Quarry LP Grows Position in ResMed Inc. (NYSE:RMD)

Quarry LP boosted its stake in ResMed Inc. (NYSE:RMD) by 271.9% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 331 shares of the medical equipment provider’s stock after acquiring an additional 242 shares during the period. Quarry LP’s holdings in ResMed were worth $63,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of RMD. BOK Financial Private Wealth Inc. purchased a new stake in shares of ResMed in the 1st quarter valued at approximately $35,000. OFI Invest Asset Management purchased a new stake in ResMed in the second quarter valued at approximately $32,000. Versant Capital Management Inc lifted its stake in ResMed by 196.7% during 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 in the last quarter. Financial Connections Group Inc. purchased a new position in shares of ResMed during the second quarter worth $37,000. Finally, Riverview Trust Co acquired a new stake in shares of ResMed in the first quarter valued at $42,000. Institutional investors and hedge funds own 54.98% of the company’s stock.

Insiders Place Their Bets

In other 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 value of $2,833,378.51. Following the completion of the sale, the chief executive officer now directly owns 440,799 shares of the company’s stock, valued at approximately $85,060,983.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Brett Sandercock sold 1,000 shares of ResMed stock in a transaction on Monday, July 8th. The shares were sold at an average price of $194.35, for a total value of $194,350.00. Following the transaction, the chief financial officer now directly owns 90,056 shares of the company’s stock, valued at approximately $17,502,383.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael J. Farrell sold 14,683 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately $85,060,983.03. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 104,931 shares of company stock valued at $23,119,207. 1.21% of the stock is currently owned by insiders.

ResMed Price Performance

Shares of NYSE RMD opened at $238.43 on Friday. The stock’s 50-day simple moving average is $233.29 and its 200-day simple moving average is $212.51. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.69 and a current ratio of 2.59. The firm has a market capitalization of $35.03 billion, a PE ratio of 36.63, a price-to-earnings-growth ratio of 2.36 and a beta of 0.69. ResMed Inc. has a fifty-two week low of $132.24 and a fifty-two week high of $255.18.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.05. ResMed had a net margin of 21.79% and a return on equity of 25.00%. The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter last year, the company earned $1.60 earnings per share. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. As a group, equities research analysts forecast that ResMed Inc. will post 8.97 EPS for the current fiscal year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Thursday, August 15th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.89%. The ex-dividend date of this dividend was Thursday, August 15th. This is an increase from ResMed’s previous quarterly dividend of $0.48. ResMed’s dividend payout ratio is currently 32.57%.

Analysts Set New Price Targets

A number of brokerages recently commented on RMD. Wolfe Research restated an “underperform” rating and set a $180.00 target price on shares of ResMed in a report on Wednesday, September 18th. Bank of America lifted their price objective on shares of ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Citigroup lowered shares of ResMed from a “buy” rating to a “neutral” rating in a report on Monday, June 24th. KeyCorp boosted their price target on shares of ResMed from $238.00 to $251.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Finally, StockNews.com cut ResMed from a “buy” rating to a “hold” rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $213.75.

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.