Pallas Capital Advisors LLC Purchases New Shares in ResMed Inc. (NYSE:RMD)

Pallas Capital Advisors LLC acquired a new position in ResMed Inc. (NYSE:RMD) during the second quarter, according to the company in its most recent filing with the SEC. The fund acquired 1,293 shares of the medical equipment provider’s stock, valued at approximately $264,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Atlantic Edge Private Wealth Management LLC acquired a new stake in ResMed during the 4th quarter valued at approximately $27,000. Hall Laurie J Trustee bought a new position in shares of ResMed during the first quarter worth about $32,000. OFI Invest Asset Management acquired a new position in ResMed in the second quarter worth about $32,000. BOK Financial Private Wealth Inc. bought a new stake in ResMed in the first quarter valued at about $35,000. Finally, Versant Capital Management Inc raised its stake in ResMed by 196.7% during the second quarter. Versant Capital Management Inc now owns 181 shares of the medical equipment provider’s stock valued at $35,000 after buying an additional 120 shares in the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Price Performance

Shares of RMD stock traded down $7.24 during mid-day trading on Tuesday, hitting $224.06. 391,602 shares of the stock traded hands, compared to its average volume of 1,051,299. ResMed Inc. has a twelve month low of $132.24 and a twelve month high of $231.50. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.69 and a current ratio of 2.59. The company’s 50-day simple moving average is $206.12 and its 200-day simple moving average is $199.52. The firm has a market cap of $32.92 billion, a price-to-earnings ratio of 35.50, a price-to-earnings-growth ratio of 2.26 and a beta of 0.66.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.05. ResMed had a net margin of 21.79% and a return on equity of 25.00%. The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the previous year, the company posted $1.60 EPS. The business’s revenue was up 6.9% compared to the same quarter last year. As a group, equities research analysts expect that ResMed Inc. will post 8.72 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. Stockholders of record on Thursday, August 15th will be paid a dividend of $0.53 per share. The ex-dividend date is Thursday, August 15th. This is a positive change from ResMed’s previous quarterly dividend of $0.48. This represents a $2.12 annualized dividend and a dividend yield of 0.95%. ResMed’s dividend payout ratio (DPR) is currently 32.57%.

Insider Transactions at ResMed

In other ResMed news, CEO Michael J. Farrell sold 14,683 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $211.66, for a total value of $3,107,803.78. Following the completion of the transaction, the chief executive officer now directly owns 440,799 shares in the company, valued at $93,299,516.34. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Michael J. Farrell sold 14,683 shares of the stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $211.66, for a total value of $3,107,803.78. Following the completion of the sale, the chief executive officer now directly owns 440,799 shares of the company’s stock, valued at approximately $93,299,516.34. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Justin Leong sold 48,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now owns 18,741 shares in the company, valued at approximately $4,068,108.87. The disclosure for this sale can be found here. Insiders have sold 95,049 shares of company stock valued at $20,122,695 over the last three months. Company insiders own 1.21% of the company’s stock.

Analyst Ratings Changes

RMD has been the subject of several research reports. Royal Bank of Canada lifted their target price on ResMed from $204.00 to $206.00 and gave the stock a “sector perform” rating in a research report on Friday, August 2nd. Citigroup cut shares of ResMed from a “buy” rating to a “neutral” rating in a report on Monday, June 24th. KeyCorp boosted their price objective on shares of ResMed from $238.00 to $251.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and issued a $236.00 target price on shares of ResMed in a report on Friday, August 2nd. Finally, StockNews.com upgraded ResMed from a “hold” rating to a “buy” rating in a research report on Tuesday, August 6th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $204.70.

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.