Sumitomo Mitsui DS Asset Management Company Ltd Boosts Position in ResMed Inc. (NYSE:RMD)

Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of ResMed Inc. (NYSE:RMDGet Rating) by 8.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,830 shares of the medical equipment provider’s stock after acquiring an additional 747 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in ResMed were worth $2,061,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Wedmont Private Capital bought a new stake in ResMed during the second quarter valued at about $327,000. Ardevora Asset Management LLP grew its holdings in ResMed by 13.2% during the second quarter. Ardevora Asset Management LLP now owns 277,525 shares of the medical equipment provider’s stock valued at $58,178,000 after purchasing an additional 32,400 shares during the period. State of Alaska Department of Revenue grew its holdings in ResMed by 22.0% during the second quarter. State of Alaska Department of Revenue now owns 52,911 shares of the medical equipment provider’s stock valued at $11,090,000 after purchasing an additional 9,540 shares during the period. DnB Asset Management AS grew its holdings in ResMed by 2.5% during the second quarter. DnB Asset Management AS now owns 26,012 shares of the medical equipment provider’s stock valued at $5,453,000 after purchasing an additional 642 shares during the period. Finally, Massmutual Trust Co. FSB ADV grew its holdings in ResMed by 8.6% during the second quarter. Massmutual Trust Co. FSB ADV now owns 53,110 shares of the medical equipment provider’s stock valued at $11,133,000 after purchasing an additional 4,187 shares during the period. Hedge funds and other institutional investors own 65.50% of the company’s stock.

Insider Transactions at ResMed

In other news, CFO Brett Sandercock sold 7,500 shares of the stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $235.00, for a total value of $1,762,500.00. Following the sale, the chief financial officer now directly owns 106,426 shares in the company, valued at $25,010,110. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, insider David Pendarvis sold 1,545 shares of the stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $212.33, for a total value of $328,049.85. Following the sale, the insider now directly owns 106,831 shares in the company, valued at $22,683,426.23. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Brett Sandercock sold 7,500 shares of the stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $235.00, for a total value of $1,762,500.00. Following the completion of the sale, the chief financial officer now owns 106,426 shares in the company, valued at $25,010,110. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,629 shares of company stock worth $8,241,549. 1.42% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. JPMorgan Chase & Co. lowered ResMed from an “overweight” rating to a “neutral” rating in a report on Friday, August 12th. StockNews.com lowered ResMed from a “buy” rating to a “hold” rating in a research note on Friday, August 19th. Citigroup raised ResMed from a “neutral” rating to a “buy” rating in a research note on Thursday, September 8th. Finally, Royal Bank of Canada lowered ResMed from an “outperform” rating to a “sector perform” rating and upped their price objective for the stock from $246.00 to $252.00 in a research note on Friday, August 12th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $266.40.

ResMed Price Performance

Shares of ResMed stock opened at $213.69 on Friday. The stock has a 50 day moving average of $230.51 and a 200 day moving average of $223.83. ResMed Inc. has a 12 month low of $189.40 and a 12 month high of $289.73. The firm has a market cap of $31.29 billion, a PE ratio of 40.24, a PEG ratio of 3.12 and a beta of 0.50. The company has a current ratio of 2.80, a quick ratio of 1.72 and a debt-to-equity ratio of 0.23.

ResMed (NYSE:RMDGet Rating) last announced its quarterly earnings results on Thursday, August 11th. The medical equipment provider reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.48 by $0.01. ResMed had a return on equity of 26.56% and a net margin of 21.78%. The company had revenue of $914.74 million during the quarter, compared to analyst estimates of $912.53 million. During the same period in the prior year, the company earned $1.35 earnings per share. The firm’s revenue was up 4.4% on a year-over-year basis. On average, research analysts expect that ResMed Inc. will post 6.57 EPS for the current fiscal year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 22nd. Stockholders of record on Thursday, August 18th were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 0.82%. This is an increase from ResMed’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Wednesday, August 17th. ResMed’s dividend payout ratio is presently 33.15%.

ResMed Profile

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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 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.

See Also

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Institutional Ownership by Quarter for ResMed (NYSE:RMD)

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