Landscape Capital Management L.L.C. Boosts Stake in ResMed Inc. $RMD

Key Points

• Landscape Capital Management boosted its stake in ResMed by 123.2% in Q3 to 49,017 shares (an additional 27,060), worth about $13.42 million and representing ~0.9% of its portfolio (its 14th largest holding).
• Other institutions also added exposure—Vanguard, State Street and Geode increased positions while Norges Bank opened a new ~ $306.5 million stake—leaving roughly 54.98% of the stock owned by institutional investors.
• ResMed recently beat quarterly estimates (EPS $2.81 vs. $2.68; revenue $1.42B, +11% YoY), and analysts are generally positive with a consensus "Moderate Buy" and a $299.27 price target after several upgrades.

Landscape Capital Management L.L.C. grew its stake in ResMed Inc. (NYSE:RMD - Free Report) by 123.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 49,017 shares of the medical equipment provider's stock after acquiring an additional 27,060 shares during the quarter. ResMed comprises about 0.9% of Landscape Capital Management L.L.C.'s portfolio, making the stock its 14th biggest position. Landscape Capital Management L.L.C.'s holdings in ResMed were worth $13,417,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in ResMed by 1.6% in the third quarter. Vanguard Group Inc. now owns 19,040,440 shares of the medical equipment provider's stock worth $5,211,940,000 after purchasing an additional 293,515 shares in the last quarter. State Street Corp boosted its holdings in shares of ResMed by 1.0% in the 2nd quarter. State Street Corp now owns 6,615,852 shares of the medical equipment provider's stock valued at $1,706,890,000 after buying an additional 64,448 shares in the last quarter. Geode Capital Management LLC grew its position in shares of ResMed by 2.4% in the 2nd quarter. Geode Capital Management LLC now owns 4,215,145 shares of the medical equipment provider's stock worth $1,083,409,000 after buying an additional 98,717 shares during the last quarter. Norges Bank bought a new position in shares of ResMed during the 2nd quarter worth approximately $306,452,000. Finally, Charles Schwab Investment Management Inc. lifted its position in ResMed by 2.3% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,021,001 shares of the medical equipment provider's stock valued at $263,418,000 after acquiring an additional 22,873 shares during the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on RMD shares. Stifel Nicolaus lifted their price target on shares of ResMed from $260.00 to $265.00 and gave the stock a "hold" rating in a report on Friday, January 30th. Royal Bank Of Canada raised their price objective on ResMed from $311.00 to $314.00 and gave the stock an "outperform" rating in a research report on Friday, January 30th. Wall Street Zen raised ResMed from a "hold" rating to a "buy" rating in a research report on Saturday, February 7th. Citigroup raised their price target on ResMed from $330.00 to $345.00 and gave the stock a "buy" rating in a report on Monday, February 2nd. Finally, Wells Fargo & Company boosted their price target on ResMed from $265.00 to $270.00 and gave the stock an "equal weight" rating in a research note on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, ResMed currently has a consensus rating of "Moderate Buy" and a consensus price target of $299.27.

ResMed Stock Performance

RMD stock traded up $1.03 during trading on Friday, hitting $233.44. 154,313 shares of the company traded hands, compared to its average volume of 1,080,223. ResMed Inc. has a 1 year low of $199.92 and a 1 year high of $293.81. The company has a market cap of $34.01 billion, a PE ratio of 23.19, a P/E/G ratio of 1.59 and a beta of 0.88. The stock's 50-day simple moving average is $255.32 and its 200 day simple moving average is $258.93. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.06 and a quick ratio of 2.32.

ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings results on Thursday, January 29th. The medical equipment provider reported $2.81 earnings per share for the quarter, topping analysts' consensus estimates of $2.68 by $0.13. The company had revenue of $1.42 billion during the quarter, compared to analysts' expectations of $1.40 billion. ResMed had a return on equity of 25.20% and a net margin of 27.53%.ResMed's quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.43 EPS. On average, equities analysts expect that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Thursday, February 12th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Thursday, February 12th. ResMed's payout ratio is presently 23.74%.

Insider Buying and Selling at ResMed

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the firm's stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $248.46, for a total value of $1,240,063.86. Following the transaction, the chief executive officer owned 466,223 shares in the company, valued at approximately $115,837,766.58. This trade represents a 1.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of the company's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $260.22, for a total transaction of $520,440.00. Following the sale, the director directly owned 62,773 shares of the company's stock, valued at $16,334,790.06. The trade was a 3.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 21,073 shares of company stock valued at $5,405,198. 0.65% of the stock is owned by corporate insiders.

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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