Meeder Asset Management Inc. Has $785,000 Position in ResMed Inc. (NYSE:RMD)

Meeder Asset Management Inc. grew its position in shares of ResMed Inc. (NYSE:RMD) by 7,381.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,217 shares of the medical equipment provider’s stock after purchasing an additional 3,174 shares during the quarter. Meeder Asset Management Inc.’s holdings in ResMed were worth $785,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. iA Global Asset Management Inc. acquired a new stake in ResMed during the 1st quarter worth approximately $3,055,000. Versor Investments LP increased its holdings in ResMed by 327.3% in the second quarter. Versor Investments LP now owns 4,700 shares of the medical equipment provider’s stock valued at $900,000 after purchasing an additional 3,600 shares during the period. Assenagon Asset Management S.A. raised its position in ResMed by 245.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 33,507 shares of the medical equipment provider’s stock worth $6,414,000 after purchasing an additional 23,801 shares during the last quarter. Addenda Capital Inc. raised its position in ResMed by 17.4% during the 2nd quarter. Addenda Capital Inc. now owns 58,986 shares of the medical equipment provider’s stock worth $11,291,000 after purchasing an additional 8,747 shares during the last quarter. Finally, Asset Management One Co. Ltd. lifted its holdings in ResMed by 5.1% during the 3rd quarter. Asset Management One Co. Ltd. now owns 58,860 shares of the medical equipment provider’s stock worth $14,369,000 after buying an additional 2,878 shares during the period. 54.98% of the stock is currently owned by institutional investors.

Insider Transactions at ResMed

In related news, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $239.90, for a total transaction of $479,800.00. Following the transaction, the director now owns 87,204 shares of the company’s stock, valued at $20,920,239.60. The trade was a 2.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Witte Jan De sold 796 shares of the stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $248.81, for a total value of $198,052.76. Following the completion of the sale, the director now directly owns 6,723 shares of the company’s stock, valued at $1,672,749.63. The trade was a 10.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 62,174 shares of company stock valued at $14,882,278 over the last three months. Corporate insiders own 0.71% of the company’s stock.

ResMed Stock Performance

Shares of ResMed stock opened at $238.04 on Wednesday. The business has a 50-day simple moving average of $242.33 and a 200 day simple moving average of $223.97. The firm has a market capitalization of $34.94 billion, a price-to-earnings ratio of 31.53, a PEG ratio of 1.71 and a beta of 0.69. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.92 and a quick ratio of 1.91. ResMed Inc. has a one year low of $148.03 and a one year high of $260.49.

ResMed (NYSE:RMD) last issued its earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.17. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period in the prior year, the firm earned $1.64 earnings per share. ResMed’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, research analysts anticipate that ResMed Inc. will post 9.28 earnings per share for the current fiscal year.

ResMed Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 7th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date of this dividend is Thursday, November 7th. ResMed’s dividend payout ratio is currently 28.08%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RMD. Wolfe Research restated an “underperform” rating and set a $180.00 price objective on shares of ResMed in a research report on Wednesday, September 18th. Baird R W upgraded shares of ResMed to a “strong-buy” rating in a report on Tuesday, September 24th. Royal Bank of Canada upped their price objective on shares of ResMed from $224.00 to $232.00 and gave the company a “sector perform” rating in a research note on Friday, October 25th. KeyCorp lifted their target price on shares of ResMed from $251.00 to $266.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $225.70.

ResMed Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company 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 ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.