Bank of Montreal Can Cuts Stake in ResMed Inc. (NYSE:RMD)

Bank of Montreal Can reduced its stake in shares of ResMed Inc. (NYSE:RMD) by 4.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 241,293 shares of the medical equipment provider’s stock after selling 10,197 shares during the quarter. Bank of Montreal Can owned about 0.16% of ResMed worth $57,669,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in RMD. Bank of New York Mellon Corp boosted its position in shares of ResMed by 51.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,772,761 shares of the medical equipment provider’s stock valued at $1,105,022,000 after acquiring an additional 1,959,642 shares during the last quarter. Marshall Wace LLP bought a new position in shares of ResMed during the 2nd quarter valued at approximately $77,285,000. Greenvale Capital LLP boosted its position in shares of ResMed by 61.1% during the 2nd quarter. Greenvale Capital LLP now owns 725,000 shares of the medical equipment provider’s stock valued at $138,780,000 after acquiring an additional 275,000 shares during the last quarter. Los Angeles Capital Management LLC boosted its position in shares of ResMed by 48.3% during the 2nd quarter. Los Angeles Capital Management LLC now owns 740,226 shares of the medical equipment provider’s stock valued at $141,694,000 after acquiring an additional 241,195 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of ResMed during the 2nd quarter valued at approximately $42,036,000. 54.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RMD has been the subject of a number of research reports. Needham & Company LLC reiterated a “hold” rating on shares of ResMed in a research report on Friday, October 25th. Bank of America raised their price target on ResMed from $240.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Baird R W upgraded ResMed to a “strong-buy” rating in a research report on Tuesday, September 24th. Wolfe Research restated an “underperform” rating and issued a $180.00 price target on shares of ResMed in a research report on Wednesday, September 18th. Finally, KeyCorp raised their price target on ResMed from $251.00 to $266.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. One analyst has rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $225.70.

ResMed Trading Down 0.3 %

ResMed stock opened at $249.33 on Thursday. The company has a current ratio of 2.92, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. ResMed Inc. has a 12 month low of $151.95 and a 12 month high of $260.49. The stock’s 50 day simple moving average is $242.03 and its two-hundred day simple moving average is $225.21. The firm has a market cap of $36.60 billion, a PE ratio of 33.02, a P/E/G ratio of 1.82 and a beta of 0.69.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, October 24th. The medical equipment provider reported $2.20 EPS for the quarter, topping the consensus estimate of $2.03 by $0.17. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.19 billion. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.64 EPS. Analysts anticipate that ResMed Inc. will post 9.28 earnings per share for the current year.

ResMed Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 7th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date is Thursday, November 7th. ResMed’s dividend payout ratio (DPR) is presently 28.08%.

Insiders Place Their Bets

In other news, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $239.90, for a total transaction of $479,800.00. Following the completion of the transaction, the director now directly owns 87,204 shares in the company, valued at approximately $20,920,239.60. This represents a 2.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Witte Jan De sold 796 shares of the stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $248.81, for a total value of $198,052.76. Following the transaction, the director now owns 6,723 shares of the company’s stock, valued at approximately $1,672,749.63. This represents a 10.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,334 shares of company stock valued at $16,379,713 in the last three months. 0.71% of the stock is currently owned by insiders.

ResMed Company Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company operates in two segments, Sleep and Respiratory Care, and Software as a Service. It offers various products and solutions for a range of respiratory disorders, including ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.