ResMed Inc. (NYSE:RMD) Stake Increased by Prudential PLC

Prudential PLC increased its stake in ResMed Inc. (NYSE:RMD) by 1,063.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,812 shares of the medical equipment provider’s stock after buying an additional 18,109 shares during the period. Prudential PLC’s holdings in ResMed were worth $3,792,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Atlantic Edge Private Wealth Management LLC acquired a new position in ResMed in the fourth quarter worth $27,000. OFI Invest Asset Management acquired a new position in ResMed in the second quarter worth $32,000. BOK Financial Private Wealth Inc. acquired a new position in ResMed in the first quarter worth $35,000. Versant Capital Management Inc boosted its holdings in ResMed by 196.7% in the second quarter. Versant Capital Management Inc now owns 181 shares of the medical equipment provider’s stock worth $35,000 after purchasing an additional 120 shares during the period. Finally, Financial Connections Group Inc. acquired a new position in ResMed in the second quarter worth $37,000. Institutional investors own 54.98% of the company’s stock.

ResMed Stock Performance

RMD stock opened at $252.82 on Wednesday. The company has a market capitalization of $37.15 billion, a P/E ratio of 38.84, a PEG ratio of 2.44 and a beta of 0.69. The company has a 50-day simple moving average of $218.37 and a 200 day simple moving average of $205.73. ResMed Inc. has a fifty-two week low of $132.24 and a fifty-two week high of $255.18. The company has a quick ratio of 1.69, a current ratio of 2.59 and a debt-to-equity ratio of 0.14.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.05. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.22 billion. ResMed had a net margin of 21.79% and a return on equity of 25.00%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.60 earnings per share. Sell-side analysts predict that ResMed Inc. will post 8.91 earnings per share for the current fiscal year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Thursday, August 15th will be given a $0.53 dividend. The ex-dividend date of this dividend is Thursday, August 15th. This is a boost from ResMed’s previous quarterly dividend of $0.48. This represents a $2.12 annualized dividend and a yield of 0.84%. ResMed’s payout ratio is 32.57%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on RMD shares. Citigroup downgraded shares of ResMed from a “buy” rating to a “neutral” rating in a report on Monday, June 24th. KeyCorp lifted their price objective on shares of ResMed from $238.00 to $251.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Oppenheimer downgraded shares of ResMed from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 25th. Needham & Company LLC downgraded shares of ResMed from a “buy” rating to a “hold” rating and set a $236.00 price target for the company. in a report on Wednesday, September 4th. Finally, Royal Bank of Canada boosted their price target on shares of ResMed from $204.00 to $206.00 and gave the company a “sector perform” rating in a report on Friday, August 2nd. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $204.70.

Insiders Place Their Bets

In other ResMed news, CFO Brett Sandercock sold 1,000 shares of the business’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $194.35, for a total value of $194,350.00. Following the sale, the chief financial officer now directly owns 90,056 shares in the company, valued at $17,502,383.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other ResMed news, CEO Michael J. Farrell sold 14,683 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $192.97, for a total transaction of $2,833,378.51. Following the sale, the chief executive officer now owns 440,799 shares in the company, valued at approximately $85,060,983.03. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Brett Sandercock sold 1,000 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $194.35, for a total value of $194,350.00. Following the sale, the chief financial officer now owns 90,056 shares in the company, valued at approximately $17,502,383.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 97,931 shares of company stock worth $21,382,007. 1.21% of the stock is owned by corporate insiders.

ResMed Company Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.