Railway Pension Investments Ltd lifted its position in shares of ResMed Inc. (NYSE:RMD – Free Report) by 406.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,605 shares of the medical equipment provider’s stock after acquiring an additional 39,000 shares during the quarter. Railway Pension Investments Ltd’s holdings in ResMed were worth $9,472,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of RMD. Quantitative Investment Management LLC purchased a new position in shares of ResMed in the 2nd quarter worth approximately $2,213,000. GTS Securities LLC increased its holdings in ResMed by 659.1% during the second quarter. GTS Securities LLC now owns 10,514 shares of the medical equipment provider’s stock worth $2,049,000 after buying an additional 9,129 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of ResMed by 4.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,856 shares of the medical equipment provider’s stock worth $946,000 after purchasing an additional 201 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of ResMed by 1.1% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 858,134 shares of the medical equipment provider’s stock valued at $167,233,000 after buying an additional 9,064 shares during the last quarter. Finally, New Mexico Educational Retirement Board lifted its holdings in ResMed by 7.4% during the second quarter. New Mexico Educational Retirement Board now owns 7,250 shares of the medical equipment provider’s stock valued at $1,413,000 after purchasing an additional 500 shares during the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on RMD. Jefferies Financial Group decreased their target price on shares of ResMed from $240.00 to $225.00 and set a “hold” rating on the stock in a report on Friday, July 10th. Citigroup restated a “neutral” rating and issued a $235.00 target price (down from $270.00) on shares of ResMed in a research report on Sunday, July 12th. KeyCorp upped their price target on shares of ResMed from $255.00 to $267.00 and gave the company an “overweight” rating in a research report on Monday. Wells Fargo & Company cut their target price on shares of ResMed from $225.00 to $215.00 and set an “equal weight” rating on the stock in a report on Friday, August 7th. Finally, Mizuho reduced their price target on ResMed from $235.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday, July 15th. Seven equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $240.31.
Insider Activity
In other news, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $205.69, for a total value of $1,026,598.79. Following the completion of the transaction, the chief executive officer owned 466,256 shares in the company, valued at approximately $95,904,196.64. The trade was a 1.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 dated 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 completion of 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. Insiders sold 22,973 shares of company stock worth $4,885,436 over the last 90 days. Company insiders own 0.65% of the company’s stock.
ResMed Trading Down 0.1%
Shares of NYSE RMD opened at $240.03 on Tuesday. ResMed Inc. has a 1 year low of $180.26 and a 1 year high of $284.87. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 2.42. The firm has a 50-day moving average of $212.84 and a 200 day moving average of $218.62. The stock has a market cap of $34.62 billion, a P/E ratio of 23.01, a price-to-earnings-growth ratio of 1.51 and a beta of 0.76.
ResMed (NYSE:RMD – Get Free Report) last released its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.89 by $0.06. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The firm had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.46 billion. During the same period last year, the business earned $2.55 earnings per share. The business’s revenue was up 8.6% on a year-over-year basis. As a group, sell-side analysts expect that ResMed Inc. will post 12.03 EPS for the current fiscal year.
ResMed Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th will be paid a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Thursday, August 20th. This is a boost from ResMed’s previous quarterly dividend of $0.60. ResMed’s dividend payout ratio (DPR) is currently 25.31%.
About ResMed
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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