22,622 Shares in ResMed Inc. $RMD Purchased by Parkman Healthcare Partners LLC

Key Points

• Parkman Healthcare Partners LLC made a significant investment of $5.06 million by acquiring 22,622 shares of ResMed Inc. during the first quarter.
• ResMed's stock was recently rated with an average target price of $278.36 by analysts, with 2 Strong Buy ratings, 11 Buy ratings, and 1 Sell rating.
• The company announced an increase in its quarterly dividend to $0.60, representing a 0.9% yield, with a payout ratio of 25.24%.

Parkman Healthcare Partners LLC bought a new stake in ResMed Inc. (NYSE:RMD - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm bought 22,622 shares of the medical equipment provider's stock, valued at approximately $5,064,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its stake in ResMed by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider's stock valued at $4,139,815,000 after buying an additional 320,240 shares during the last quarter. Northern Trust Corp increased its position in ResMed by 2.5% in the 1st quarter. Northern Trust Corp now owns 1,744,541 shares of the medical equipment provider's stock worth $390,516,000 after buying an additional 41,951 shares during the period. Charles Schwab Investment Management Inc. increased its position in ResMed by 4.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 998,128 shares of the medical equipment provider's stock worth $223,431,000 after buying an additional 41,108 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in ResMed by 28.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 954,612 shares of the medical equipment provider's stock worth $218,310,000 after buying an additional 212,201 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in ResMed by 6.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 793,760 shares of the medical equipment provider's stock worth $177,652,000 after buying an additional 51,348 shares during the period. 54.98% of the stock is currently owned by institutional investors and hedge funds.

ResMed Price Performance

RMD stock traded up $0.07 during trading on Tuesday, hitting $279.53. The company had a trading volume of 613,516 shares, compared to its average volume of 958,606. The company has a fifty day moving average price of $273.43 and a two-hundred day moving average price of $248.06. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11. The company has a market cap of $40.93 billion, a P/E ratio of 29.39, a P/E/G ratio of 1.87 and a beta of 0.85. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.81.

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

ResMed Increases Dividend

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

Insider Transactions at ResMed

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 value of $241,438.05. Following the sale, the director owned 68,273 shares of the company's stock, valued at approximately $17,443,068.77. This represents a 1.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 stock was sold at an average price of $279.48, for a total transaction of $2,238,355.32. Following the completion of the sale, the chief executive officer directly owned 455,503 shares in the company, valued at approximately $127,303,978.44. The trade was a 1.73% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,588 shares of company stock valued at $5,289,241. 0.71% of the stock is owned by insiders.

Analysts Set New Price Targets

RMD has been the subject of a number of research reports. Royal Bank Of Canada increased their price target on shares of ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, August 1st. KeyCorp increased their target price on shares of ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. CLSA upgraded shares of ResMed from a "hold" rating to an "outperform" rating in a research note on Tuesday, September 2nd. William Blair upgraded shares of ResMed to a "strong-buy" rating in a research note on Friday, August 1st. Finally, Wall Street Zen cut shares of ResMed from a "buy" rating to a "hold" rating in a research note on Sunday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $278.36.

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.