Northern Trust Corp Grows Stake in ResMed Inc. (NYSE:RMD)
Northern Trust Corp grew its holdings in ResMed Inc. (NYSE:RMD) by 1.9% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,992,027 shares of the medical equipment provider’s stock after acquiring an additional 37,217 shares during the period. Northern Trust Corp’s holdings in ResMed were worth $243,087,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of RMD. Westside Investment Management Inc. bought a new position in shares of ResMed during the second quarter valued at approximately $26,000. Steward Partners Investment Advisory LLC purchased a new stake in ResMed in the second quarter worth $40,000. RPg Family Wealth Advisory LLC purchased a new stake in ResMed in the first quarter worth $50,000. SRS Capital Advisors Inc. purchased a new stake in ResMed in the second quarter worth $71,000. Finally, Van ECK Associates Corp bought a new stake in ResMed in the second quarter valued at $73,000. Hedge funds and other institutional investors own 66.94% of the company’s stock.
In other news, insider Robert Andrew Douglas sold 4,154 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $118.44, for a total value of $491,999.76. Following the sale, the insider now directly owns 48,721 shares of the company’s stock, valued at approximately $5,770,515.24. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Michael J. Farrell sold 6,651 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $123.76, for a total value of $823,127.76. Following the completion of the sale, the chief executive officer now owns 292,988 shares in the company, valued at approximately $36,260,194.88. The disclosure for this sale can be found here. Insiders have sold 74,324 shares of company stock valued at $9,606,306 in the last three months. Insiders own 1.24% of the company’s stock.
ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, July 25th. The medical equipment provider reported $0.95 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.03. The company had revenue of $705.00 million for the quarter, compared to analyst estimates of $701.56 million. ResMed had a return on equity of 26.49% and a net margin of 15.52%. The firm’s revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.95 earnings per share. On average, sell-side analysts expect that ResMed Inc. will post 3.92 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Thursday, August 15th will be given a dividend of $0.39 per share. The ex-dividend date is Wednesday, August 14th. This represents a $1.56 annualized dividend and a yield of 1.16%. This is a positive change from ResMed’s previous quarterly dividend of $0.37. ResMed’s dividend payout ratio (DPR) is currently 42.86%.
A number of research analysts have issued reports on the stock. Goldman Sachs Group raised shares of ResMed from a “neutral” rating to a “buy” rating in a research report on Monday, July 29th. Zacks Investment Research raised shares of ResMed from a “hold” rating to a “buy” rating and set a $131.00 target price for the company in a research report on Monday, July 8th. Finally, UBS Group raised shares of ResMed from a “neutral” rating to a “buy” rating and lifted their target price for the company from $122.00 to $140.00 in a research note on Monday, July 29th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. ResMed has a consensus rating of “Buy” and a consensus target price of $121.50.
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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