Rafferty Asset Management LLC Increases Position in ResMed Inc. (NYSE:RMD)

Rafferty Asset Management LLC lifted its stake in ResMed Inc. (NYSE:RMD) by 2.3% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 3,229 shares of the medical equipment provider’s stock after purchasing an additional 72 shares during the quarter. Rafferty Asset Management LLC’s holdings in ResMed were worth $796,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of RMD. FFT Wealth Management LLC acquired a new stake in shares of ResMed in the 2nd quarter valued at $35,000. CSat Investment Advisory L.P. lifted its stake in shares of ResMed by 68.4% in the first quarter. CSat Investment Advisory L.P. now owns 165 shares of the medical equipment provider’s stock valued at $32,000 after purchasing an additional 67 shares during the period. Twin Lakes Capital Management LLC acquired a new stake in shares of ResMed in the first quarter valued at about $39,000. Tradition Wealth Management LLC acquired a new position in ResMed during the second quarter worth about $62,000. Finally, Berman Capital Advisors LLC grew its holdings in shares of ResMed by 46.9% during the first quarter. Berman Capital Advisors LLC now owns 379 shares of the medical equipment provider’s stock worth $73,000 after buying an additional 121 shares in the last quarter. Hedge funds and other institutional investors own 65.58% of the company’s stock.

Several equities research analysts have issued reports on the stock. Oppenheimer boosted their price objective on shares of ResMed from $240.00 to $270.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 15th. Royal Bank of Canada upped their price target on shares of ResMed from $223.00 to $238.00 and gave the stock an “underperform” rating in a research report on Tuesday, July 27th. CLSA upgraded shares of ResMed from a “sell” rating to an “underperform” rating in a research report on Monday, August 9th. Robert W. Baird initiated coverage on shares of ResMed in a report on Monday, June 21st. They issued a “neutral” rating and a $240.00 price target for the company. Finally, JPMorgan Chase & Co. lowered shares of ResMed from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $245.00 to $246.00 in a research report on Monday, July 26th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, ResMed has an average rating of “Hold” and an average target price of $248.67.

NYSE RMD opened at $288.23 on Wednesday. The business has a 50 day simple moving average of $277.75 and a 200 day simple moving average of $233.54. ResMed Inc. has a one year low of $165.92 and a one year high of $301.34. The stock has a market capitalization of $41.99 billion, a P/E ratio of 88.96, a P/E/G ratio of 3.14 and a beta of 0.30. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.73 and a quick ratio of 1.23.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, August 5th. The medical equipment provider reported $1.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.10. The business had revenue of $876.10 million for the quarter, compared to analyst estimates of $781.10 million. ResMed had a return on equity of 28.03% and a net margin of 14.84%. During the same quarter in the prior year, the company earned $1.33 earnings per share. Equities analysts expect that ResMed Inc. will post 6.27 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 23rd. Stockholders of record on Thursday, August 19th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date is Wednesday, August 18th. This is a positive change from ResMed’s previous quarterly dividend of $0.39. ResMed’s dividend payout ratio (DPR) is currently 31.52%.

In other ResMed news, CFO Brett Sandercock sold 10,736 shares of ResMed stock in a transaction dated Friday, August 20th. The stock was sold at an average price of $281.73, for a total transaction of $3,024,653.28. Following the completion of the sale, the chief financial officer now owns 94,979 shares of the company’s stock, valued at $26,758,433.67. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider David Pendarvis sold 1,487 shares of the business’s stock in a transaction dated Friday, September 3rd. The shares were sold at an average price of $292.16, for a total value of $434,441.92. Following the completion of the sale, the insider now directly owns 123,959 shares of the company’s stock, valued at approximately $36,215,861.44. The disclosure for this sale can be found here. Insiders sold 57,010 shares of company stock worth $15,353,594 in the last 90 days. Corporate insiders own 1.33% of the company’s stock.

About ResMed

ResMed, Inc engages in the development, manufacturing, distribution, and marketing of medical equipment and software solutions. It operates through the Sleep and Respiratory Care, and Software as a Service segments. The Sleep and Respiratory Care segment engages in the sleep and respiratory disorders sector of the medical device industry.

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Institutional Ownership by Quarter for ResMed (NYSE:RMD)

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