ResMed Inc. $RMD Shares Purchased by Amundi

Key Points

• Amundi more than doubled its ResMed stake by purchasing 587,872 shares in the first quarter, bringing its holdings to 1.06 million shares worth approximately $238.4 million. Institutional investors and hedge funds collectively own 54.98% of ResMed.
• Analysts maintain a generally positive outlook, with the stock receiving a consensus rating of “Moderate Buy” and an average price target of $246.25. UBS reiterated a $300 target, while RBC downgraded the shares to “sector perform” with a $234 target.
• ResMed recently exceeded quarterly expectations, reporting adjusted EPS of $2.86 and revenue of $1.43 billion, up 10.8% year over year. CEO Michael Farrell sold 4,991 shares under a pre-arranged trading plan, while insiders have sold nearly $3.1 million in stock over the past 90 days.

Amundi grew its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 123.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,062,184 shares of the medical equipment provider's stock after buying an additional 587,872 shares during the quarter. Amundi owned about 0.73% of ResMed worth $238,439,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. EverSource Wealth Advisors LLC increased its position in shares of ResMed by 45.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,154 shares of the medical equipment provider's stock valued at $259,000 after purchasing an additional 363 shares during the period. Empowered Funds LLC lifted its holdings in shares of ResMed by 8.0% in the first quarter. Empowered Funds LLC now owns 19,228 shares of the medical equipment provider's stock valued at $4,316,000 after buying an additional 1,419 shares during the period. Quantinno Capital Management LP lifted its holdings in shares of ResMed by 66.7% in the first quarter. Quantinno Capital Management LP now owns 200,036 shares of the medical equipment provider's stock valued at $44,904,000 after buying an additional 80,061 shares during the period. Weiss Asset Management LP boosted its stake in ResMed by 292.4% during the first quarter. Weiss Asset Management LP now owns 22,638 shares of the medical equipment provider's stock valued at $5,082,000 after buying an additional 16,869 shares in the last quarter. Finally, Delta Global Management LP bought a new position in ResMed during the first quarter valued at about $2,034,000. 54.98% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at ResMed

In other news, CEO Michael J. Farrell sold 4,991 shares of the firm's stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $218.55, for a total value of $1,090,783.05. Following the completion of the sale, the chief executive officer owned 466,223 shares of the company's stock, valued at $101,893,036.65. This trade represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 14,973 shares of company stock worth $3,096,067. 0.65% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. UBS Group reiterated a "buy" rating and issued a $300.00 price target on shares of ResMed in a research report on Tuesday, July 21st. JPMorgan Chase & Co. started coverage on shares of ResMed in a research report on Wednesday, April 15th. They set an "overweight" rating for the company. Royal Bank Of Canada cut shares of ResMed from an "outperform" rating to a "sector perform" rating and set a $234.00 price objective on the stock. in a research note on Thursday, July 16th. Robert W. Baird set a $225.00 target price on shares of ResMed in a report on Friday, May 1st. Finally, The Goldman Sachs Group reissued a "buy" rating on shares of ResMed in a research note on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $246.25.

ResMed Stock Performance

ResMed stock opened at $208.64 on Friday. ResMed Inc. has a fifty-two week low of $180.26 and a fifty-two week high of $293.81. The firm's 50 day simple moving average is $198.79 and its 200-day simple moving average is $223.67. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.01 and a quick ratio of 2.33. The company has a market cap of $30.27 billion, a P/E ratio of 20.12, a price-to-earnings-growth ratio of 1.30 and a beta of 0.78.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, beating the consensus estimate of $2.79 by $0.07. ResMed had a net margin of 27.44% and a return on equity of 25.35%. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the prior year, the firm earned $2.37 EPS. The firm's quarterly revenue was up 10.8% on a year-over-year basis. As a group, equities research analysts predict that ResMed Inc. will post 11.14 EPS for the current year.

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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