Canandaigua National Bank & Trust Co. Has $275,000 Stake in ResMed Inc. (NYSE:RMD)

Canandaigua National Bank & Trust Co. trimmed its position in shares of ResMed Inc. (NYSE:RMD) by 17.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,128 shares of the medical equipment provider’s stock after selling 244 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in ResMed were worth $275,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in ResMed by 24.9% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 177,083 shares of the medical equipment provider’s stock worth $35,068,000 after purchasing an additional 35,273 shares during the period. Mediolanum International Funds Ltd bought a new position in ResMed during the first quarter worth $2,246,000. Janney Montgomery Scott LLC boosted its position in ResMed by 5.3% during the first quarter. Janney Montgomery Scott LLC now owns 81,313 shares of the medical equipment provider’s stock worth $16,102,000 after purchasing an additional 4,075 shares during the period. Los Angeles Capital Management LLC boosted its position in shares of ResMed by 3,599.0% in the first quarter. Los Angeles Capital Management LLC now owns 499,031 shares of the medical equipment provider’s stock valued at $98,823,000 after acquiring an additional 485,540 shares during the period. Finally, Wellington Management Group LLP bought a new stake in shares of ResMed in the fourth quarter valued at about $7,535,000. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on RMD shares. KeyCorp boosted their target price on shares of ResMed from $238.00 to $251.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. StockNews.com cut shares of ResMed from a “buy” rating to a “hold” rating in a research report on Friday, August 30th. Citigroup cut shares of ResMed from a “buy” rating to a “neutral” rating in a research report on Monday, June 24th. Bank of America upped their price objective on shares of ResMed from $240.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Finally, Baird R W raised shares of ResMed to a “strong-buy” rating in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $218.18.

Insider Activity

In other news, insider Justin Leong sold 48,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $217.07, for a total value of $10,419,360.00. Following the completion of the transaction, the insider now owns 18,741 shares of the company’s stock, valued at $4,068,108.87. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other ResMed news, CFO Brett Sandercock sold 1,000 shares of the stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $194.35, for a total transaction of $194,350.00. Following the completion of the sale, the chief financial officer now owns 90,056 shares of the company’s stock, valued at approximately $17,502,383.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Justin Leong sold 48,000 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $217.07, for a total transaction of $10,419,360.00. Following the sale, the insider now directly owns 18,741 shares of the company’s stock, valued at $4,068,108.87. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 104,931 shares of company stock valued at $23,119,207 over the last quarter. 1.21% of the stock is owned by company insiders.

ResMed Stock Performance

ResMed stock opened at $233.98 on Friday. The business has a 50 day moving average of $234.03 and a 200-day moving average of $212.95. ResMed Inc. has a 1 year low of $132.24 and a 1 year high of $255.18. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.59 and a quick ratio of 1.69. The company has a market capitalization of $34.38 billion, a P/E ratio of 35.94, a P/E/G ratio of 2.16 and a beta of 0.69.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.05. ResMed had a return on equity of 25.00% and a net margin of 21.79%. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the prior year, the firm posted $1.60 earnings per share. The firm’s revenue was up 6.9% compared to the same quarter last year. On average, equities research analysts predict that ResMed Inc. will post 9.02 earnings per share for the current year.

ResMed Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Thursday, August 15th were paid a $0.53 dividend. The ex-dividend date was Thursday, August 15th. This represents a $2.12 annualized dividend and a dividend yield of 0.91%. This is an increase from ResMed’s previous quarterly dividend of $0.48. ResMed’s dividend payout ratio is currently 32.57%.

ResMed Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 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, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.