Connor Clark & Lunn Investment Management Ltd. acquired a new stake in ResMed Inc. (NYSE:RMD – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 142,297 shares of the medical equipment provider’s stock, valued at approximately $27,731,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.10% of ResMed as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in RMD. Jones Financial Companies Lllp lifted its position in shares of ResMed by 52.6% during the first quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider’s stock worth $645,000 after purchasing an additional 994 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of ResMed in the second quarter valued at $389,000. Brown Advisory Inc. grew its holdings in ResMed by 17.8% during the 2nd quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider’s stock valued at $409,000 after purchasing an additional 240 shares in the last quarter. Cresset Asset Management LLC acquired a new stake in ResMed during the 2nd quarter valued at $206,000. Finally, Alliancebernstein L.P. increased its stake in ResMed by 24.2% during the 2nd quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider’s stock worth $73,808,000 after buying an additional 55,790 shares during the period. Hedge funds and other institutional investors own 54.98% of the company’s stock.
ResMed Stock Up 0.5%
NYSE:RMD opened at $232.57 on Tuesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.42 and a current ratio of 3.10. The company has a market capitalization of $33.55 billion, a price-to-earnings ratio of 22.30, a price-to-earnings-growth ratio of 1.45 and a beta of 0.76. ResMed Inc. has a one year low of $180.26 and a one year high of $293.58. The stock has a 50-day simple moving average of $208.01 and a 200 day simple moving average of $219.69.
ResMed Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, August 20th will be issued a $0.66 dividend. This is a positive change from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date is Thursday, August 20th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.1%. ResMed’s dividend payout ratio (DPR) is presently 25.31%.
Insider Activity at ResMed
In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction on Friday, August 7th. The shares were sold at an average price of $205.69, for a total transaction of $1,026,598.79. Following the sale, the chief executive officer directly owned 466,256 shares of the company’s stock, valued at approximately $95,904,196.64. This represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 8,000 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the sale, the director directly owned 52,773 shares in the company, valued at $11,873,925. This trade represents a 13.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 22,973 shares of company stock worth $4,885,436. Corporate insiders own 0.65% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have commented on the stock. Piper Sandler cut their price objective on shares of ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a report on Friday, August 7th. Royal Bank Of Canada boosted their price target on ResMed from $234.00 to $244.00 and gave the stock a “sector perform” rating in a research note on Friday, August 7th. Weiss Ratings upgraded ResMed from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. UBS Group reiterated a “buy” rating and set a $300.00 target price on shares of ResMed in a research note on Tuesday, July 21st. Finally, Mizuho decreased their price target on shares of ResMed from $235.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday, July 15th. Seven analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, ResMed currently has an average rating of “Hold” and a consensus target price of $239.38.
Check Out Our Latest Stock Analysis on ResMed
ResMed Profile
ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.
ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.
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