The Manufacturers Life Insurance Company Reduces Stake in ResMed Inc. $RMD

The Manufacturers Life Insurance Company cut its holdings in shares of ResMed Inc. (NYSE:RMD) by 9.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 77,580 shares of the medical equipment provider’s stock after selling 8,488 shares during the period. The Manufacturers Life Insurance Company’s holdings in ResMed were worth $17,412,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Jones Financial Companies Lllp increased its position in ResMed by 52.6% during the 1st quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider’s stock valued at $645,000 after purchasing an additional 994 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in ResMed in the 2nd quarter worth $389,000. Brown Advisory Inc. lifted its position in shares of ResMed by 17.8% in the 2nd quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider’s stock worth $409,000 after purchasing an additional 240 shares during the period. Cresset Asset Management LLC purchased a new stake in shares of ResMed in the 2nd quarter worth about $206,000. Finally, Alliancebernstein L.P. boosted its stake in shares of ResMed by 24.2% during 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 in the last quarter. Institutional investors own 54.98% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $218.55, for a total transaction of $1,090,783.05. Following the completion of the transaction, the chief executive officer owned 466,223 shares of the company’s stock, valued at $101,893,036.65. This trade represents a 1.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 14,973 shares of company stock worth $3,096,067. 0.65% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on RMD shares. Citigroup reiterated a “neutral” rating and set a $235.00 price target (down from $270.00) on shares of ResMed in a research report on Sunday, July 12th. Morgan Stanley restated an “equal weight” rating and issued a $230.00 price objective (down from $286.00) on shares of ResMed in a report on Wednesday, June 17th. Robert W. Baird set a $225.00 price objective on ResMed in a research report on Friday, May 1st. JPMorgan Chase & Co. assumed coverage on ResMed in a report on Wednesday, April 15th. They set an “overweight” rating on the stock. Finally, UBS Group reissued a “buy” rating and issued a $300.00 target price on shares of ResMed in a research report on Tuesday, July 21st. Seven research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, ResMed presently has a consensus rating of “Hold” and a consensus target price of $246.25.

ResMed Trading Up 1.4%

Shares of NYSE RMD opened at $211.39 on Friday. ResMed Inc. has a 1 year low of $180.26 and a 1 year high of $293.81. The stock has a market cap of $30.66 billion, a P/E ratio of 20.38, a price-to-earnings-growth ratio of 1.28 and a beta of 0.78. The firm has a 50-day moving average of $198.86 and a 200 day moving average of $223.58. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.01 and a quick ratio of 2.33.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, topping analysts’ consensus estimates of $2.79 by $0.07. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the previous year, the firm posted $2.37 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, sell-side analysts expect that ResMed Inc. will post 11.14 EPS for the current fiscal year.

ResMed Company Profile

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.