Bank of New York Mellon Corp Sells 276,548 Shares of ResMed Inc. (NYSE:RMD)

Bank of New York Mellon Corp cut its stake in shares of ResMed Inc. (NYSE:RMD) by 4.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,431,906 shares of the medical equipment provider’s stock after selling 276,548 shares during the quarter. Bank of New York Mellon Corp’s holdings in ResMed were worth $1,242,222,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Peak Financial Advisors LLC purchased a new stake in ResMed during the 4th quarter valued at about $2,972,000. Principal Financial Group Inc. lifted its stake in shares of ResMed by 2.9% in the third quarter. Principal Financial Group Inc. now owns 186,776 shares of the medical equipment provider’s stock worth $45,596,000 after buying an additional 5,284 shares in the last quarter. Spire Wealth Management grew its holdings in shares of ResMed by 11.3% during the fourth quarter. Spire Wealth Management now owns 10,800 shares of the medical equipment provider’s stock valued at $2,470,000 after buying an additional 1,100 shares during the last quarter. Asset Management One Co. Ltd. grew its holdings in shares of ResMed by 2.8% during the fourth quarter. Asset Management One Co. Ltd. now owns 60,489 shares of the medical equipment provider’s stock valued at $14,105,000 after buying an additional 1,629 shares during the last quarter. Finally, Retireful LLC bought a new stake in shares of ResMed during the third quarter valued at approximately $742,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

ResMed Stock Down 1.0 %

RMD opened at $229.47 on Tuesday. The firm’s 50 day simple moving average is $237.20 and its two-hundred day simple moving average is $239.52. The company has a market capitalization of $33.70 billion, a PE ratio of 27.09, a PEG ratio of 1.53 and a beta of 0.70. ResMed Inc. has a 1-year low of $170.56 and a 1-year high of $263.05. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, January 30th. The medical equipment provider reported $2.43 EPS for the quarter, topping the consensus estimate of $2.29 by $0.14. ResMed had a return on equity of 26.17% and a net margin of 25.34%. As a group, equities analysts forecast that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Thursday, February 13th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.92%. The ex-dividend date of this dividend is Thursday, February 13th. ResMed’s dividend payout ratio (DPR) is currently 25.03%.

Wall Street Analysts Forecast Growth

RMD has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their target price on ResMed from $270.00 to $286.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. UBS Group raised ResMed from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 31st. Needham & Company LLC reiterated a “hold” rating on shares of ResMed in a report on Friday, January 31st. KeyCorp upped their target price on shares of ResMed from $266.00 to $280.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Finally, The Goldman Sachs Group began coverage on shares of ResMed in a research note on Thursday, January 16th. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, ResMed currently has a consensus rating of “Moderate Buy” and a consensus target price of $244.73.

Insider Activity

In other news, CEO Michael J. Farrell sold 8,009 shares of the firm’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $236.77, for a total transaction of $1,896,290.93. Following the sale, the chief executive officer now directly owns 455,472 shares in the company, valued at $107,842,105.44. This trade represents a 1.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $242.11, for a total transaction of $484,220.00. Following the transaction, the director now owns 77,218 shares in the company, valued at approximately $18,695,249.98. This trade represents a 2.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,147 shares of company stock valued at $2,905,745 in the last ninety days. Corporate insiders own 0.71% of the company’s stock.

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.