Weiss Asset Management LP Grows Stock Position in ResMed Inc. $RMD

Weiss Asset Management LP increased its stake in shares of ResMed Inc. (NYSE:RMD) by 292.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 22,638 shares of the medical equipment provider’s stock after purchasing an additional 16,869 shares during the quarter. Weiss Asset Management LP’s holdings in ResMed were worth $5,082,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. State Street Corp raised its position in ResMed by 1.2% during the 4th quarter. State Street Corp now owns 6,625,408 shares of the medical equipment provider’s stock worth $1,595,862,000 after buying an additional 76,244 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of ResMed by 0.7% in the first quarter. Bank of New York Mellon Corp now owns 4,925,386 shares of the medical equipment provider’s stock valued at $1,105,651,000 after acquiring an additional 34,732 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of ResMed by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 4,302,906 shares of the medical equipment provider’s stock worth $1,032,877,000 after acquiring an additional 51,218 shares during the period. Morgan Stanley increased its stake in shares of ResMed by 25.0% during the fourth quarter. Morgan Stanley now owns 2,891,697 shares of the medical equipment provider’s stock worth $696,523,000 after acquiring an additional 578,559 shares during the period. Finally, Northern Trust Corp increased its stake in shares of ResMed by 5.2% during the fourth quarter. Northern Trust Corp now owns 1,785,384 shares of the medical equipment provider’s stock worth $430,045,000 after acquiring an additional 87,502 shares during the period. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

ResMed Stock Performance

NYSE RMD opened at $195.43 on Monday. The business has a 50 day moving average price of $198.70 and a 200 day moving average price of $224.83. The company has a market capitalization of $28.35 billion, a P/E ratio of 18.85, a PEG ratio of 1.22 and a beta of 0.78. 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.

ResMed (NYSE:RMD) last posted its earnings results 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. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.42 billion. ResMed had a return on equity of 25.35% and a net margin of 27.44%.ResMed’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the business earned $2.37 earnings per share. Sell-side analysts expect that ResMed Inc. will post 11.14 EPS for the current fiscal year.

ResMed Announces Dividend

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

Insider Buying and Selling

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the firm’s 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 in the company, valued at approximately $101,893,036.65. This trade represents a 1.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 14,973 shares of company stock valued at $3,096,067. 0.65% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on RMD. Robert W. Baird set a $225.00 price target on shares of ResMed in a report on Friday, May 1st. Weiss Ratings lowered ResMed from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday. Wells Fargo & Company dropped their target price on ResMed from $227.00 to $225.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 8th. Royal Bank Of Canada downgraded ResMed from an “outperform” rating to a “sector perform” rating and set a $234.00 target price for the company. in a research note on Thursday, July 16th. Finally, UBS Group reissued a “buy” rating and issued a $300.00 price target on shares of ResMed in a report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus 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.