ResMed Inc. $RMD Stock Position Raised by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. increased its stake in shares of ResMed Inc. (NYSE:RMD) by 9.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 25,890 shares of the medical equipment provider’s stock after purchasing an additional 2,129 shares during the period. Rakuten Investment Management Inc.’s holdings in ResMed were worth $5,769,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RMD. BlackRock Inc. acquired a new position in ResMed in the 2nd quarter valued at $2,400,375,000. Bank of New York Mellon Corp acquired a new stake in shares of ResMed in the 2nd quarter worth $818,030,000. Deutsche Bank AG purchased a new stake in shares of ResMed in the second quarter valued at about $257,692,000. Legal & General Group Plc purchased a new stake in shares of ResMed in the second quarter valued at about $183,697,000. Finally, Bank of America Corp DE purchased a new stake in shares of ResMed in the second quarter valued at about $151,115,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

ResMed Stock Performance

RMD opened at $239.32 on Friday. The stock has a market cap of $33.66 billion, a P/E ratio of 21.80, a P/E/G ratio of 1.46 and a beta of 0.77. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.65 and a quick ratio of 1.88. The stock’s 50 day simple moving average is $231.93 and its 200 day simple moving average is $224.96. ResMed Inc. has a 1-year low of $180.26 and a 1-year high of $277.67.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, October 29th. The medical equipment provider reported $2.91 earnings per share for the quarter, beating the consensus estimate of $2.67 by $0.24. The firm had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.39 billion. ResMed had a return on equity of 26.42% and a net margin of 27.79%. ResMed’s quarterly revenue was up 5.9% on a year-over-year basis. During the same period last year, the business posted $2.55 EPS. As a group, equities analysts anticipate that ResMed Inc. will post 12.14 EPS for the current fiscal year.

ResMed Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Shareholders of record on Thursday, November 12th will be issued a $0.66 dividend. The ex-dividend date of this dividend is Thursday, November 12th. This represents a $2.64 annualized dividend and a yield of 1.1%. ResMed’s dividend payout ratio is 24.04%.

Insider Buying and Selling at ResMed

In other news, CEO Michael Farrell sold 4,991 shares of the firm’s stock in a transaction on Wednesday, October 7th. The stock was sold at an average price of $226.33, for a total value of $1,129,613.03. Following the completion of the transaction, the chief executive officer owned 479,803 shares in the company, valued at $108,593,812.99. This trade represents a 1.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Michael Rider sold 400 shares of ResMed stock in a transaction on Friday, October 23rd. The stock was sold at an average price of $255.00, for a total value of $102,000.00. Following the transaction, the general counsel directly owned 12,318 shares of the company’s stock, valued at $3,141,090. This trade represents a 3.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 11,352 shares of company stock valued at $2,569,499. Insiders own 0.58% of the company’s stock.

Wall Street Analyst Weigh In

RMD has been the topic of a number of recent analyst reports. Citigroup boosted their price target on shares of ResMed from $240.00 to $270.00 and gave the stock a “neutral” rating in a research note on Friday, October 30th. UBS Group restated a “buy” rating and issued a $300.00 price objective on shares of ResMed in a research report on Tuesday, July 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a report on Friday, October 30th. Royal Bank Of Canada lifted their price objective on ResMed from $262.00 to $288.00 and gave the company an “outperform” rating in a report on Friday, October 30th. Finally, Rothschild & Co Redburn began coverage on ResMed in a research report on Wednesday, August 19th. They set a “neutral” rating and a $230.00 target price on the stock. Seven analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $253.69.

About ResMed

ResMed Inc is a medical equipment and software company that develops solutions for sleep-disordered breathing, respiratory conditions and other chronic diseases. The company is best known for its positive airway pressure (PAP) devices used to treat obstructive sleep apnea, along with masks, accessories and related patient support services.

ResMed also provides cloud-connected health technology, including remote-monitoring platforms and software used by healthcare providers, medical equipment suppliers and care organizations.