Verition Fund Management LLC Takes Position in ResMed Inc. (RMD)
Verition Fund Management LLC acquired a new position in shares of ResMed Inc. (NYSE:RMD) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 8,969 shares of the medical equipment provider’s stock, valued at approximately $929,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Meeder Asset Management Inc. purchased a new stake in shares of ResMed during the 2nd quarter worth approximately $131,000. Qube Research & Technologies Ltd purchased a new stake in shares of ResMed during the 2nd quarter worth approximately $148,000. Piedmont Investment Advisors LLC bought a new position in shares of ResMed during the 2nd quarter valued at approximately $167,000. Frontier Investment Mgmt Co. bought a new position in shares of ResMed during the 2nd quarter valued at approximately $207,000. Finally, Zeke Capital Advisors LLC bought a new position in shares of ResMed during the 2nd quarter valued at approximately $207,000. 63.76% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have recently weighed in on RMD shares. Zacks Investment Research downgraded ResMed from a “hold” rating to a “sell” rating in a research report on Tuesday, July 24th. Goldman Sachs Group started coverage on ResMed in a research report on Sunday, July 1st. They set a “buy” rating on the stock. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. ResMed has a consensus rating of “Hold” and a consensus price target of $77.33.
ResMed (NYSE:RMD) last released its earnings results on Thursday, August 2nd. The medical equipment provider reported $0.95 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.95. The firm had revenue of $623.63 million for the quarter, compared to the consensus estimate of $622.78 million. ResMed had a return on equity of 24.74% and a net margin of 13.49%. The company’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.77 EPS. equities analysts expect that ResMed Inc. will post 3.71 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 20th. Stockholders of record on Thursday, August 16th were given a dividend of $0.37 per share. The ex-dividend date was Wednesday, August 15th. This represents a $1.48 annualized dividend and a dividend yield of 1.30%. This is an increase from ResMed’s previous quarterly dividend of $0.35. ResMed’s payout ratio is currently 41.93%.
In other ResMed news, insider James Hollingshead sold 600 shares of the company’s stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $105.93, for a total value of $63,558.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Brett Sandercock sold 2,000 shares of the company’s stock in a transaction on Monday, September 17th. The shares were sold at an average price of $114.30, for a total value of $228,600.00. Following the completion of the transaction, the chief financial officer now directly owns 73,232 shares in the company, valued at approximately $8,370,417.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,610 shares of company stock worth $1,152,134. Corporate insiders own 1.77% of the company’s stock.
ResMed Company Profile
ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications that diagnose, treat, and manage respiratory disorders comprising sleep disordered breathing, chronic obstructive pulmonary disease, neuromuscular disease, and other chronic diseases. It offers various products and solutions for a range of respiratory disorders, including technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, portable oxygen concentrators, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.
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