5,659 Shares in ResMed Inc. (NYSE:RMD) Purchased by Fred Alger Management LLC

Fred Alger Management LLC acquired a new position in shares of ResMed Inc. (NYSE:RMD) in the third quarter, Holdings Channel.com reports. The institutional investor acquired 5,659 shares of the medical equipment provider’s stock, valued at approximately $1,381,000.

Several other institutional investors and hedge funds also recently bought and sold shares of RMD. Bank of New York Mellon Corp grew its position in ResMed by 51.4% during the second quarter. Bank of New York Mellon Corp now owns 5,772,761 shares of the medical equipment provider’s stock valued at $1,105,022,000 after purchasing an additional 1,959,642 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of ResMed during the 2nd quarter valued at $77,285,000. Greenvale Capital LLP increased its stake in shares of ResMed by 61.1% in the second quarter. Greenvale Capital LLP now owns 725,000 shares of the medical equipment provider’s stock worth $138,780,000 after acquiring an additional 275,000 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in shares of ResMed by 48.3% during the second quarter. Los Angeles Capital Management LLC now owns 740,226 shares of the medical equipment provider’s stock worth $141,694,000 after acquiring an additional 241,195 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in ResMed during the second quarter valued at $42,036,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Activity

In other news, insider Justin Leong sold 6,160 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $243.09, for a total value of $1,497,434.40. Following the completion of the transaction, the insider now owns 21,718 shares in the company, valued at approximately $5,279,428.62. This represents a 22.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael J. Farrell sold 14,683 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $248.38, for a total transaction of $3,646,963.54. Following the completion of the sale, the chief executive officer now directly owns 464,169 shares in the company, valued at approximately $115,290,296.22. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 68,334 shares of company stock valued at $16,379,713. Insiders own 0.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. KeyCorp upped their target price on ResMed from $251.00 to $266.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a research report on Friday, October 25th. Robert W. Baird boosted their target price on shares of ResMed from $280.00 to $283.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Bank of America raised their price target on shares of ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Finally, StockNews.com upgraded shares of ResMed from a “hold” rating to a “buy” rating in a report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $225.70.

ResMed Trading Down 0.1 %

ResMed stock opened at $249.02 on Monday. ResMed Inc. has a 52 week low of $156.39 and a 52 week high of $260.49. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.92. The firm has a market capitalization of $36.56 billion, a PE ratio of 32.98, a PEG ratio of 1.81 and a beta of 0.69. The business’s 50-day simple moving average is $242.24 and its 200-day simple moving average is $225.70.

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

ResMed Dividend Announcement

The business 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. The ex-dividend date is Thursday, November 7th. This represents a $2.12 annualized dividend and a dividend yield of 0.85%. ResMed’s payout ratio is 28.08%.

ResMed Company 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.