Jupiter Topco LLC Takes Position in ResMed Inc. $RMD

Jupiter Topco LLC purchased a new stake in ResMed Inc. (NYSE:RMD) in the second quarter, Holdings Channel reports. The institutional investor purchased 15,143 shares of the medical equipment provider’s stock, valued at approximately $2,950,000.

Several other hedge funds also recently modified their holdings of the company. Hsbc Holdings PLC acquired a new position in ResMed in the 2nd quarter worth about $69,292,000. Canada Pension Plan Investment Board bought a new position in ResMed in the second quarter valued at about $10,818,000. Parkman Healthcare Partners LLC acquired a new stake in shares of ResMed during the second quarter valued at about $6,428,000. Legal & General Group Plc acquired a new stake in shares of ResMed during the second quarter valued at about $183,697,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of ResMed during the second quarter worth about $14,380,000. Institutional investors and hedge funds own 54.98% of the company’s stock.

Insider Activity at ResMed

In other ResMed news, Director Peter C. Farrell sold 8,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director owned 52,773 shares in the company, valued at approximately $11,873,925. This trade represents a 13.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 466,256 shares in the company, valued at $95,904,196.64. This trade represents 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. Insiders sold 22,973 shares of company stock worth $4,885,436 over the last quarter. 0.65% of the stock is currently owned by company insiders.

ResMed Stock Down 0.1%

Shares of RMD opened at $231.03 on Thursday. The company has a market capitalization of $33.33 billion, a PE ratio of 22.15, a PEG ratio of 1.45 and a beta of 0.77. ResMed Inc. has a 12 month low of $180.26 and a 12 month high of $284.87. The stock’s 50-day moving average price is $214.34 and its two-hundred day moving average price is $218.32. The company has a current ratio of 3.10, a quick ratio of 2.42 and a debt-to-equity ratio of 0.06.

ResMed (NYSE:RMD) last released its quarterly 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 firm had revenue of $1.46 billion for 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 business’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.55 EPS. On average, analysts anticipate that ResMed Inc. will post 12.03 EPS for the current year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, August 20th will be paid a $0.66 dividend. This is an increase from ResMed’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Thursday, August 20th. ResMed’s payout ratio is presently 25.31%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on RMD shares. Robert W. Baird set a $213.00 price objective on ResMed in a research note on Friday, August 7th. Weiss Ratings upgraded shares of ResMed from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. UBS Group reiterated a “buy” rating and set a $300.00 target price on shares of ResMed in a research report on Tuesday, July 21st. Mizuho reduced their target price on shares of ResMed from $235.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday, July 15th. Finally, Rothschild & Co Redburn initiated coverage on shares of ResMed in a research report on Wednesday, August 19th. They issued a “neutral” rating and a $230.00 price target for the company. Six analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $240.31.

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.