Freestone Grove Partners LP Invests $1.52 Million in ResMed Inc. $RMD

Freestone Grove Partners LP purchased a new position in ResMed Inc. (NYSE:RMD - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 7,826 shares of the medical equipment provider's stock, valued at approximately $1,525,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of RMD. Imprint Wealth LLC bought a new stake in ResMed during the third quarter worth about $26,000. WFA of San Diego LLC acquired a new stake in ResMed during the second quarter worth about $26,000. International Assets Investment Management LLC bought a new position in ResMed in the 4th quarter valued at about $25,000. Sunbelt Securities Inc. bought a new position in ResMed in the 3rd quarter valued at about $31,000. Finally, Bell Investment Advisors Inc acquired a new position in shares of ResMed in the 2nd quarter valued at approximately $26,000. Institutional investors and hedge funds own 54.98% of the company's stock.

Insider Activity

In other news, Director Peter C. Farrell sold 8,000 shares of the business's stock in a transaction dated 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 directly owned 52,773 shares in the company, valued at approximately $11,873,925. The trade was a 13.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the company'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 value of $1,026,598.79. Following the completion of the transaction, the chief executive officer directly owned 466,256 shares of the company's stock, valued at $95,904,196.64. This 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 sold 22,973 shares of company stock valued at $4,885,436 over the last quarter. Corporate insiders own 0.65% of the company's stock.

ResMed Stock Up 2.0%

Shares of NYSE:RMD opened at $240.47 on Friday. The company has a fifty day moving average of $211.81 and a 200-day moving average of $219.18. The company has a market capitalization of $34.69 billion, a PE ratio of 23.06, a price-to-earnings-growth ratio of 1.51 and a beta of 0.76. 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 Inc. has a 52-week low of $180.26 and a 52-week high of $284.87.

ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 EPS for the quarter, beating analysts' consensus estimates of $2.89 by $0.06. The company 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%.ResMed's revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.55 EPS. On average, equities analysts predict that ResMed Inc. will post 12.03 EPS for the current fiscal year.

ResMed Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th will be given a $0.66 dividend. This is a boost from ResMed's previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a yield of 1.1%. The ex-dividend date is Thursday, August 20th. ResMed's dividend payout ratio is 25.31%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on RMD shares. The Goldman Sachs Group reissued a "buy" rating on shares of ResMed in a research note on Wednesday, July 1st. UBS Group reiterated a "buy" rating and issued a $300.00 price target on shares of ResMed in a research note on Tuesday, July 21st. Piper Sandler decreased their price target on ResMed from $233.00 to $225.00 and set a "neutral" rating on the stock in a research note on Friday, August 7th. Weiss Ratings raised ResMed from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 11th. Finally, Mizuho reduced their price objective on ResMed from $235.00 to $220.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 15th. Seven research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, ResMed has a consensus rating of "Hold" and an average price target of $239.38.

ResMed Company Profile

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.

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