Harel Insurance Investments & Financial Services Ltd. Acquires 9,937 Shares of ResMed Inc. $RMD

Key Points

• Harel Insurance Investments increased its ResMed stake by 45.9% in the first quarter, buying 9,937 additional shares to bring its total to 31,576 shares valued at about $7.09 million.
• ResMed’s latest results topped expectations, with quarterly EPS of $2.86 versus the $2.79 estimate and revenue of $1.43 billion, up 10.8% year over year.
• CEO Michael J. Farrell sold 4,991 shares under a pre-arranged trading plan, while analysts currently rate the stock a “Moderate Buy” with an average price target of $253.50.

Harel Insurance Investments & Financial Services Ltd. increased its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 45.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,576 shares of the medical equipment provider's stock after acquiring an additional 9,937 shares during the quarter. Harel Insurance Investments & Financial Services Ltd.'s holdings in ResMed were worth $7,087,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in RMD. MASTERINVEST Kapitalanlage GmbH boosted its stake in shares of ResMed by 9.3% during the 1st quarter. MASTERINVEST Kapitalanlage GmbH now owns 15,122 shares of the medical equipment provider's stock valued at $3,395,000 after purchasing an additional 1,290 shares in the last quarter. Meridian Management Co. lifted its holdings in ResMed by 0.6% in the first quarter. Meridian Management Co. now owns 11,332 shares of the medical equipment provider's stock worth $2,544,000 after buying an additional 70 shares during the period. Checchi Capital Advisers LLC bought a new stake in ResMed during the 1st quarter valued at approximately $252,000. Principal Financial Group Inc. boosted its position in ResMed by 4.0% during the 1st quarter. Principal Financial Group Inc. now owns 187,466 shares of the medical equipment provider's stock valued at $42,082,000 after acquiring an additional 7,197 shares in the last quarter. Finally, Chicago Partners Investment Group LLC grew its holdings in shares of ResMed by 79.1% during the 1st quarter. Chicago Partners Investment Group LLC now owns 2,613 shares of the medical equipment provider's stock worth $580,000 after acquiring an additional 1,154 shares during the period. 54.98% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the company's stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $218.55, for a total transaction of $1,090,783.05. Following the transaction, the chief executive officer owned 466,223 shares in the company, valued at approximately $101,893,036.65. This represents a 1.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 14,973 shares of company stock valued at $3,096,067. 0.65% of the stock is currently owned by company insiders.

ResMed Stock Up 2.8%

Shares of ResMed stock opened at $198.46 on Thursday. The company has a 50-day simple moving average of $199.64 and a two-hundred day simple moving average of $227.13. The stock has a market capitalization of $28.79 billion, a PE ratio of 19.14, a price-to-earnings-growth ratio of 1.15 and a beta of 0.78. ResMed Inc. has a 52-week low of $180.26 and a 52-week high of $293.81. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.33 and a current ratio of 3.01.

ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share for the quarter, beating the consensus estimate of $2.79 by $0.07. ResMed had a net margin of 27.44% and a return on equity of 25.35%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter last year, the firm earned $2.37 earnings per share. The firm's quarterly revenue was up 10.8% compared to the same quarter last year. On average, analysts anticipate that ResMed Inc. will post 11.13 EPS for the current fiscal year.

ResMed Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Thursday, May 14th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.2%. The ex-dividend date was Thursday, May 14th. ResMed's dividend payout ratio (DPR) is presently 23.14%.

Wall Street Analyst Weigh In

RMD has been the subject of a number of research analyst reports. Wells Fargo & Company lowered their target price on ResMed from $227.00 to $225.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 8th. JPMorgan Chase & Co. assumed coverage on shares of ResMed in a research report on Wednesday, April 15th. They issued an "overweight" rating on the stock. 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. Royal Bank Of Canada lowered their price target on shares of ResMed from $321.00 to $276.00 and set an "outperform" rating for the company in a research report on Wednesday, July 8th. Finally, Jefferies Financial Group cut their price objective on shares of ResMed from $240.00 to $225.00 and set a "hold" rating on the stock in a report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $253.50.

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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