PNC Financial Services Group Inc. Boosts Stock Position in ResMed Inc. $RMD

PNC Financial Services Group Inc. raised its holdings in shares of ResMed Inc. (NYSE:RMD) by 0.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 91,996 shares of the medical equipment provider’s stock after acquiring an additional 729 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.06% of ResMed worth $23,735,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Allianz Asset Management GmbH boosted its holdings 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 valued at $101,880,000 after purchasing an additional 350,245 shares in the last quarter. Swedbank AB boosted its holdings in shares of ResMed by 445.1% in the 1st quarter. Swedbank AB now owns 397,319 shares of the medical equipment provider’s stock valued at $88,940,000 after buying an additional 324,428 shares in the last quarter. Vanguard Group Inc. lifted its position 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 valued at $4,139,815,000 after acquiring an additional 320,240 shares during the last quarter. Nuveen LLC purchased a new position in shares of ResMed during the first quarter worth about $69,492,000. Finally, AustralianSuper Pty Ltd increased its position in shares of ResMed by 160.0% during the first quarter. AustralianSuper Pty Ltd now owns 270,180 shares of the medical equipment provider’s stock worth $60,480,000 after purchasing an additional 166,257 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on RMD shares. Morgan Stanley set a $305.00 price objective on ResMed in a research note on Friday, October 31st. Wells Fargo & Company initiated coverage on shares of ResMed in a research note on Monday, October 13th. They issued an “equal weight” rating and a $280.00 price objective on the stock. UBS Group upgraded shares of ResMed to a “strong-buy” rating in a research note on Tuesday, September 16th. Stifel Nicolaus raised their price target on ResMed from $240.00 to $270.00 and gave the stock a “hold” rating in a report on Friday, August 1st. Finally, Wall Street Zen downgraded ResMed from a “buy” rating to a “hold” rating in a research note on Sunday, August 10th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $297.45.

Insider Transactions at ResMed

In related news, General Counsel Michael J. Rider sold 100 shares of the business’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total transaction of $27,436.00. Following the sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Witte Jan De sold 487 shares of ResMed stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $250.25, for a total transaction of $121,871.75. Following the sale, the director owned 5,319 shares of the company’s stock, valued at approximately $1,331,079.75. The trade was a 8.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 21,182 shares of company stock valued at $5,658,783 in the last three months. Insiders own 0.65% of the company’s stock.

ResMed Trading Down 2.9%

Shares of ResMed stock opened at $244.74 on Friday. The firm has a market cap of $35.72 billion, a price-to-earnings ratio of 25.73, a price-to-earnings-growth ratio of 1.75 and a beta of 0.87. ResMed Inc. has a 52-week low of $199.92 and a 52-week high of $293.81. The company’s 50-day simple moving average is $266.27 and its 200-day simple moving average is $262.80. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Friday, October 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, beating analysts’ consensus estimates of $2.49 by $0.06. The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.20 EPS. As a group, equities research analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 18th. Shareholders of record on Thursday, November 13th will be given a $0.60 dividend. The ex-dividend date is Thursday, November 13th. This represents a $2.40 annualized dividend and a yield of 1.0%. ResMed’s dividend payout ratio is presently 24.56%.

About ResMed

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.