Paralel Advisors LLC Buys Shares of 10,293 ResMed Inc. $RMD

Paralel Advisors LLC purchased a new position in shares of ResMed Inc. (NYSE:RMD) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,293 shares of the medical equipment provider’s stock, valued at approximately $2,006,000.

A number of other large investors also recently modified their holdings of RMD. Hsbc Holdings PLC raised its holdings in ResMed by 17.6% in the 4th quarter. Hsbc Holdings PLC now owns 328,785 shares of the medical equipment provider’s stock valued at $79,321,000 after buying an additional 49,253 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of ResMed by 13.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 979,087 shares of the medical equipment provider’s stock valued at $235,833,000 after acquiring an additional 118,296 shares during the last quarter. BlackRock Inc. acquired a new position in shares of ResMed during the second quarter worth $2,400,375,000. Fideuram Asset Management Ireland dac acquired a new position in shares of ResMed during the fourth quarter worth $4,712,000. Finally, Legal & General Group Plc grew its stake in shares of ResMed by 3.6% in the fourth quarter. Legal & General Group Plc now owns 992,527 shares of the medical equipment provider’s stock worth $239,070,000 after purchasing an additional 34,317 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on RMD shares. Citigroup reaffirmed a “neutral” rating and set a $235.00 target price (down from $270.00) on shares of ResMed in a research report on Sunday, July 12th. UBS Group reiterated a “buy” rating and issued a $300.00 price target on shares of ResMed in a research report on Tuesday, July 21st. Robert W. Baird set a $213.00 price target on ResMed in a research note on Friday, August 7th. Royal Bank Of Canada increased their price target on ResMed from $234.00 to $244.00 and gave the company a “sector perform” rating in a research note on Friday, August 7th. Finally, Rothschild & Co Redburn initiated coverage on ResMed in a research report on Wednesday. They set a “neutral” rating and a $230.00 price objective for the company. Seven equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, ResMed currently has an average rating of “Hold” and an average target price of $239.38.

Insider Activity at ResMed

In other ResMed news, Director Peter C. Farrell sold 8,000 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the completion of the sale, the director owned 52,773 shares in the company, valued at approximately $11,873,925. The trade was a 13.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $205.69, for a total transaction of $1,026,598.79. Following the transaction, the chief executive officer owned 466,256 shares in the company, valued at approximately $95,904,196.64. The trade was a 1.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 22,973 shares of company stock valued at $4,885,436. Corporate insiders own 0.65% of the company’s stock.

ResMed Stock Performance

Shares of RMD opened at $228.81 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 2.42. The stock has a 50-day moving average of $206.48 and a 200-day moving average of $219.98. The company has a market cap of $33.01 billion, a PE ratio of 21.94, a P/E/G ratio of 1.45 and a beta of 0.76. ResMed Inc. has a one year low of $180.26 and a one year high of $293.81.

ResMed (NYSE:RMD) last issued its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 EPS for the quarter, beating analysts’ consensus estimates of $2.89 by $0.06. The business had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.46 billion. ResMed had a return on equity of 25.58% and a net margin of 26.94%.The firm’s revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.55 EPS. On average, equities research analysts predict that ResMed Inc. will post 12.03 EPS for the current fiscal year.

ResMed Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, August 20th will be issued a dividend of $0.66 per share. This is a positive change from ResMed’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Thursday, August 20th. ResMed’s dividend payout ratio is presently 23.01%.

About ResMed

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.