Bahl & Gaynor Inc. Trims Holdings in ResMed Inc. (NYSE:RMD)

Bahl & Gaynor Inc. reduced its holdings in shares of ResMed Inc. (NYSE:RMD) by 0.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 41,853 shares of the medical equipment provider’s stock after selling 171 shares during the period. Bahl & Gaynor Inc.’s holdings in ResMed were worth $8,012,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of RMD. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in ResMed by 24.9% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 177,083 shares of the medical equipment provider’s stock valued at $35,068,000 after acquiring an additional 35,273 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of ResMed by 8.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 536,459 shares of the medical equipment provider’s stock worth $92,285,000 after purchasing an additional 40,605 shares during the period. Mediolanum International Funds Ltd purchased a new position in ResMed in the 1st quarter valued at $2,246,000. Janney Montgomery Scott LLC increased its stake in ResMed by 5.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 81,313 shares of the medical equipment provider’s stock valued at $16,102,000 after buying an additional 4,075 shares during the period. Finally, Los Angeles Capital Management LLC raised its position in ResMed by 3,599.0% during the 1st quarter. Los Angeles Capital Management LLC now owns 499,031 shares of the medical equipment provider’s stock worth $98,823,000 after buying an additional 485,540 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on RMD shares. StockNews.com downgraded shares of ResMed from a “buy” rating to a “hold” rating in a report on Friday, August 30th. Oppenheimer downgraded ResMed from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 25th. Citigroup cut ResMed from a “buy” rating to a “neutral” rating in a report on Monday, June 24th. Needham & Company LLC lowered ResMed from a “buy” rating to a “hold” rating and set a $236.00 price objective on the stock. in a report on Wednesday, September 4th. Finally, KeyCorp raised their target price on ResMed from $238.00 to $251.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, ResMed has an average rating of “Hold” and a consensus price target of $204.70.

ResMed Price Performance

ResMed stock opened at $252.92 on Thursday. The firm has a market capitalization of $37.16 billion, a PE ratio of 38.85, a P/E/G ratio of 2.44 and a beta of 0.69. ResMed Inc. has a 52 week low of $132.24 and a 52 week high of $255.18. The firm’s 50-day simple moving average is $219.64 and its 200 day simple moving average is $206.06. The company has a quick ratio of 1.69, a current ratio of 2.59 and a debt-to-equity ratio of 0.14.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.05. ResMed had a net margin of 21.79% and a return on equity of 25.00%. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the prior year, the firm earned $1.60 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities research analysts predict that ResMed Inc. will post 8.91 EPS for the current fiscal year.

ResMed Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Thursday, August 15th will be given a dividend of $0.53 per share. This is an increase from ResMed’s previous quarterly dividend of $0.48. The ex-dividend date is Thursday, August 15th. This represents a $2.12 annualized dividend and a yield of 0.84%. ResMed’s dividend payout ratio (DPR) is presently 32.57%.

Insider Activity

In related news, General Counsel Michael J. Rider sold 882 shares of ResMed stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $231.00, for a total transaction of $203,742.00. Following the completion of the sale, the general counsel now owns 10,512 shares in the company, valued at approximately $2,428,272. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO Brett Sandercock sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $194.35, for a total transaction of $194,350.00. Following the sale, the chief financial officer now owns 90,056 shares in the company, valued at $17,502,383.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Michael J. Rider sold 882 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $231.00, for a total value of $203,742.00. Following the completion of the transaction, the general counsel now owns 10,512 shares of the company’s stock, valued at $2,428,272. The disclosure for this sale can be found here. Insiders have sold 97,931 shares of company stock worth $21,382,007 over the last three months. 1.21% of the stock is currently owned by corporate insiders.

About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 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, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.