Wedmont Private Capital Purchases 111 Shares of ResMed Inc. (NYSE:RMD)

Wedmont Private Capital grew its position in shares of ResMed Inc. (NYSE:RMD) by 6.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,811 shares of the medical equipment provider’s stock after buying an additional 111 shares during the quarter. Wedmont Private Capital’s holdings in ResMed were worth $371,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings 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 worth $3,052,229,000 after buying an additional 173,635 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of ResMed by 230.3% during the 1st quarter. Bank of New York Mellon Corp now owns 3,813,119 shares of the medical equipment provider’s stock worth $755,112,000 after purchasing an additional 2,658,709 shares during the last quarter. Norges Bank bought a new stake in shares of ResMed in the 4th quarter worth approximately $233,966,000. Charles Schwab Investment Management Inc. raised its holdings in shares of ResMed by 5.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 863,289 shares of the medical equipment provider’s stock worth $148,503,000 after purchasing an additional 46,113 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in ResMed by 15.9% in the fourth 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 during the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. Citigroup lowered ResMed from a “buy” rating to a “neutral” rating in a research note on Monday, June 24th. Needham & Company LLC restated a “buy” rating and issued a $236.00 price objective on shares of ResMed in a research note on Friday, August 2nd. Royal Bank of Canada increased their target price on shares of ResMed from $204.00 to $206.00 and gave the stock a “sector perform” rating in a research report on Friday, August 2nd. Oppenheimer lowered shares of ResMed from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 25th. Finally, StockNews.com raised shares of ResMed from a “hold” rating to a “buy” rating in a report on Tuesday, August 6th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $204.70.

ResMed Price Performance

Shares of RMD traded up $5.62 during mid-day trading on Tuesday, reaching $220.27. 1,074,875 shares of the stock traded hands, compared to its average volume of 1,061,490. The company has a market cap of $32.36 billion, a price-to-earnings ratio of 32.97, a price-to-earnings-growth ratio of 1.81 and a beta of 0.66. ResMed Inc. has a 1 year low of $132.24 and a 1 year high of $225.68. The firm has a fifty day moving average price of $204.72 and a 200 day moving average price of $198.31. The company has a current ratio of 2.59, a quick ratio of 1.69 and a debt-to-equity ratio of 0.14.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 EPS for the quarter, topping the consensus estimate of $2.03 by $0.05. ResMed had a return on equity of 25.00% and a net margin of 21.79%. The business had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the previous year, the business earned $1.60 earnings per share. The firm’s revenue was up 6.9% on a year-over-year basis. As a group, equities research analysts predict that ResMed Inc. will post 8.76 earnings per share for the current year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Thursday, August 15th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.96%. This is a boost from ResMed’s previous quarterly dividend of $0.48. The ex-dividend date is Thursday, August 15th. ResMed’s dividend payout ratio is 32.57%.

Insider Activity at ResMed

In other ResMed news, Director Witte Jan De sold 360 shares of ResMed stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $218.29, for a total transaction of $78,584.40. Following the completion of the sale, the director now owns 7,519 shares of the company’s stock, valued at $1,641,322.51. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other ResMed news, Director Witte Jan De sold 360 shares of ResMed stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $218.29, for a total transaction of $78,584.40. Following the transaction, the director now directly owns 7,519 shares of the company’s stock, valued at $1,641,322.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Justin Leong sold 48,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $217.07, for a total transaction of $10,419,360.00. Following the completion of the sale, the insider now owns 18,741 shares of the company’s stock, valued at $4,068,108.87. The disclosure for this sale can be found here. Insiders have sold 95,409 shares of company stock valued at $20,201,279 over the last three months. 1.21% of the stock is owned by corporate 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.