Pallas Capital Advisors LLC Sells 1,924 Shares of ResMed Inc. $RMD

Key Points

• Pallas Capital Advisors LLC reduced its holdings in ResMed Inc. by 62.1% during the 2nd quarter, leaving them with only 1,174 shares valued at approximately $303,000.
• Several institutional investors have increased their stakes in ResMed, including Baron Wealth Management LLC, which raised its position by 15.3%, now owning 1,481 shares worth $382,000.
• ResMed's CEO Michael J. Farrell sold 8,009 shares recently, which represented a 1.73% decrease in his holdings, following insider sales totaling 19,588 shares within the last three months.

Pallas Capital Advisors LLC trimmed its stake in ResMed Inc. (NYSE:RMD - Free Report) by 62.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,174 shares of the medical equipment provider's stock after selling 1,924 shares during the period. Pallas Capital Advisors LLC's holdings in ResMed were worth $303,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Ballentine Partners LLC boosted its holdings in ResMed by 6.3% in the 1st quarter. Ballentine Partners LLC now owns 1,782 shares of the medical equipment provider's stock worth $399,000 after buying an additional 105 shares during the period. Inspire Investing LLC boosted its holdings in ResMed by 29.3% in the 1st quarter. Inspire Investing LLC now owns 28,578 shares of the medical equipment provider's stock worth $6,397,000 after buying an additional 6,472 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in ResMed by 2.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 977,401 shares of the medical equipment provider's stock worth $218,791,000 after buying an additional 22,789 shares during the period. Intech Investment Management LLC boosted its holdings in ResMed by 63.2% in the 1st quarter. Intech Investment Management LLC now owns 15,325 shares of the medical equipment provider's stock worth $3,430,000 after buying an additional 5,934 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in ResMed by 8.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 739,007 shares of the medical equipment provider's stock worth $165,427,000 after buying an additional 58,155 shares during the period. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

ResMed Price Performance

Shares of NYSE RMD traded up $1.40 during mid-day trading on Monday, hitting $274.59. 549,212 shares of the company's stock traded hands, compared to its average volume of 971,489. The company's 50-day moving average is $276.39 and its two-hundred day moving average is $250.79. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. The company has a market capitalization of $40.20 billion, a P/E ratio of 28.61, a PEG ratio of 1.84 and a beta of 0.85. ResMed Inc. has a 1 year low of $199.92 and a 1 year high of $293.81.

ResMed (NYSE:RMD - Get Free Report) last announced its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.08. The firm had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The business's revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.08 EPS. On average, equities analysts anticipate that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th were given a dividend of $0.60 per share. The ex-dividend date was Thursday, August 14th. This represents a $2.40 annualized dividend and a dividend yield of 0.9%. This is a positive change from ResMed's previous quarterly dividend of $0.53. ResMed's dividend payout ratio is currently 25.24%.

Insider Activity

In other news, Director Peter C. Farrell sold 945 shares of the company's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total transaction of $241,438.05. Following the sale, the director directly owned 68,273 shares in the company, valued at approximately $17,443,068.77. This represents a 1.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael J. Farrell sold 8,009 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $279.48, for a total transaction of $2,238,355.32. Following the sale, the chief executive officer owned 455,503 shares in the company, valued at $127,303,978.44. This represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,588 shares of company stock worth $5,289,241. 0.71% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. CLSA raised shares of ResMed from a "hold" rating to an "outperform" rating in a report on Tuesday, September 2nd. Stifel Nicolaus upped their target price on shares of ResMed from $240.00 to $270.00 and gave the stock a "hold" rating in a report on Friday, August 1st. William Blair raised shares of ResMed to a "strong-buy" rating in a report on Friday, August 1st. KeyCorp increased their price objective on shares of ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Finally, UBS Group raised shares of ResMed to a "strong-buy" rating in a report on Tuesday, September 16th. Three investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $292.00.

ResMed Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company operates in two segments, Sleep and Respiratory Care, and Software as a Service. It offers various products and solutions for a range of respiratory disorders, including ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.