Cumberland Partners Ltd Sells 1,000 Shares of ResMed Inc. $RMD

Cumberland Partners Ltd lowered its stake in shares of ResMed Inc. (NYSE:RMD) by 7.1% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 13,000 shares of the medical equipment provider’s stock after selling 1,000 shares during the period. Cumberland Partners Ltd’s holdings in ResMed were worth $3,354,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RMD. Zions Bancorporation National Association UT purchased a new stake in ResMed during the first quarter valued at about $45,000. Groupe la Francaise bought a new position in shares of ResMed during the 1st quarter valued at about $45,000. Harbour Investments Inc. raised its holdings in shares of ResMed by 264.2% during the 2nd quarter. Harbour Investments Inc. now owns 244 shares of the medical equipment provider’s stock valued at $63,000 after buying an additional 177 shares in the last quarter. Quarry LP raised its holdings in shares of ResMed by 141.1% during the 1st quarter. Quarry LP now owns 311 shares of the medical equipment provider’s stock valued at $70,000 after buying an additional 182 shares in the last quarter. Finally, Ameritas Advisory Services LLC bought a new stake in ResMed in the 2nd quarter worth approximately $83,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RMD has been the topic of several research reports. Wall Street Zen downgraded shares of ResMed from a “buy” rating to a “hold” rating in a research note on Sunday, August 10th. KeyCorp lifted their target price on shares of ResMed from $298.00 to $299.00 and gave the stock an “overweight” rating in a research report on Friday, October 31st. Royal Bank Of Canada upped their price target on shares of ResMed from $300.00 to $303.00 and gave the company an “outperform” rating in a research report on Friday, October 31st. UBS Group upgraded ResMed to a “strong-buy” rating in a report on Tuesday, September 16th. Finally, Wells Fargo & Company began coverage on ResMed in a report on Monday, October 13th. They set an “equal weight” rating and a $280.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $297.45.

ResMed Stock Down 0.4%

NYSE RMD opened at $245.18 on Thursday. ResMed Inc. has a 1 year low of $199.92 and a 1 year high of $293.81. The stock has a market capitalization of $35.78 billion, a PE ratio of 25.78, a PEG ratio of 1.75 and a beta of 0.87. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. The business’s 50-day moving average is $264.42 and its 200 day moving average is $263.15.

ResMed (NYSE:RMD) last released its quarterly earnings data on Friday, October 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, topping the consensus estimate of $2.49 by $0.06. The business had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The business’s revenue was up 9.1% on a year-over-year basis. During the same quarter last year, the business posted $2.20 EPS. Sell-side analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

The business 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 dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Thursday, November 13th. ResMed’s payout ratio is presently 24.56%.

Insider Activity at ResMed

In related news, CEO Michael J. Farrell sold 8,011 shares of the stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $249.75, for a total value of $2,000,747.25. Following the completion of the transaction, the chief executive officer directly owned 467,866 shares of the company’s stock, valued at $116,849,533.50. This represents a 1.68% 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 Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The stock was 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 disclosure for this sale is available in the SEC filing. Insiders have sold a total of 18,607 shares of company stock valued at $4,919,501 over the last quarter. Company insiders own 0.65% of the company’s stock.

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.