ResMed Inc. $RMD Shares Bought by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. raised its position in ResMed Inc. (NYSE:RMD) by 34.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 575 shares of the medical equipment provider’s stock after acquiring an additional 147 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in ResMed were worth $148,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of ResMed by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider’s stock valued at $4,139,815,000 after buying an additional 320,240 shares during the last quarter. Northern Trust Corp increased its holdings in shares of ResMed by 2.5% during the first quarter. Northern Trust Corp now owns 1,744,541 shares of the medical equipment provider’s stock valued at $390,516,000 after purchasing an additional 41,951 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of ResMed by 4.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 998,128 shares of the medical equipment provider’s stock valued at $223,431,000 after purchasing an additional 41,108 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of ResMed by 2.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 977,401 shares of the medical equipment provider’s stock valued at $218,791,000 after purchasing an additional 22,789 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of ResMed by 6.9% during the first quarter. Dimensional Fund Advisors LP now owns 793,760 shares of the medical equipment provider’s stock valued at $177,652,000 after purchasing an additional 51,348 shares during the period. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

ResMed Trading Down 2.0%

Shares of NYSE RMD opened at $259.87 on Friday. The firm has a market capitalization of $37.93 billion, a PE ratio of 27.33, a PEG ratio of 1.79 and a beta of 0.83. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11. ResMed Inc. has a one year low of $199.92 and a one year high of $293.81. The business has a 50-day moving average price of $275.26 and a two-hundred day moving average price of $259.39.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.08. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The firm’s revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the company earned $2.08 EPS. As a group, analysts predict that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th were issued a dividend of $0.60 per share. The ex-dividend date was Thursday, August 14th. This represents a $2.40 annualized dividend and a dividend yield of 0.9%. This is a positive change from ResMed’s previous quarterly dividend of $0.53. ResMed’s dividend payout ratio is presently 25.24%.

Insider Activity

In related news, CEO Michael J. Farrell sold 8,009 shares of the firm’s stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $282.85, for a total value of $2,265,345.65. Following the transaction, the chief executive officer directly owned 467,792 shares of the company’s stock, valued at approximately $132,314,967.20. This trade represents a 1.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Michael J. Rider sold 100 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total value of $27,436.00. Following the completion of the transaction, the general counsel directly owned 11,327 shares in the company, valued at $3,107,675.72. The trade was a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,743 shares of company stock worth $5,284,514 in the last three months. 0.65% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Weiss Ratings reissued a “buy (b-)” rating on shares of ResMed in a report on Saturday. UBS Group raised ResMed to a “strong-buy” rating in a report on Tuesday, September 16th. William Blair raised ResMed to a “strong-buy” rating in a report on Friday, August 1st. Royal Bank Of Canada lifted their target price on ResMed from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. Finally, KeyCorp lifted their target price on ResMed from $274.00 to $298.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $295.70.

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.