Landscape Capital Management L.L.C. Invests $5.62 Million in ResMed Inc. $RMD

Key Points

• Landscape Capital Management acquired 28,834 ResMed shares worth approximately $5.62 million in the second quarter. Institutional investors collectively own 54.98% of ResMed, with BlackRock holding a newly acquired stake valued at about $2.4 billion.
• ResMed reported quarterly EPS of $2.95, exceeding estimates by $0.06, while revenue rose 8.6% year over year to $1.46 billion. The company also increased its quarterly dividend from $0.60 to $0.66 per share.
• Analysts maintain a consensus “Hold” rating with an average price target of $239.38. Company insiders sold roughly $4.89 million of stock over the past 90 days, primarily through pre-arranged trading plans.

Landscape Capital Management L.L.C. acquired a new position in ResMed Inc. (NYSE:RMD - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 28,834 shares of the medical equipment provider's stock, valued at approximately $5,619,000.

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

ResMed Stock Performance

RMD stock opened at $231.62 on Friday. ResMed Inc. has a one year low of $180.26 and a one year high of $293.81. The firm has a market cap of $33.41 billion, a price-to-earnings ratio of 22.21, a PEG ratio of 1.43 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. The firm has a 50-day simple moving average of $207.22 and a two-hundred day simple moving average of $220.07.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.89 by $0.06. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The firm had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the previous year, the firm earned $2.55 EPS. The company's quarterly revenue was up 8.6% compared to the same quarter last year. On average, equities analysts forecast that ResMed Inc. will post 12.03 EPS for the current fiscal year.

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th will be issued a $0.66 dividend. This is an increase 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 of this dividend is Thursday, August 20th. ResMed's dividend payout ratio is presently 25.31%.

Wall Street Analysts Forecast Growth

RMD has been the topic of several recent research reports. Mizuho dropped their target price on shares of ResMed from $235.00 to $220.00 and set an "outperform" rating on the stock in a report on Wednesday, July 15th. Jefferies Financial Group lowered their price target 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. Piper Sandler dropped their price objective on shares of ResMed from $233.00 to $225.00 and set a "neutral" rating on the stock in a research note on Friday, August 7th. KeyCorp cut their price objective on shares of ResMed from $260.00 to $255.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. Finally, Weiss Ratings upgraded ResMed from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 11th. Seven investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat, ResMed has a consensus rating of "Hold" and an average price target of $239.38.

Insiders Place Their Bets

In other news, Director Peter C. Farrell sold 8,000 shares of the firm's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total value of $1,800,000.00. Following the completion of the sale, the director owned 52,773 shares of the company's stock, valued at $11,873,925. This trade represents a 13.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the business's stock in a transaction 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 transaction, the chief executive officer owned 466,256 shares in the company, valued at approximately $95,904,196.64. This trade represents a 1.06% decrease in their ownership of the stock. 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. Over the last ninety days, insiders have sold 22,973 shares of company stock worth $4,885,436. Insiders own 0.65% of the company's stock.

ResMed 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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