Bayforest Capital Ltd Raises Position in ResMed Inc. $RMD

Key Points

• Bayforest Capital Ltd increased its stake in ResMed Inc. by 366.6% in Q2, now owning 2,459 shares worth $634,000, according to its latest SEC filing.
• ResMed recently reported a 10.2% increase in quarterly revenue year-over-year, and earnings per share of $2.55, exceeding analysts' expectations.
• The company has increased its quarterly dividend to $0.60 per share, marking an increase from the previous dividend of $0.53, with a current yield of 0.9%.

Bayforest Capital Ltd increased its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 366.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,459 shares of the medical equipment provider's stock after purchasing an additional 1,932 shares during the quarter. Bayforest Capital Ltd's holdings in ResMed were worth $634,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in RMD. Global X Japan Co. Ltd. grew its holdings in ResMed by 121.4% in the 1st quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock worth $28,000 after acquiring an additional 68 shares during the last quarter. Golden State Wealth Management LLC grew its holdings in ResMed by 384.8% in the 1st quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock worth $36,000 after acquiring an additional 127 shares during the last quarter. Zions Bancorporation National Association UT bought a new stake in ResMed in the 1st quarter worth $45,000. Groupe la Francaise bought a new stake in ResMed in the 1st quarter worth $45,000. Finally, Larson Financial Group LLC grew its holdings in ResMed by 926.7% in the 1st quarter. Larson Financial Group LLC now owns 308 shares of the medical equipment provider's stock worth $69,000 after acquiring an additional 278 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company's stock.

ResMed Trading Down 0.9%

NYSE:RMD opened at $270.43 on Wednesday. ResMed Inc. has a one year low of $199.92 and a one year high of $293.81. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. The company's 50-day simple moving average is $277.86 and its 200 day simple moving average is $256.39. The firm has a market capitalization of $39.47 billion, a P/E ratio of 28.44, a PEG ratio of 1.83 and a beta of 0.83.

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

ResMed Increases Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on RMD shares. CLSA raised shares of ResMed from a "hold" rating to an "outperform" rating in a report on Tuesday, September 2nd. Mizuho lifted their target price on shares of ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Royal Bank Of Canada lifted their target price on shares of ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of ResMed in a research note on Wednesday, October 8th. Finally, UBS Group raised shares of ResMed to a "strong-buy" rating in a research note on Tuesday, September 16th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, ResMed currently has an average rating of "Moderate Buy" and a consensus price target of $292.91.

Insider Buying and Selling

In other ResMed news, General Counsel Michael J. Rider sold 100 shares of ResMed stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total value of $27,436.00. Following the completion of the transaction, the general counsel directly owned 11,327 shares of the company's stock, valued at approximately $3,107,675.72. The trade was a 0.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $282.85, for a total transaction of $2,265,345.65. Following the completion of the transaction, the chief executive officer directly owned 467,792 shares of the company's stock, valued at $132,314,967.20. This trade represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,743 shares of company stock valued at $5,284,514 over the last quarter. Corporate insiders own 0.65% of the company's stock.

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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.