Empowered Funds LLC Buys New Shares in ResMed Inc. $RMD

Empowered Funds LLC purchased a new position in shares of ResMed Inc. (NYSE:RMD - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 88,258 shares of the medical equipment provider's stock, valued at approximately $17,200,000. Empowered Funds LLC owned about 0.06% of ResMed at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of RMD. BlackRock Inc. purchased a new position in shares of ResMed during the 2nd quarter valued at approximately $2,400,375,000. State Street Corp grew its stake in ResMed by 1.2% in the 4th quarter. State Street Corp now owns 6,625,408 shares of the medical equipment provider's stock valued at $1,595,862,000 after acquiring an additional 76,244 shares during the period. Bank of New York Mellon Corp increased its holdings in ResMed by 0.7% in the 1st quarter. Bank of New York Mellon Corp now owns 4,925,386 shares of the medical equipment provider's stock worth $1,105,651,000 after acquiring an additional 34,732 shares in the last quarter. Geode Capital Management LLC increased its holdings in ResMed by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 4,302,906 shares of the medical equipment provider's stock worth $1,032,877,000 after acquiring an additional 51,218 shares in the last quarter. Finally, Morgan Stanley raised its position in ResMed by 25.0% during the fourth quarter. Morgan Stanley now owns 2,891,697 shares of the medical equipment provider's stock worth $696,523,000 after acquiring an additional 578,559 shares during the period. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently weighed in on RMD shares. Rothschild & Co Redburn assumed coverage on ResMed in a research report on Wednesday, August 19th. They issued a "neutral" rating and a $230.00 target price on the stock. The Goldman Sachs Group reissued a "buy" rating on shares of ResMed in a research note on Wednesday, July 1st. Citigroup restated a "neutral" rating and issued a $235.00 price objective (down from $270.00) on shares of ResMed in a report on Sunday, July 12th. KeyCorp dropped their target price on shares of ResMed from $260.00 to $255.00 and set an "overweight" rating for the company in a report on Friday, August 7th. Finally, Jefferies Financial Group reduced their target price on shares of ResMed from $240.00 to $225.00 and set a "hold" rating for the company in a research report on Friday, July 10th. Seven analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $239.38.

Insider Activity

In other news, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $205.69, for a total value of $1,026,598.79. Following the completion of the sale, the chief executive officer directly owned 466,256 shares of the company's stock, valued at approximately $95,904,196.64. This represents a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 8,000 shares of the stock in a transaction 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 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 22,973 shares of company stock worth $4,885,436 in the last three months. Corporate insiders own 0.65% of the company's stock.

ResMed Stock Performance

Shares of ResMed stock opened at $240.47 on Friday. The stock has a market capitalization of $34.69 billion, a price-to-earnings ratio of 23.06, a price-to-earnings-growth ratio of 1.48 and a beta of 0.76. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 2.42. The business has a 50-day moving average of $211.81 and a 200 day moving average of $219.18. ResMed Inc. has a 12 month low of $180.26 and a 12 month high of $284.87.

ResMed (NYSE:RMD - Get Free Report) last released its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 EPS for the quarter, topping the consensus estimate of $2.89 by $0.06. ResMed had a return on equity of 25.58% and a net margin of 26.94%.The firm had revenue of $1.46 billion during the quarter, compared to analysts' expectations of $1.46 billion. During the same period in the previous year, the firm posted $2.55 EPS. ResMed's revenue for the quarter was up 8.6% on a year-over-year basis. As a group, sell-side analysts forecast that ResMed Inc. will post 12.03 earnings per share for the current year.

ResMed Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, August 20th will be issued a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Thursday, August 20th. This is an increase from ResMed's previous quarterly dividend of $0.60. ResMed's dividend payout ratio (DPR) is currently 25.31%.

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.

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.

Add As Preferred Source