Thrivent Financial for Lutherans Raises Stake in ResMed Inc. (NYSE:RMD)

Thrivent Financial for Lutherans lifted its stake in ResMed Inc. (NYSE:RMD) by 12.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,952 shares of the medical equipment provider’s stock after purchasing an additional 755 shares during the period. Thrivent Financial for Lutherans’ holdings in ResMed were worth $1,697,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its position in shares of ResMed by 51.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,772,761 shares of the medical equipment provider’s stock worth $1,105,022,000 after buying an additional 1,959,642 shares in the last quarter. Marshall Wace LLP bought a new position in ResMed during the 2nd quarter worth about $77,285,000. Greenvale Capital LLP increased its position in ResMed by 61.1% during the 2nd quarter. Greenvale Capital LLP now owns 725,000 shares of the medical equipment provider’s stock valued at $138,780,000 after purchasing an additional 275,000 shares during the period. Los Angeles Capital Management LLC raised its holdings in shares of ResMed by 48.3% in the 2nd quarter. Los Angeles Capital Management LLC now owns 740,226 shares of the medical equipment provider’s stock valued at $141,694,000 after purchasing an additional 241,195 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of ResMed in the 2nd quarter worth approximately $42,036,000. Institutional investors own 54.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on RMD. KeyCorp increased their price objective on shares of ResMed from $251.00 to $266.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Needham & Company LLC reiterated a “hold” rating on shares of ResMed in a report on Friday, October 25th. StockNews.com upgraded ResMed from a “hold” rating to a “buy” rating in a research note on Tuesday, October 15th. Baird R W raised ResMed to a “strong-buy” rating in a research report on Tuesday, September 24th. Finally, Bank of America boosted their target price on shares of ResMed from $240.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $225.70.

ResMed Price Performance

Shares of NYSE RMD opened at $249.26 on Friday. ResMed Inc. has a fifty-two week low of $156.39 and a fifty-two week high of $260.49. The company has a market cap of $36.59 billion, a PE ratio of 33.01, a P/E/G ratio of 1.81 and a beta of 0.69. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.92. The business has a 50-day simple moving average of $242.24 and a two-hundred day simple moving average of $225.60.

ResMed (NYSE:RMD) last released its earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 EPS for the quarter, topping analysts’ consensus estimates 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% on a year-over-year basis. During the same period last year, the business earned $1.64 EPS. As a group, equities analysts expect that ResMed Inc. will post 9.28 EPS for the current fiscal year.

ResMed Dividend Announcement

The business 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 dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $2.12 annualized dividend and a dividend yield of 0.85%. ResMed’s payout ratio is currently 28.08%.

Insider Activity

In other news, CEO Michael J. Farrell sold 14,683 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $248.38, for a total value of $3,646,963.54. Following the sale, the chief executive officer now directly owns 464,169 shares of the company’s stock, valued at $115,290,296.22. This represents a 3.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Witte Jan De sold 796 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $248.81, for a total transaction of $198,052.76. Following the transaction, the director now directly owns 6,723 shares of the company’s stock, valued at approximately $1,672,749.63. This trade represents a 10.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 68,334 shares of company stock valued at $16,379,713 over the last ninety days. 0.71% of the stock is currently owned by insiders.

About ResMed

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.