DNB Asset Management AS Purchases 938 Shares of ResMed Inc. (NYSE:RMD)

DNB Asset Management AS boosted its position in shares of ResMed Inc. (NYSE:RMD) by 4.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,049 shares of the medical equipment provider’s stock after buying an additional 938 shares during the period. DNB Asset Management AS’s holdings in ResMed were worth $4,603,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of ResMed by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 17,743,457 shares of the medical equipment provider’s stock valued at $3,052,229,000 after purchasing an additional 173,635 shares during the last quarter. Bank of New York Mellon Corp grew its position in ResMed by 230.3% in the first quarter. Bank of New York Mellon Corp now owns 3,813,119 shares of the medical equipment provider’s stock valued at $755,112,000 after acquiring an additional 2,658,709 shares during the last quarter. Norges Bank bought a new position in ResMed in the fourth quarter valued at about $233,966,000. Charles Schwab Investment Management Inc. raised its stake in ResMed by 5.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 863,289 shares of the medical equipment provider’s stock worth $148,503,000 after acquiring an additional 46,113 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of ResMed by 15.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 698,905 shares of the medical equipment provider’s stock valued at $120,225,000 after purchasing an additional 95,689 shares in the last quarter. 54.98% of the stock is owned by institutional investors.

ResMed Stock Performance

Shares of ResMed stock opened at $218.95 on Wednesday. The business has a 50-day moving average price of $204.18 and a two-hundred day moving average price of $197.28. ResMed Inc. has a 1-year low of $132.24 and a 1-year high of $225.68. The company has a market cap of $32.17 billion, a P/E ratio of 33.63, a PEG ratio of 1.93 and a beta of 0.66. The company has a current ratio of 3.04, a quick ratio of 1.97 and a debt-to-equity ratio of 0.22.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.05. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.22 billion. ResMed had a net margin of 21.79% and a return on equity of 25.58%. ResMed’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.60 EPS. As a group, analysts anticipate that ResMed Inc. will post 8.79 EPS for the current year.

ResMed Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Thursday, August 15th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date is Thursday, August 15th. This is a boost from ResMed’s previous quarterly dividend of $0.48. ResMed’s dividend payout ratio (DPR) is 29.49%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Oppenheimer cut ResMed from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 25th. Citigroup cut ResMed from a “buy” rating to a “neutral” rating in a report on Monday, June 24th. StockNews.com upgraded shares of ResMed from a “hold” rating to a “buy” rating in a report on Tuesday. KeyCorp boosted their target price on shares of ResMed from $238.00 to $251.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Finally, Royal Bank of Canada lifted their price target on shares of ResMed from $204.00 to $206.00 and gave the stock a “sector perform” rating in a report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $204.70.

Insider Transactions at ResMed

In other news, CEO Michael J. Farrell sold 14,683 shares of the business’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $192.97, for a total transaction of $2,833,378.51. Following the completion of the sale, the chief executive officer now directly owns 440,799 shares of the company’s stock, valued at $85,060,983.03. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO Michael J. Farrell sold 14,683 shares of the company’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $192.97, for a total transaction of $2,833,378.51. Following the completion of the sale, the chief executive officer now owns 440,799 shares in the company, valued at $85,060,983.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Justin Leong sold 48,000 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $217.07, for a total value of $10,419,360.00. Following the transaction, the insider now owns 18,741 shares in the company, valued at $4,068,108.87. The disclosure for this sale can be found here. Insiders have sold 79,726 shares of company stock valued at $16,843,287 over the last ninety days. 1.21% of the stock is owned by company insiders.

About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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.