Paralel Advisors LLC Invests $2.01 Million in ResMed Inc. $RMD

Paralel Advisors LLC acquired a new position in ResMed Inc. (NYSE:RMD) in the 2nd quarter, HoldingsChannel reports. The fund acquired 10,293 shares of the medical equipment provider’s stock, valued at approximately $2,006,000.

A number of other hedge funds have also bought and sold shares of RMD. International Assets Investment Management LLC purchased a new position in shares of ResMed in the fourth quarter valued at $25,000. Bell Investment Advisors Inc bought a new position in shares of ResMed in the second quarter worth approximately $26,000. Imprint Wealth LLC bought a new position in shares of ResMed in the 3rd quarter worth $26,000. WFA of San Diego LLC purchased a new stake in shares of ResMed during the 2nd quarter valued at $26,000. Finally, Sunbelt Securities Inc. purchased a new stake in shares of ResMed during the 3rd quarter valued at $31,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RMD has been the subject of a number of research analyst reports. Weiss Ratings raised shares of ResMed from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Rothschild & Co Redburn began coverage on ResMed in a research note on Wednesday. They issued a “neutral” rating and a $230.00 target price on the stock. UBS Group restated a “buy” rating and set a $300.00 price target on shares of ResMed in a research report on Tuesday, July 21st. Citigroup reaffirmed a “neutral” rating and set a $235.00 price target (down from $270.00) on shares of ResMed in a research note on Sunday, July 12th. Finally, Robert W. Baird set a $213.00 price objective on ResMed in a report on Friday, August 7th. Seven equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $239.38.

ResMed Trading Down 0.8%

RMD opened at $228.81 on Friday. The business has a 50 day simple moving average of $206.48 and a two-hundred day simple moving average of $219.98. The firm has a market capitalization of $33.01 billion, a price-to-earnings ratio of 21.94, a PEG ratio of 1.45 and a beta of 0.76. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 2.42. ResMed Inc. has a one year low of $180.26 and a one year high of $293.81.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share for the quarter, topping the consensus estimate of $2.89 by $0.06. The business had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.46 billion. ResMed had a return on equity of 25.58% and a net margin of 26.94%.The business’s revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the business posted $2.55 EPS. Analysts predict that ResMed Inc. will post 12.03 EPS for the current year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, August 20th will be paid a $0.66 dividend. The ex-dividend date of this dividend is Thursday, August 20th. This is a positive change from ResMed’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a yield of 1.2%. ResMed’s payout ratio is 23.01%.

Insiders Place Their Bets

In related news, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction on Friday, August 7th. The shares were sold at an average price of $205.69, for a total value of $1,026,598.79. Following the sale, the chief executive officer owned 466,256 shares in the company, valued at $95,904,196.64. The trade was a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 8,000 shares of ResMed stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the sale, the director directly owned 52,773 shares in the company, valued at $11,873,925. The trade was a 13.16% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 22,973 shares of company stock valued at $4,885,436 in the last ninety days. 0.65% of the stock is currently owned by insiders.

About ResMed

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.