Financiere des Professionnels Fonds d investissement inc. Invests $419,000 in ResMed Inc. $RMD

Key Points

• Financiere des Professionnels Fonds d'investissement inc. acquired 1,625 shares of ResMed Inc. valued at approximately $419,000 during the second quarter, indicating growing confidence in the medical equipment provider.
• Several hedge funds, including Vanguard Group and Northern Trust Corp, have recently increased their stakes in ResMed, reflecting strong institutional interest in the company.
• UBS Group and KeyCorp have recently raised their price targets on ResMed, with ratings suggesting a potential for continued growth, as illustrated by an average rating of "Moderate Buy" and a consensus price target of $288.20.

Financiere des Professionnels Fonds d investissement inc. acquired a new position in shares of ResMed Inc. (NYSE:RMD - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,625 shares of the medical equipment provider's stock, valued at approximately $419,000.

Several other hedge funds have also added to or reduced their stakes in the business. ICW Investment Advisors LLC grew its stake in ResMed by 0.4% during the first quarter. ICW Investment Advisors LLC now owns 11,394 shares of the medical equipment provider's stock worth $2,551,000 after buying an additional 41 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of ResMed by 3.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 1,222 shares of the medical equipment provider's stock valued at $269,000 after acquiring an additional 46 shares in the last quarter. E Fund Management Co. Ltd. boosted its position in ResMed by 2.8% during the 1st quarter. E Fund Management Co. Ltd. now owns 1,719 shares of the medical equipment provider's stock worth $385,000 after buying an additional 47 shares during the period. CVA Family Office LLC lifted its holdings in shares of ResMed by 29.8% during the first quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider's stock worth $47,000 after purchasing an additional 48 shares during the period. Finally, Central Pacific Bank Trust Division lifted its stake in shares of ResMed by 9.7% in the first quarter. Central Pacific Bank Trust Division now owns 565 shares of the medical equipment provider's stock worth $126,000 after acquiring an additional 50 shares during the period. Institutional investors and hedge funds own 54.98% of the company's stock.

ResMed Stock Performance

Shares of RMD stock traded up $0.16 during trading hours on Friday, hitting $273.45. 1,536,202 shares of the company were exchanged, compared to its average volume of 926,033. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11. The firm has a fifty day simple moving average of $275.98 and a 200 day simple moving average of $250.14. ResMed Inc. has a 52-week low of $199.92 and a 52-week high of $293.81. The stock has a market capitalization of $40.04 billion, a price-to-earnings ratio of 28.75, a P/E/G ratio of 1.84 and a beta of 0.85.

ResMed (NYSE:RMD - Get Free Report) last posted its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.08. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The company's revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the company earned $2.08 earnings per share. Research analysts predict that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th were given a dividend of $0.60 per share. This is an increase from ResMed's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, August 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. ResMed's dividend payout ratio (DPR) is presently 25.24%.

Insider Buying and Selling

In related news, Director Peter C. Farrell sold 945 shares of the stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $255.49, for a total value of $241,438.05. Following the transaction, the director owned 68,273 shares of the company's stock, valued at $17,443,068.77. This represents a 1.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $279.48, for a total value of $2,238,355.32. Following the transaction, the chief executive officer owned 455,503 shares in the company, valued at $127,303,978.44. This trade represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,588 shares of company stock worth $5,289,241 over the last ninety days. 0.71% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on RMD shares. Stifel Nicolaus boosted their target price on shares of ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a report on Friday, August 1st. CLSA raised ResMed from a "hold" rating to an "outperform" rating in a research note on Tuesday, September 2nd. Citigroup began coverage on shares of ResMed in a report on Thursday. They issued a "buy" rating and a $330.00 price target for the company. William Blair upgraded shares of ResMed to a "strong-buy" rating in a report on Friday, August 1st. Finally, Mizuho upped their price objective on shares of ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Three equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, ResMed has an average rating of "Buy" and an average target price of $292.00.

ResMed Company Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company operates in two segments, Sleep and Respiratory Care, and Software as a Service. It offers various products and solutions for a range of respiratory disorders, including ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.