CIBC Asset Management Inc Boosts Stake in ResMed Inc. (NYSE:RMD)

CIBC Asset Management Inc boosted its stake in shares of ResMed Inc. (NYSE:RMD) by 4.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,671 shares of the medical equipment provider’s stock after buying an additional 984 shares during the period. CIBC Asset Management Inc’s holdings in ResMed were worth $5,185,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of RMD. Exchange Traded Concepts LLC purchased a new stake in ResMed during the third quarter worth $119,000. Creative Planning lifted its holdings in ResMed by 15.4% during the third quarter. Creative Planning now owns 28,021 shares of the medical equipment provider’s stock worth $6,840,000 after buying an additional 3,739 shares during the period. Blue Trust Inc. lifted its holdings in ResMed by 359.4% during the third quarter. Blue Trust Inc. now owns 974 shares of the medical equipment provider’s stock worth $238,000 after buying an additional 762 shares during the period. Signaturefd LLC lifted its holdings in ResMed by 1.7% during the third quarter. Signaturefd LLC now owns 4,211 shares of the medical equipment provider’s stock worth $1,028,000 after buying an additional 72 shares during the period. Finally, Weaver Capital Management LLC lifted its holdings in shares of ResMed by 26.7% during the 3rd quarter. Weaver Capital Management LLC now owns 2,072 shares of the medical equipment provider’s stock valued at $506,000 after purchasing an additional 437 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the company. UBS Group upgraded ResMed from a “hold” rating to a “strong-buy” rating in a report on Friday, January 31st. KeyCorp increased their price objective on ResMed from $266.00 to $280.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Piper Sandler increased their price objective on ResMed from $252.00 to $260.00 and gave the company a “neutral” rating in a report on Friday, January 31st. JPMorgan Chase & Co. increased their price objective on ResMed from $270.00 to $286.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, Robert W. Baird increased their price objective on ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a report on Friday, October 25th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $244.73.

Insiders Place Their Bets

In related news, CEO Michael J. Farrell sold 8,009 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $236.77, for a total value of $1,896,290.93. Following the transaction, the chief executive officer now directly owns 455,472 shares of the company’s stock, valued at approximately $107,842,105.44. This trade represents a 1.73 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Justin Leong sold 6,160 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $243.09, for a total transaction of $1,497,434.40. Following the completion of the transaction, the insider now directly owns 21,718 shares in the company, valued at $5,279,428.62. This represents a 22.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,307 shares of company stock valued at $4,403,180. Company insiders own 0.71% of the company’s stock.

ResMed Price Performance

Shares of RMD opened at $234.48 on Thursday. The business’s 50-day moving average is $237.99 and its two-hundred day moving average is $239.04. The company has a market capitalization of $34.44 billion, a P/E ratio of 27.68, a P/E/G ratio of 1.54 and a beta of 0.70. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33. ResMed Inc. has a fifty-two week low of $170.56 and a fifty-two week high of $263.05.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share 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%. Research analysts predict that ResMed Inc. will post 9.44 earnings per share for the current year.

ResMed Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.90%. The ex-dividend date is Thursday, February 13th. ResMed’s dividend payout ratio is currently 25.03%.

ResMed Company 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.