Kornitzer Capital Management Inc. KS Sells 930 Shares of ResMed Inc. (NYSE:RMD)

Kornitzer Capital Management Inc. KS trimmed its holdings in ResMed Inc. (NYSE:RMD) by 3.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 29,363 shares of the medical equipment provider’s stock after selling 930 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in ResMed were worth $3,967,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. AdvisorNet Financial Inc raised its holdings in ResMed by 26.0% during the 3rd quarter. AdvisorNet Financial Inc now owns 392 shares of the medical equipment provider’s stock worth $53,000 after purchasing an additional 81 shares during the last quarter. Altshuler Shaham Ltd raised its holdings in ResMed by 6.1% during the 2nd quarter. Altshuler Shaham Ltd now owns 1,539 shares of the medical equipment provider’s stock worth $642,000 after purchasing an additional 89 shares during the last quarter. Hartford Investment Management Co. raised its holdings in ResMed by 0.6% during the 2nd quarter. Hartford Investment Management Co. now owns 15,894 shares of the medical equipment provider’s stock worth $1,940,000 after purchasing an additional 97 shares during the last quarter. World Asset Management Inc raised its holdings in ResMed by 1.0% during the 3rd quarter. World Asset Management Inc now owns 10,117 shares of the medical equipment provider’s stock worth $1,367,000 after purchasing an additional 100 shares during the last quarter. Finally, Oakbrook Investments LLC raised its holdings in ResMed by 0.8% during the 2nd quarter. Oakbrook Investments LLC now owns 15,100 shares of the medical equipment provider’s stock worth $1,843,000 after purchasing an additional 125 shares during the last quarter. 66.45% of the stock is owned by institutional investors and hedge funds.

Shares of RMD stock traded up $1.67 on Friday, reaching $143.85. The company had a trading volume of 371,556 shares, compared to its average volume of 738,537. The company has a current ratio of 2.11, a quick ratio of 1.46 and a debt-to-equity ratio of 0.60. The stock has a market cap of $20.76 billion, a PE ratio of 39.52, a PEG ratio of 2.76 and a beta of 0.41. The company has a 50-day moving average of $135.96 and a 200-day moving average of $125.98. ResMed Inc. has a 12 month low of $90.64 and a 12 month high of $149.96.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, October 24th. The medical equipment provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.06. The company had revenue of $681.06 million during the quarter, compared to analysts’ expectations of $660.87 million. ResMed had a return on equity of 26.72% and a net margin of 15.52%. ResMed’s revenue was up 15.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.81 EPS. Sell-side analysts anticipate that ResMed Inc. will post 4.04 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 7th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Wednesday, November 6th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.08%. ResMed’s dividend payout ratio (DPR) is presently 42.86%.

In related news, CFO Brett Sandercock sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $139.21, for a total value of $417,630.00. Following the completion of the transaction, the chief financial officer now directly owns 76,145 shares in the company, valued at approximately $10,600,145.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David Pendarvis sold 4,367 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $147.85, for a total value of $645,660.95. Following the completion of the transaction, the insider now owns 128,781 shares of the company’s stock, valued at $19,040,270.85. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,112 shares of company stock valued at $8,139,860. 1.22% of the stock is currently owned by company insiders.

RMD has been the subject of several recent research reports. ValuEngine cut ResMed from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. UBS Group raised ResMed from a “neutral” rating to a “buy” rating and upped their price target for the company from $122.00 to $140.00 in a research note on Monday, July 29th. Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a research note on Friday, October 25th. Finally, Goldman Sachs Group raised ResMed from a “neutral” rating to a “buy” rating in a research note on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $121.50.

About ResMed

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.

Further Reading: Diluted Earnings Per Share

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Institutional Ownership by Quarter for ResMed (NYSE:RMD)

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