Empirical Asset Management LLC Acquires New Stake in ResMed Inc. $RMD

Empirical Asset Management LLC acquired a new position in shares of ResMed Inc. (NYSE:RMD) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 2,566 shares of the medical equipment provider’s stock, valued at approximately $500,000.

Several other institutional investors have also recently added to or reduced their stakes in RMD. International Assets Investment Management LLC acquired a new stake in shares of ResMed during the 4th quarter worth about $25,000. Bell Investment Advisors Inc acquired a new stake in ResMed during the second quarter worth approximately $26,000. Imprint Wealth LLC purchased a new stake in ResMed in the 3rd quarter worth approximately $26,000. WFA of San Diego LLC purchased a new stake in ResMed in the 2nd quarter worth approximately $26,000. Finally, Sunbelt Securities Inc. acquired a new position in ResMed in the 3rd quarter valued at $31,000. Institutional investors and hedge funds own 54.98% of the company’s stock.

ResMed Stock Down 0.1%

Shares of NYSE RMD opened at $220.25 on Wednesday. ResMed Inc. has a 52-week low of $180.26 and a 52-week high of $293.81. The firm has a fifty day moving average of $205.01 and a 200-day moving average of $220.38. The stock has a market capitalization of $31.95 billion, a PE ratio of 21.12, a P/E/G ratio of 1.41 and a beta of 0.76. The company has a quick ratio of 2.42, a current ratio of 3.10 and a debt-to-equity ratio of 0.06.

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

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th will be paid a dividend of $0.66 per share. This is a boost from ResMed’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a yield of 1.2%. The ex-dividend date is Thursday, August 20th. ResMed’s payout ratio is currently 25.31%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RMD. Mizuho decreased their price objective on ResMed from $235.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday, July 15th. Wells Fargo & Company dropped their target price on ResMed from $225.00 to $215.00 and set an “equal weight” rating for the company in a research note on Friday, August 7th. Citigroup reiterated a “neutral” rating and set a $235.00 target price (down from $270.00) on shares of ResMed in a research report on Sunday, July 12th. Morgan Stanley reissued an “equal weight” rating and issued a $230.00 price target (down from $286.00) on shares of ResMed in a research note on Wednesday, June 17th. Finally, KeyCorp lowered their price target on ResMed from $260.00 to $255.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Seven equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $240.17.

Insider Transactions at ResMed

In related news, Director Peter C. Farrell sold 8,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the director owned 52,773 shares of the company’s stock, valued at approximately $11,873,925. This represents a 13.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $205.69, for a total transaction of $1,026,598.79. Following the completion of the transaction, 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 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. Over the last 90 days, insiders sold 22,973 shares of company stock worth $4,885,436. Company insiders own 0.65% of the company’s stock.

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.