Zurcher Kantonalbank Zurich Cantonalbank Sells 20,164 Shares of ResMed Inc. $RMD

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in shares of ResMed Inc. (NYSE:RMD) by 22.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 70,439 shares of the medical equipment provider’s stock after selling 20,164 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in ResMed were worth $16,967,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of RMD. Jones Financial Companies Lllp grew its stake in shares of ResMed by 52.6% during the first quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider’s stock valued at $645,000 after buying an additional 994 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of ResMed during the second quarter worth about $389,000. Brown Advisory Inc. boosted its holdings in shares of ResMed by 17.8% during the second quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider’s stock worth $409,000 after purchasing an additional 240 shares during the period. Cresset Asset Management LLC purchased a new stake in shares of ResMed during the second quarter worth about $206,000. Finally, Alliancebernstein L.P. boosted its holdings in shares of ResMed by 24.2% during the second quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider’s stock worth $73,808,000 after purchasing an additional 55,790 shares during the period. 54.98% of the stock is owned by institutional investors.

ResMed Stock Performance

ResMed stock opened at $222.01 on Thursday. The company has a current ratio of 3.06, a quick ratio of 2.32 and a debt-to-equity ratio of 0.06. ResMed Inc. has a 1-year low of $210.34 and a 1-year high of $293.81. The firm has a 50-day moving average of $237.70 and a 200-day moving average of $249.06. The firm has a market cap of $32.34 billion, a P/E ratio of 21.96, a P/E/G ratio of 1.46 and a beta of 0.93.

ResMed (NYSE:RMD) last issued its quarterly earnings data on Friday, January 30th. The medical equipment provider reported $2.81 EPS for the quarter, topping the consensus estimate of $2.68 by $0.13. ResMed had a net margin of 27.53% and a return on equity of 25.20%. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the business posted $2.43 earnings per share. ResMed’s quarterly revenue was up 11.0% compared to the same quarter last year. Sell-side analysts expect that ResMed Inc. will post 11.05 EPS for the current year.

ResMed Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Thursday, February 12th were issued a $0.60 dividend. The ex-dividend date was Thursday, February 12th. This represents a $2.40 annualized dividend and a yield of 1.1%. ResMed’s dividend payout ratio (DPR) is 23.74%.

Insider Activity

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $225.50, for a total value of $1,125,470.50. Following the completion of the sale, the chief executive officer directly owned 466,223 shares in the company, valued at $105,133,286.50. This trade represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total transaction of $450,000.00. The disclosure for this sale is available in the SEC filing. Insiders sold 21,023 shares of company stock valued at $5,230,857 over the last 90 days. 0.65% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RMD. Piper Sandler increased their target price on shares of ResMed from $270.00 to $275.00 and gave the stock a “neutral” rating in a report on Friday, January 30th. Wall Street Zen lowered shares of ResMed from a “buy” rating to a “hold” rating in a report on Saturday, March 14th. Weiss Ratings lowered shares of ResMed from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, March 19th. KeyCorp reiterated an “overweight” rating and set a $302.00 target price on shares of ResMed in a report on Friday, January 30th. Finally, Royal Bank Of Canada increased their target price on shares of ResMed from $311.00 to $314.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $295.17.

About ResMed

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.