American Research & Management Co. increased its holdings in shares of ResMed Inc. (NYSE:RMD) by 8.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,515 shares of the medical equipment provider’s stock after purchasing an additional 1,100 shares during the period. American Research & Management Co.’s holdings in ResMed were worth $1,509,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RMD. Oregon Public Employees Retirement Fund lifted its stake in ResMed by 15,868.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 5,275,028 shares of the medical equipment provider’s stock worth $46,000 after purchasing an additional 5,241,994 shares during the last quarter. WCM Investment Management LLC bought a new position in shares of ResMed during the 4th quarter valued at $492,415,000. Norges Bank bought a new position in shares of ResMed during the 4th quarter valued at $140,077,000. BlackRock Inc. lifted its holdings in shares of ResMed by 5.2% during the 4th quarter. BlackRock Inc. now owns 11,764,243 shares of the medical equipment provider’s stock valued at $1,339,597,000 after buying an additional 583,831 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in shares of ResMed by 151.5% during the 3rd quarter. AQR Capital Management LLC now owns 889,450 shares of the medical equipment provider’s stock valued at $102,590,000 after buying an additional 535,803 shares during the period. 68.12% of the stock is owned by institutional investors and hedge funds.
In other ResMed news, insider David Pendarvis sold 4,457 shares of the stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $105.21, for a total value of $468,920.97. Following the completion of the sale, the insider now owns 122,459 shares in the company, valued at approximately $12,883,911.39. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Brett Sandercock sold 3,000 shares of the stock in a transaction on Wednesday, January 30th. The stock was sold at an average price of $92.30, for a total value of $276,900.00. Following the completion of the sale, the chief financial officer now owns 91,390 shares of the company’s stock, valued at approximately $8,435,297. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 72,474 shares of company stock worth $7,285,523. 1.24% of the stock is owned by insiders.
ResMed (NYSE:RMD) last announced its earnings results on Thursday, January 24th. The medical equipment provider reported $1.00 EPS for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.05. ResMed had a return on equity of 26.53% and a net margin of 18.34%. The company had revenue of $651.10 million for the quarter, compared to analysts’ expectations of $676.77 million. During the same period last year, the firm earned $1.00 EPS. ResMed’s revenue for the quarter was up 8.3% compared to the same quarter last year. Analysts predict that ResMed Inc. will post 3.55 EPS for the current year.
Several equities analysts have recently weighed in on the company. Zacks Investment Research cut ResMed from a “hold” rating to a “sell” rating in a report on Friday, March 29th. ValuEngine cut ResMed from a “buy” rating to a “hold” rating in a report on Thursday, April 4th. Goldman Sachs Group cut ResMed from a “buy” rating to a “neutral” rating in a report on Friday, January 25th. Deutsche Bank raised ResMed from a “hold” rating to a “buy” rating in a report on Wednesday, March 20th. Finally, BMO Capital Markets decreased their target price on ResMed to $120.00 and set a “positive” rating on the stock in a report on Monday, January 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $111.87.
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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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