Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of ResMed Inc. (NYSE:RMD - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 350,860 shares of the medical equipment provider's stock, valued at approximately $68,376,000. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.24% of ResMed as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the company. Jones Financial Companies Lllp grew its stake in shares of ResMed by 52.6% during the first quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider's stock worth $645,000 after purchasing an additional 994 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in ResMed in the second quarter valued at $389,000. Brown Advisory Inc. raised its stake in ResMed by 17.8% in the second quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider's stock valued at $409,000 after buying an additional 240 shares in the last quarter. Cresset Asset Management LLC purchased a new stake in ResMed during the 2nd quarter worth about $206,000. Finally, Alliancebernstein L.P. lifted its holdings in 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 buying an additional 55,790 shares during the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on the company. KeyCorp dropped their price objective on ResMed from $260.00 to $255.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. Robert W. Baird set a $213.00 target price on ResMed in a research note on Friday, August 7th. UBS Group reaffirmed a "buy" rating and issued a $300.00 price target on shares of ResMed in a report on Tuesday, July 21st. Morgan Stanley reiterated 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, Weiss Ratings raised shares of ResMed from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 11th. Seven research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $239.38.
Check Out Our Latest Stock Analysis on RMD
ResMed Stock Performance
Shares of RMD stock opened at $230.84 on Thursday. The stock's 50-day moving average is $205.75 and its two-hundred day moving average is $220.19. The firm has a market cap of $33.30 billion, a price-to-earnings ratio of 22.13, a PEG ratio of 1.38 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 company has a debt-to-equity ratio of 0.06, a quick ratio of 2.42 and a current ratio of 3.10.
ResMed (NYSE:RMD - Get Free Report) last posted 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. ResMed had a return on equity of 25.58% and a net margin of 26.94%.The business had revenue of $1.46 billion for the quarter, compared to analysts' expectations of $1.46 billion. During the same quarter in the previous year, the firm earned $2.55 earnings per share. The business's revenue was up 8.6% compared to the same quarter last year. Analysts predict that ResMed Inc. will post 12.03 earnings per share 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 given a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a yield of 1.1%. This is a positive change from ResMed's previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Thursday, August 20th. ResMed's dividend payout ratio is presently 23.01%.
Insider Buying and Selling
In other news, 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 transaction, the chief executive officer directly owned 466,256 shares in the company, valued at approximately $95,904,196.64. This trade represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 8,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the transaction, the director owned 52,773 shares in the company, valued at approximately $11,873,925. This trade represents a 13.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 22,973 shares of company stock valued at $4,885,436. 0.65% of the stock is owned by company insiders.
About ResMed
(
Free Report)
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.
Featured Stories
Want to see what other hedge funds are holding RMD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ResMed Inc. (NYSE:RMD - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Before you consider ResMed, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and ResMed wasn't on the list.
While ResMed currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Learn the basics of options trading and how to use them to boost returns and manage risk with this free report from MarketBeat. Click the link below to get your free copy.
Get This Free Report
