider James Hollingshead sold 7,019 shares of the stock in a transaction on Monday, November 20th. The stock was sold at an average price of $84.16, for a total value of $590,719.04. Following the completion of the transaction, the insider now directly owns 66,409 shares of the company’s stock, valued at approximately $5,588,981.44. The disclosure for this sale can be found here. In the last three months, insiders sold 208,253 shares of company stock valued at $16,930,356. Company insiders own 1.77% of the company’s stock.
A number of research analysts recently commented on RMD shares. Zacks Investment Research downgraded ResMed from a “buy” rating to a “sell” rating in a research note on Tuesday, October 24th. Needham & Company LLC restated a “sell” rating on shares of ResMed in a research note on Friday, October 27th. BMO Capital Markets upped their price objective on ResMed from $70.00 to $74.00 and gave the stock a “market perform” rating in a research note on Friday, October 27th. J P Morgan Chase & Co upped their price objective on ResMed from $72.00 to $73.00 and gave the stock an “overweight” rating in a research note on Monday, October 30th. Finally, Barclays PLC upped their price objective on ResMed from $68.00 to $70.00 and gave the stock an “underweight” rating in a research note on Friday, October 27th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $67.57.
Shares of ResMed Inc. (NYSE RMD) traded down $0.16 on Friday, reaching $85.11. The company had a trading volume of 153,592 shares, compared to its average volume of 771,388. The company has a market cap of $12,100.15, a P/E ratio of 29.71, a P/E/G ratio of 1.89 and a beta of 0.79. The company has a debt-to-equity ratio of 0.50, a quick ratio of 3.86 and a current ratio of 4.72. ResMed Inc. has a 52-week low of $58.53 and a 52-week high of $87.81.
ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported $0.66 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.66. ResMed had a return on equity of 21.53% and a net margin of 16.58%. The company had revenue of $523.66 million during the quarter, compared to analysts’ expectations of $506.08 million. During the same quarter in the prior year, the business posted $0.62 earnings per share. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. equities analysts predict that ResMed Inc. will post 3 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Stockholders of record on Thursday, November 9th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Wednesday, November 8th. This represents a $1.40 annualized dividend and a dividend yield of 1.64%. ResMed’s payout ratio is 56.68%.
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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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