Mackenzie Financial Corp Sells 7,569 Shares of ResMed Inc. $RMD

Mackenzie Financial Corp lessened its holdings in ResMed Inc. (NYSE:RMD) by 2.9% during the second quarter, Holdings Channel.com reports. The firm owned 250,706 shares of the medical equipment provider’s stock after selling 7,569 shares during the quarter. Mackenzie Financial Corp’s holdings in ResMed were worth $64,682,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Entropy Technologies LP raised its holdings in shares of ResMed by 188.7% during the second quarter. Entropy Technologies LP now owns 16,384 shares of the medical equipment provider’s stock valued at $4,227,000 after acquiring an additional 10,708 shares in the last quarter. Inspire Investing LLC raised its holdings in ResMed by 29.3% in the 1st quarter. Inspire Investing LLC now owns 28,578 shares of the medical equipment provider’s stock worth $6,397,000 after purchasing an additional 6,472 shares in the last quarter. Intech Investment Management LLC lifted its position in shares of ResMed by 63.2% in the 1st quarter. Intech Investment Management LLC now owns 15,325 shares of the medical equipment provider’s stock worth $3,430,000 after purchasing an additional 5,934 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of ResMed by 8.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 739,007 shares of the medical equipment provider’s stock worth $165,427,000 after purchasing an additional 58,155 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of ResMed by 2.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 977,401 shares of the medical equipment provider’s stock valued at $218,791,000 after purchasing an additional 22,789 shares in the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Wells Fargo & Company initiated coverage on shares of ResMed in a research report on Monday, October 13th. They set an “equal weight” rating and a $280.00 price target on the stock. Robert W. Baird reduced their target price on ResMed from $320.00 to $300.00 and set an “outperform” rating on the stock in a report on Monday, November 3rd. Citigroup assumed coverage on ResMed in a research report on Thursday, September 18th. They issued a “buy” rating and a $330.00 target price for the company. Royal Bank Of Canada lifted their price target on ResMed from $300.00 to $303.00 and gave the company an “outperform” rating in a research report on Friday, October 31st. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of ResMed in a report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $297.45.

Insider Activity

In related news, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $252.05, for a total transaction of $504,100.00. Following the completion of the sale, the director owned 66,110 shares of the company’s stock, valued at $16,663,025.50. This trade represents a 2.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Michael J. Rider sold 100 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $274.36, for a total transaction of $27,436.00. Following the completion of the transaction, the general counsel owned 11,327 shares of the company’s stock, valued at approximately $3,107,675.72. The trade was a 0.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 20,662 shares of company stock valued at $5,443,526 in the last quarter. 0.65% of the stock is owned by company insiders.

ResMed Stock Performance

ResMed stock opened at $253.30 on Friday. ResMed Inc. has a twelve month low of $199.92 and a twelve month 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 capitalization of $36.97 billion, a P/E ratio of 26.64, a PEG ratio of 1.75 and a beta of 0.87. The stock’s 50 day moving average is $261.55 and its 200 day moving average is $263.52.

ResMed (NYSE:RMD) last released its earnings results on Friday, October 31st. The medical equipment provider reported $2.55 EPS for the quarter, topping the consensus estimate of $2.49 by $0.06. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The business had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the previous year, the company posted $2.20 earnings per share. The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. On average, equities research analysts predict that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 18th. Investors of record on Thursday, November 13th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Thursday, November 13th. ResMed’s dividend payout ratio is 24.56%.

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.