CIBC Asset Management Inc Buys 1,581 Shares of ResMed Inc. (NYSE:RMD)

CIBC Asset Management Inc grew its stake in ResMed Inc. (NYSE:RMD) by 7.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,687 shares of the medical equipment provider’s stock after acquiring an additional 1,581 shares during the quarter. CIBC Asset Management Inc’s holdings in ResMed were worth $5,294,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. OFI Invest Asset Management bought a new stake in shares of ResMed in the 2nd quarter valued at about $32,000. Ashton Thomas Securities LLC acquired a new position in shares of ResMed in the 3rd quarter valued at approximately $34,000. Versant Capital Management Inc grew its position in shares of ResMed by 196.7% in the 2nd quarter. Versant Capital Management Inc now owns 181 shares of the medical equipment provider’s stock valued at $35,000 after purchasing an additional 120 shares during the period. Financial Connections Group Inc. acquired a new position in shares of ResMed in the 2nd quarter valued at approximately $37,000. Finally, Blue Trust Inc. grew its position in shares of ResMed by 182.7% in the 2nd quarter. Blue Trust Inc. now owns 212 shares of the medical equipment provider’s stock valued at $42,000 after purchasing an additional 137 shares during the period. 54.98% of the stock is owned by institutional investors.

Insider Buying and Selling at ResMed

In other ResMed news, General Counsel Michael J. Rider sold 882 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $231.00, for a total transaction of $203,742.00. Following the completion of the sale, the general counsel now owns 10,512 shares of the company’s stock, valued at $2,428,272. This trade represents a 7.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Brett Sandercock sold 1,000 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $246.42, for a total value of $246,420.00. Following the sale, the chief financial officer now directly owns 96,812 shares of the company’s stock, valued at $23,856,413.04. This represents a 1.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 63,056 shares of company stock valued at $15,086,020 in the last quarter. 0.71% of the stock is currently owned by insiders.

ResMed Price Performance

NYSE:RMD opened at $234.74 on Monday. ResMed Inc. has a 1-year low of $147.39 and a 1-year high of $260.49. The company has a current ratio of 2.92, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. The firm has a fifty day simple moving average of $242.83 and a 200 day simple moving average of $223.67. The stock has a market capitalization of $34.46 billion, a PE ratio of 31.09, a P/E/G ratio of 1.71 and a beta of 0.69.

ResMed (NYSE:RMD) last released its earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.17. ResMed had a net margin of 23.15% and a return on equity of 25.53%. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same period last year, the business earned $1.64 earnings per share. The firm’s revenue was up 11.1% on a year-over-year basis. On average, research analysts expect that ResMed Inc. will post 9.28 EPS for the current fiscal year.

ResMed Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 7th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.90%. The ex-dividend date of this dividend is Thursday, November 7th. ResMed’s dividend payout ratio is 28.08%.

Wall Street Analysts Forecast Growth

RMD has been the subject of several research analyst reports. Bank of America boosted their price objective on ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Royal Bank of Canada boosted their price objective on ResMed from $224.00 to $232.00 and gave the company a “sector perform” rating in a research report on Friday, October 25th. Robert W. Baird boosted their price objective on ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Baird R W raised ResMed to a “strong-buy” rating in a research report on Tuesday, September 24th. Finally, StockNews.com raised ResMed from a “hold” rating to a “buy” rating in a research report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $225.70.

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.