Janney Montgomery Scott LLC reduced its stake in shares of ResMed Inc. (NYSE:RMD) by 10.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,562 shares of the medical equipment provider’s stock after selling 1,194 shares during the quarter. Janney Montgomery Scott LLC’s holdings in ResMed were worth $1,218,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd raised its stake in ResMed by 245.4% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 905 shares of the medical equipment provider’s stock valued at $104,000 after purchasing an additional 643 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in ResMed during the 2nd quarter valued at $131,000. Qube Research & Technologies Ltd acquired a new position in ResMed during the 2nd quarter valued at $148,000. Cerebellum GP LLC acquired a new position in ResMed during the 3rd quarter valued at $186,000. Finally, Piedmont Investment Advisors LLC acquired a new position in ResMed during the 2nd quarter valued at $167,000. Hedge funds and other institutional investors own 65.61% of the company’s stock.
Shares of RMD stock opened at $103.69 on Friday. ResMed Inc. has a 52-week low of $82.81 and a 52-week high of $116.64. The firm has a market capitalization of $14.66 billion, a PE ratio of 29.37, a price-to-earnings-growth ratio of 2.62 and a beta of 0.97. The company has a quick ratio of 1.91, a current ratio of 2.58 and a debt-to-equity ratio of 0.27.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 13th. Stockholders of record on Thursday, November 8th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date is Wednesday, November 7th. ResMed’s dividend payout ratio is 41.93%.
In other news, CEO Michael J. Farrell sold 3,300 shares of the stock in a transaction on Friday, November 16th. The shares were sold at an average price of $104.49, for a total value of $344,817.00. Following the completion of the transaction, the chief executive officer now owns 240,487 shares in the company, valued at approximately $25,128,486.63. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Robert Andrew Douglas sold 3,307 shares of the stock in a transaction on Thursday, November 15th. The shares were sold at an average price of $101.44, for a total transaction of $335,462.08. Following the completion of the transaction, the chief operating officer now owns 59,112 shares of the company’s stock, valued at approximately $5,996,321.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,027 shares of company stock valued at $2,136,094. Corporate insiders own 1.24% of the company’s stock.
RMD has been the subject of a number of recent research reports. BMO Capital Markets increased their price objective on shares of ResMed from $107.00 to $109.00 and gave the company a “market perform” rating in a research note on Friday, October 26th. Credit Suisse Group upgraded shares of ResMed from a “neutral” rating to an “outperform” rating in a research note on Friday, October 26th. Finally, Zacks Investment Research upgraded shares of ResMed from a “sell” rating to a “hold” rating in a research note on Tuesday, July 31st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $114.50.
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ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications that diagnose, treat, and manage respiratory disorders comprising sleep disordered breathing, chronic obstructive pulmonary disease, neuromuscular disease, and other chronic diseases. It offers various products and solutions for a range of respiratory disorders, including technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, portable oxygen concentrators, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.
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