Vista Investment Management Takes $920,000 Position in ResMed Inc. $RMD

Vista Investment Management bought a new position in ResMed Inc. (NYSE:RMD) during the 2nd quarter, Holdings Channel reports. The fund bought 4,722 shares of the medical equipment provider’s stock, valued at approximately $920,000.

A number of other hedge funds also recently made changes to their positions in the company. Jones Financial Companies Lllp boosted its stake in ResMed by 52.6% during the first quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider’s stock valued at $645,000 after buying an additional 994 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in ResMed in the 2nd quarter worth approximately $389,000. Brown Advisory Inc. increased its stake in ResMed by 17.8% in the 2nd quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider’s stock worth $409,000 after acquiring an additional 240 shares during the last quarter. Cresset Asset Management LLC purchased a new stake in shares of ResMed during the 2nd quarter worth approximately $206,000. Finally, Alliancebernstein L.P. raised its holdings in shares of ResMed by 24.2% during the 2nd quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider’s stock worth $73,808,000 after acquiring an additional 55,790 shares in the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

ResMed Price Performance

NYSE:RMD opened at $231.62 on Friday. The firm has a market capitalization of $33.41 billion, a price-to-earnings ratio of 22.21, a PEG ratio of 1.45 and a beta of 0.76. ResMed Inc. has a 1 year low of $180.26 and a 1 year high of $293.81. The business has a 50 day simple moving average of $207.22 and a 200-day simple moving average of $220.07. 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 (NYSE:RMD) last announced its earnings results 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. The firm 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 company’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.55 EPS. Equities analysts forecast that ResMed Inc. will post 12.03 EPS for the current year.

ResMed Increases Dividend

The company also recently disclosed 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. 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 annualized dividend and a yield of 1.1%. ResMed’s payout ratio is presently 25.31%.

Insider Buying and Selling at ResMed

In other news, Director Peter C. Farrell sold 8,000 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total value of $1,800,000.00. Following 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 ownership of the stock. The sale 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. Also, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $205.69, for a total transaction of $1,026,598.79. Following the completion of the sale, the chief executive officer owned 466,256 shares of the company’s stock, valued at $95,904,196.64. This trade represents a 1.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 22,973 shares of company stock valued at $4,885,436 over the last ninety days. 0.65% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RMD. Piper Sandler cut their target price on shares of ResMed from $233.00 to $225.00 and set a “neutral” rating for the company in a report on Friday, August 7th. Jefferies Financial Group decreased their price target on shares of ResMed from $240.00 to $225.00 and set a “hold” rating on the stock in a research note on Friday, July 10th. The Goldman Sachs Group reiterated a “buy” rating on shares of ResMed in a research report on Wednesday, July 1st. Weiss Ratings raised shares of ResMed from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Finally, Wells Fargo & Company dropped their price objective on shares of ResMed from $225.00 to $215.00 and set an “equal weight” rating for the company in a research note on Friday, August 7th. Seven research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $239.38.

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.