Van ECK Associates Corp Has $9.34 Million Position in ResMed Inc. (NYSE:RMD)

Van ECK Associates Corp increased its position in shares of ResMed Inc. (NYSE:RMD) by 2.9% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 39,334 shares of the medical equipment provider’s stock after purchasing an additional 1,121 shares during the period. Van ECK Associates Corp’s holdings in ResMed were worth $9,338,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in RMD. Janney Montgomery Scott LLC grew its position in ResMed by 1.0% in the third quarter. Janney Montgomery Scott LLC now owns 85,507 shares of the medical equipment provider’s stock valued at $20,874,000 after acquiring an additional 811 shares during the last quarter. Lebenthal Global Advisors LLC acquired a new stake in shares of ResMed in the 3rd quarter valued at approximately $230,000. Stephens Inc. AR grew its holdings in shares of ResMed by 25.4% during the 3rd quarter. Stephens Inc. AR now owns 57,459 shares of the medical equipment provider’s stock valued at $14,027,000 after purchasing an additional 11,638 shares during the last quarter. Stephens Investment Management Group LLC grew its holdings in shares of ResMed by 2.2% during the 3rd quarter. Stephens Investment Management Group LLC now owns 336,554 shares of the medical equipment provider’s stock valued at $82,160,000 after purchasing an additional 7,330 shares during the last quarter. Finally, First Trust Direct Indexing L.P. increased its position in ResMed by 11.6% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 5,446 shares of the medical equipment provider’s stock worth $1,329,000 after purchasing an additional 568 shares in the last quarter. 54.98% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on RMD. Royal Bank of Canada boosted their target price on shares of ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a research note on Friday, October 25th. Needham & Company LLC restated a “hold” rating on shares of ResMed in a research report on Friday, October 25th. KeyCorp upped their target price on ResMed from $251.00 to $266.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Bank of America lifted their price target on ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Finally, Baird R W raised ResMed to a “strong-buy” rating in a research note on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $225.70.

Insider Activity at ResMed

In other ResMed news, General Counsel Michael J. Rider sold 882 shares of ResMed stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $231.00, for a total value of $203,742.00. Following the completion of the sale, the general counsel now directly owns 10,512 shares in the company, valued at approximately $2,428,272. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other ResMed news, General Counsel Michael J. Rider sold 882 shares of the firm’s stock in a transaction 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 completion of the sale, the general counsel now directly owns 10,512 shares in the company, valued at approximately $2,428,272. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $239.90, for a total transaction of $479,800.00. Following the transaction, the director now owns 87,204 shares in the company, valued at $20,920,239.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 60,260 shares of company stock worth $14,390,487 in the last 90 days. Corporate insiders own 0.71% of the company’s stock.

ResMed Stock Performance

NYSE:RMD opened at $245.63 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.92. ResMed Inc. has a fifty-two week low of $140.81 and a fifty-two week high of $260.49. The company has a 50 day simple moving average of $243.12 and a two-hundred day simple moving average of $221.39. The company has a market capitalization of $36.06 billion, a PE ratio of 32.53, a P/E/G ratio of 1.78 and a beta of 0.69.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.17. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.19 billion. ResMed had a net margin of 23.15% and a return on equity of 25.53%. ResMed’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.64 earnings per share. Research analysts anticipate that ResMed Inc. will post 9.22 earnings per share for the current year.

ResMed Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 7th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date of this dividend is Thursday, November 7th. ResMed’s dividend 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.