Oppenheimer Asset Management Inc. Increases Position in ResMed Inc. (NYSE:RMD)

Oppenheimer Asset Management Inc. increased its position in ResMed Inc. (NYSE:RMD) by 7.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,177 shares of the medical equipment provider’s stock after acquiring an additional 674 shares during the period. Oppenheimer Asset Management Inc.’s holdings in ResMed were worth $1,948,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new position in shares of ResMed in the second quarter worth about $32,000. BOK Financial Private Wealth Inc. purchased a new position in ResMed during the 1st quarter worth approximately $35,000. Versant Capital Management Inc lifted its stake in ResMed by 196.7% during the 2nd quarter. Versant Capital Management Inc now owns 181 shares of the medical equipment provider’s stock valued at $35,000 after acquiring an additional 120 shares during the period. Financial Connections Group Inc. acquired a new stake in ResMed during the 2nd quarter valued at approximately $37,000. Finally, Riverview Trust Co purchased a new stake in shares of ResMed in the 1st quarter valued at $42,000. Institutional investors and hedge funds own 54.98% of the company’s stock.

Analysts Set New Price Targets

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

ResMed Price Performance

Shares of ResMed stock opened at $250.88 on Wednesday. The stock has a market capitalization of $36.86 billion, a P/E ratio of 38.54, a PEG ratio of 2.49 and a beta of 0.69. The business has a 50 day simple moving average of $224.34 and a two-hundred day simple moving average of $208.32. ResMed Inc. has a 12 month low of $132.24 and a 12 month high of $255.18. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.59 and a quick ratio of 1.69.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, August 1st. The medical equipment provider reported $2.08 EPS for the quarter, beating the consensus estimate of $2.03 by $0.05. ResMed had a return on equity of 25.00% and a net margin of 21.79%. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the prior year, the company earned $1.60 EPS. The firm’s revenue was up 6.9% compared to the same quarter last year. As a group, analysts predict that ResMed Inc. will post 8.92 EPS for the current fiscal year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Investors 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 is a positive change from ResMed’s previous quarterly dividend of $0.48. This represents a $2.12 dividend on an annualized basis and a yield of 0.85%. ResMed’s payout ratio is presently 32.57%.

Insider Activity at ResMed

In other ResMed news, General Counsel Michael J. Rider sold 882 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $231.00, for a total value of $203,742.00. Following the transaction, the general counsel now directly owns 10,512 shares of the company’s stock, valued at approximately $2,428,272. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, General Counsel Michael J. Rider sold 882 shares of ResMed stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $231.00, for a total transaction of $203,742.00. Following the transaction, the general counsel now owns 10,512 shares in the company, valued at approximately $2,428,272. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 transaction of $194,350.00. Following the transaction, the chief financial officer now directly owns 90,056 shares in the company, valued at approximately $17,502,383.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 102,931 shares of company stock valued at $22,644,807. Corporate insiders own 1.21% of the company’s stock.

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.