First Trust Advisors LP Increases Stock Position in ResMed Inc. $RMD

First Trust Advisors LP lifted its position in shares of ResMed Inc. (NYSE:RMD) by 1.3% during the first quarter, Holdings Channel reports. The firm owned 1,537,825 shares of the medical equipment provider’s stock after acquiring an additional 20,233 shares during the quarter. First Trust Advisors LP’s holdings in ResMed were worth $345,211,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. International Assets Investment Management LLC purchased a new position in shares of ResMed during the fourth quarter worth approximately $25,000. ORG Partners LLC raised its position in ResMed by 181.6% in the 4th quarter. ORG Partners LLC now owns 107 shares of the medical equipment provider’s stock valued at $26,000 after purchasing an additional 69 shares during the last quarter. Imprint Wealth LLC purchased a new stake in ResMed in the 3rd quarter valued at $26,000. WFA of San Diego LLC acquired a new stake in ResMed during the 2nd quarter worth $26,000. Finally, Sunbelt Securities Inc. acquired a new stake in ResMed during the 3rd quarter worth $31,000. 54.98% of the stock is owned by institutional investors and hedge funds.

ResMed Stock Performance

NYSE:RMD opened at $195.68 on Wednesday. The firm’s fifty day moving average price is $199.23 and its 200 day moving average price is $225.89. ResMed Inc. has a 1-year low of $180.26 and a 1-year high of $293.81. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.01 and a quick ratio of 2.33. The firm has a market cap of $28.38 billion, a price-to-earnings ratio of 18.87, a price-to-earnings-growth ratio of 1.20 and a beta of 0.78.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, topping analysts’ consensus estimates of $2.79 by $0.07. ResMed had a net margin of 27.44% and a return on equity of 25.35%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the prior year, the firm earned $2.37 EPS. ResMed’s quarterly revenue was up 10.8% on a year-over-year basis. On average, sell-side analysts expect that ResMed Inc. will post 11.13 EPS for the current year.

ResMed Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, May 14th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Thursday, May 14th. ResMed’s payout ratio is 23.14%.

Insider Activity

In related news, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $218.55, for a total transaction of $1,090,783.05. Following the completion of the transaction, the chief executive officer directly owned 466,223 shares of the company’s stock, valued at $101,893,036.65. This represents a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 14,973 shares of company stock worth $3,096,067 in the last quarter. Insiders own 0.65% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on RMD shares. Citigroup restated a “neutral” rating and issued a $235.00 price objective (down from $270.00) on shares of ResMed in a research note on Sunday, July 12th. Wells Fargo & Company decreased their target price on shares of ResMed from $227.00 to $225.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 8th. Jefferies Financial Group lowered their price target on ResMed from $240.00 to $225.00 and set a “hold” rating on the stock in a report on Friday, July 10th. Robert W. Baird set a $225.00 price target on ResMed in a research report on Friday, May 1st. Finally, Evercore set a $255.00 price objective on ResMed and gave the company an “outperform” rating in a research note on Monday, April 13th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $246.25.

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.