Jericho Financial LLP Invests $4.76 Million in ResMed Inc. $RMD

Jericho Financial LLP acquired a new position in shares of ResMed Inc. (NYSE:RMD - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 24,405 shares of the medical equipment provider's stock, valued at approximately $4,756,000. ResMed accounts for about 2.5% of Jericho Financial LLP's investment portfolio, making the stock its 21st largest holding.

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

Insider Buying and Selling

In related news, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer owned 466,256 shares in the company, valued at approximately $95,904,196.64. This represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, 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 firm's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the completion of the transaction, the director directly owned 52,773 shares of the company's stock, valued at approximately $11,873,925. This trade represents a 13.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 22,973 shares of company stock worth $4,885,436 over the last quarter. 0.65% of the stock is owned by corporate insiders.

ResMed Price Performance

NYSE RMD opened at $231.62 on Monday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.42 and a current ratio of 3.10. The stock has a market cap of $33.41 billion, a price-to-earnings ratio of 22.21, a PEG ratio of 1.45 and a beta of 0.76. The business has a 50 day simple moving average of $207.22 and a 200 day simple moving average of $219.82. ResMed Inc. has a 52-week low of $180.26 and a 52-week high of $293.81.

ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share for the quarter, beating analysts' consensus estimates of $2.89 by $0.06. The firm had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.46 billion. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The business's revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.55 earnings per share. Analysts anticipate that ResMed Inc. will post 12.03 earnings per share for the current fiscal year.

ResMed Increases Dividend

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

Analyst Ratings Changes

Several equities research analysts have commented on RMD shares. Wells Fargo & Company lowered their target price on shares of ResMed from $225.00 to $215.00 and set an "equal weight" rating for the company in a research note on Friday, August 7th. Jefferies Financial Group reduced their price target on shares of ResMed from $240.00 to $225.00 and set a "hold" rating on the stock in a research report on Friday, July 10th. The Goldman Sachs Group reissued a "buy" rating on shares of ResMed in a report on Wednesday, July 1st. Rothschild & Co Redburn initiated coverage on shares of ResMed in a research report on Wednesday. They issued a "neutral" rating and a $230.00 price objective for the company. Finally, KeyCorp dropped their price objective on ResMed from $260.00 to $255.00 and set an "overweight" rating on the stock in a research note on Friday, August 7th. Seven research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, ResMed has an average 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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