Fifth Third Wealth Advisors LLC Lowers Stake in ResMed Inc. $RMD

Fifth Third Wealth Advisors LLC reduced its stake in shares of ResMed Inc. (NYSE:RMD) by 5.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,332 shares of the medical equipment provider’s stock after selling 83 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in ResMed were worth $344,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in RMD. OVERSEA CHINESE BANKING Corp Ltd lifted its stake in ResMed by 1,168.5% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 590,895 shares of the medical equipment provider’s stock worth $132,272,000 after acquiring an additional 544,311 shares during the period. Allianz Asset Management GmbH lifted its stake in ResMed by 334.0% in the first quarter. Allianz Asset Management GmbH now owns 455,124 shares of the medical equipment provider’s stock worth $101,880,000 after acquiring an additional 350,245 shares during the period. Swedbank AB lifted its stake in ResMed by 445.1% in the first quarter. Swedbank AB now owns 397,319 shares of the medical equipment provider’s stock worth $88,940,000 after acquiring an additional 324,428 shares during the period. Vanguard Group Inc. lifted its stake in ResMed by 1.8% in the first quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider’s stock worth $4,139,815,000 after acquiring an additional 320,240 shares during the period. Finally, Nuveen LLC purchased a new stake in ResMed in the first quarter worth about $69,492,000. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Stock Performance

RMD opened at $273.10 on Tuesday. ResMed Inc. has a 52-week low of $199.92 and a 52-week high of $293.81. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11. The company has a market cap of $39.86 billion, a P/E ratio of 28.72, a price-to-earnings-growth ratio of 1.83 and a beta of 0.83. The firm’s 50-day moving average price is $278.15 and its 200-day moving average price is $256.30.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.08. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the prior year, the company earned $2.08 EPS. ResMed’s quarterly revenue was up 10.2% on a year-over-year basis. As a group, equities analysts anticipate that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Thursday, August 14th. This is a positive change from ResMed’s previous quarterly dividend of $0.53. ResMed’s dividend payout ratio is 25.24%.

Analyst Ratings Changes

A number of analysts recently weighed in on RMD shares. KeyCorp upped their price objective on shares of ResMed from $274.00 to $298.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. CLSA raised shares of ResMed from a “hold” rating to an “outperform” rating in a research report on Tuesday, September 2nd. Mizuho increased their price target on shares of ResMed from $270.00 to $290.00 and gave the company an “outperform” rating in a research report on Friday, August 1st. Wells Fargo & Company began coverage on shares of ResMed in a research report on Monday. They set an “equal weight” rating and a $280.00 price target for the company. Finally, William Blair raised shares of ResMed to a “strong-buy” rating in a research report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $292.91.

Insider Transactions at ResMed

In other ResMed news, Director John Hernandez sold 2,575 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $287.10, for a total transaction of $739,282.50. Following the transaction, the director directly owned 4,045 shares of the company’s stock, valued at $1,161,319.50. This trade represents a 38.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction on Tuesday, October 7th. The shares were sold at an average price of $282.85, for a total transaction of $2,265,345.65. Following the transaction, the chief executive officer directly owned 467,792 shares in the company, valued at approximately $132,314,967.20. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,743 shares of company stock valued at $5,284,514 in the last 90 days. 0.65% of the stock is currently owned by company insiders.

ResMed 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.