Cibc World Market Inc. Acquires Shares of 30,963 ResMed Inc. $RMD

Cibc World Market Inc. bought a new position in shares of ResMed Inc. (NYSE:RMD) in the second quarter, HoldingsChannel reports. The firm bought 30,963 shares of the medical equipment provider’s stock, valued at approximately $6,034,000.

Other hedge funds also recently bought and sold shares of the company. Hsbc Holdings PLC lifted its stake in shares of ResMed by 17.6% in the 4th quarter. Hsbc Holdings PLC now owns 328,785 shares of the medical equipment provider’s stock valued at $79,321,000 after purchasing an additional 49,253 shares during the period. Goldman Sachs Group Inc. grew its stake in ResMed by 13.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 979,087 shares of the medical equipment provider’s stock worth $235,833,000 after purchasing an additional 118,296 shares during the period. BlackRock Inc. bought a new position in ResMed in the second quarter worth $2,400,375,000. Fideuram Asset Management Ireland dac purchased a new position in ResMed during the fourth quarter valued at $4,712,000. Finally, Legal & General Group Plc boosted its holdings in shares of ResMed by 3.6% during the 4th quarter. Legal & General Group Plc now owns 992,527 shares of the medical equipment provider’s stock valued at $239,070,000 after buying an additional 34,317 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Buying and Selling at ResMed

In other ResMed news, Director Peter C. Farrell sold 8,000 shares of ResMed stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total value of $1,800,000.00. Following the completion of the sale, the director owned 52,773 shares of the company’s stock, valued at approximately $11,873,925. This trade represents a 13.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction on Friday, August 7th. The stock was sold at an average price of $205.69, for a total value of $1,026,598.79. Following the completion of the sale, the chief executive officer directly owned 466,256 shares of the company’s stock, valued at approximately $95,904,196.64. The trade was a 1.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 22,973 shares of company stock worth $4,885,436. Company insiders own 0.65% of the company’s stock.

ResMed Stock Performance

Shares of ResMed stock opened at $236.36 on Wednesday. ResMed Inc. has a 1 year low of $180.26 and a 1 year high of $286.91. The firm’s 50-day moving average is $208.86 and its 200 day moving average is $219.51. The stock has a market cap of $34.09 billion, a price-to-earnings ratio of 22.66, a PEG ratio of 1.46 and a beta of 0.76. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 2.42.

ResMed (NYSE:RMD) last issued its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.89 by $0.06. The business had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.46 billion. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.55 earnings per share. Sell-side analysts anticipate that ResMed Inc. will post 12.03 EPS for the current fiscal year.

ResMed Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, August 20th will be given a $0.66 dividend. This is a boost from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $2.64 annualized dividend and a yield of 1.1%. ResMed’s payout ratio is currently 25.31%.

Analysts Set New Price Targets

RMD has been the subject of several research reports. Jefferies Financial Group decreased their price target on shares of ResMed from $240.00 to $225.00 and set a “hold” rating for the company in a research note on Friday, July 10th. Weiss Ratings raised shares of ResMed from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Wells Fargo & Company decreased their target price on shares of ResMed from $225.00 to $215.00 and set an “equal weight” rating for the company in a research note on Friday, August 7th. Piper Sandler lowered their target price on shares of ResMed from $233.00 to $225.00 and set a “neutral” rating for the company in a report on Friday, August 7th. Finally, Rothschild & Co Redburn started coverage on ResMed in a research report on Wednesday, August 19th. They issued a “neutral” rating and a $230.00 price target on the stock. Seven research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, ResMed currently has an average rating of “Hold” and a consensus target price of $239.38.

ResMed 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.