Victory Capital Management Inc. Has $20.06 Million Position in ResMed Inc. (NYSE:RMD)

Victory Capital Management Inc. reduced its stake in shares of ResMed Inc. (NYSE:RMD) by 20.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,796 shares of the medical equipment provider’s stock after selling 27,568 shares during the quarter. Victory Capital Management Inc.’s holdings in ResMed were worth $20,060,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in ResMed by 24.9% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 177,083 shares of the medical equipment provider’s stock worth $35,068,000 after acquiring an additional 35,273 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of ResMed by 8.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 536,459 shares of the medical equipment provider’s stock worth $92,285,000 after purchasing an additional 40,605 shares during the last quarter. Mediolanum International Funds Ltd bought a new stake in shares of ResMed during the first quarter worth $2,246,000. Janney Montgomery Scott LLC grew its holdings in shares of ResMed by 5.3% during the first quarter. Janney Montgomery Scott LLC now owns 81,313 shares of the medical equipment provider’s stock worth $16,102,000 after purchasing an additional 4,075 shares during the last quarter. Finally, Los Angeles Capital Management LLC grew its holdings in shares of ResMed by 3,599.0% during the first quarter. Los Angeles Capital Management LLC now owns 499,031 shares of the medical equipment provider’s stock worth $98,823,000 after purchasing an additional 485,540 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RMD has been the topic of several research analyst reports. Needham & Company LLC cut ResMed from a “buy” rating to a “hold” rating and set a $236.00 target price on the stock. in a report on Wednesday, September 4th. Citigroup cut ResMed from a “buy” rating to a “neutral” rating in a report on Monday, June 24th. StockNews.com cut ResMed from a “buy” rating to a “hold” rating in a report on Friday, August 30th. Royal Bank of Canada raised their price target on ResMed from $204.00 to $206.00 and gave the company a “sector perform” rating in a report on Friday, August 2nd. Finally, KeyCorp raised their price target on ResMed from $238.00 to $251.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $204.70.

Insider Transactions at ResMed

In other news, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $239.90, for a total transaction of $479,800.00. Following the sale, the director now owns 87,204 shares of the company’s stock, valued at $20,920,239.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 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 value of $479,800.00. Following the sale, the director now owns 87,204 shares of the company’s stock, valued at approximately $20,920,239.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael J. Farrell sold 14,683 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $248.38, for a total value of $3,646,963.54. Following the transaction, the chief executive officer now directly owns 464,169 shares in the company, valued at approximately $115,290,296.22. The disclosure for this sale can be found here. Insiders have sold a total of 97,931 shares of company stock valued at $21,382,007 over the last 90 days. 1.21% of the stock is owned by company insiders.

ResMed Price Performance

Shares of RMD opened at $250.71 on Friday. The company has a current ratio of 2.59, a quick ratio of 1.69 and a debt-to-equity ratio of 0.14. ResMed Inc. has a 1 year low of $132.24 and a 1 year high of $255.18. The stock has a market cap of $36.83 billion, a P/E ratio of 38.51, a price-to-earnings-growth ratio of 2.44 and a beta of 0.69. The stock’s 50-day moving average price is $220.87 and its two-hundred day moving average price is $206.37.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.05. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.22 billion. ResMed had a return on equity of 25.00% and a net margin of 21.79%. ResMed’s revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.60 earnings per share. On average, equities analysts predict that ResMed Inc. will post 8.91 earnings per share for the current year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Thursday, August 15th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.85%. This is a positive change from ResMed’s previous quarterly dividend of $0.48. ResMed’s dividend payout ratio (DPR) is currently 32.57%.

About ResMed

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.