ResMed Inc. $RMD Stock: Rakuten Investment Management Inc. Grows Position

Rakuten Investment Management Inc. lifted its holdings in shares of ResMed Inc. (NYSE:RMD) by 9.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 25,890 shares of the medical equipment provider’s stock after acquiring an additional 2,129 shares during the period. Rakuten Investment Management Inc.’s holdings in ResMed were worth $5,769,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. American Capital Management Inc. purchased a new position in ResMed in the second quarter valued at approximately $44,522,000. BlackRock Inc. purchased a new stake in shares of ResMed during the 2nd quarter worth approximately $2,400,375,000. Polymer Capital Management HK LTD purchased a new stake in shares of ResMed during the 2nd quarter worth approximately $972,000. United Capital Financial Advisors LLC purchased a new stake in shares of ResMed during the 2nd quarter worth approximately $1,105,000. Finally, Tidal Investments LLC boosted its holdings in shares of ResMed by 21.1% in the 2nd quarter. Tidal Investments LLC now owns 32,332 shares of the medical equipment provider’s stock valued at $6,301,000 after buying an additional 5,627 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

ResMed Price Performance

Shares of NYSE RMD opened at $239.32 on Friday. The company has a current ratio of 2.65, a quick ratio of 1.88 and a debt-to-equity ratio of 0.04. ResMed Inc. has a twelve month low of $180.26 and a twelve month high of $277.67. The stock has a 50 day moving average of $231.93 and a two-hundred day moving average of $224.96. The stock has a market cap of $33.66 billion, a P/E ratio of 21.80, a P/E/G ratio of 1.46 and a beta of 0.77.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, October 29th. The medical equipment provider reported $2.91 earnings per share for the quarter, beating the consensus estimate of $2.67 by $0.24. The business had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.39 billion. ResMed had a return on equity of 26.42% and a net margin of 27.79%. The company’s revenue was up 5.9% compared to the same quarter last year. During the same period in the prior year, the company earned $2.55 earnings per share. On average, research analysts forecast that ResMed Inc. will post 12.14 earnings per share for the current year.

ResMed Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 17th. Investors of record on Thursday, November 12th will be given a $0.66 dividend. The ex-dividend date is Thursday, November 12th. This represents a $2.64 annualized dividend and a yield of 1.1%. ResMed’s dividend payout ratio is 24.04%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Rothschild & Co Redburn assumed coverage on shares of ResMed in a research report on Wednesday, August 19th. They issued a “neutral” rating and a $230.00 target price on the stock. Weiss Ratings upgraded shares of ResMed from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. Jefferies Financial Group reduced their price target on shares of ResMed from $240.00 to $225.00 and set a “hold” rating for the company in a research report on Friday, July 10th. KeyCorp boosted their price target on shares of ResMed from $267.00 to $277.00 and gave the company an “overweight” rating in a research report on Friday, October 30th. Finally, Canaccord Genuity Group downgraded shares of ResMed from a “buy” rating to a “hold” rating in a research note on Monday. Seven research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, ResMed currently has an average rating of “Hold” and a consensus price target of $253.69.

Insider Buying and Selling

In related news, Director Peter Farrell sold 970 shares of the stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $234.73, for a total transaction of $227,688.10. Following the completion of the sale, the director owned 51,803 shares in the company, valued at $12,159,718.19. This represents a 1.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Farrell sold 4,991 shares of the firm’s stock in a transaction on Wednesday, October 7th. The stock was sold at an average price of $226.33, for a total transaction of $1,129,613.03. Following the transaction, the chief executive officer directly owned 479,803 shares in the company, valued at $108,593,812.99. The trade was a 1.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 11,352 shares of company stock worth $2,569,499 in the last 90 days. Company insiders own 0.58% of the company’s stock.

About ResMed

ResMed Inc is a medical equipment and software company that develops solutions for sleep-disordered breathing, respiratory conditions and other chronic diseases. The company is best known for its positive airway pressure (PAP) devices used to treat obstructive sleep apnea, along with masks, accessories and related patient support services.

ResMed also provides cloud-connected health technology, including remote-monitoring platforms and software used by healthcare providers, medical equipment suppliers and care organizations.