PDT Partners LLC Purchases New Position in ResMed Inc. (NYSE:RMD)

PDT Partners LLC purchased a new position in ResMed Inc. (NYSE:RMD - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 11,535 shares of the medical equipment provider's stock, valued at approximately $2,816,000.

A number of other institutional investors have also recently bought and sold shares of RMD. Bank of New York Mellon Corp lifted its holdings in shares of ResMed by 51.4% during the second quarter. Bank of New York Mellon Corp now owns 5,772,761 shares of the medical equipment provider's stock worth $1,105,022,000 after buying an additional 1,959,642 shares during the last quarter. Marshall Wace LLP acquired a new position in ResMed in the second quarter worth $77,285,000. Greenvale Capital LLP boosted its stake in ResMed by 61.1% in the second quarter. Greenvale Capital LLP now owns 725,000 shares of the medical equipment provider's stock worth $138,780,000 after purchasing an additional 275,000 shares in the last quarter. Los Angeles Capital Management LLC lifted its stake in shares of ResMed by 48.3% during the second quarter. Los Angeles Capital Management LLC now owns 740,226 shares of the medical equipment provider's stock valued at $141,694,000 after acquiring an additional 241,195 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in shares of ResMed during the second quarter valued at $42,036,000. Hedge funds and other institutional investors own 54.98% of the company's stock.

ResMed Price Performance

RMD traded down $0.31 on Friday, reaching $249.02. The stock had a trading volume of 351,327 shares, compared to its average volume of 842,042. ResMed Inc. has a fifty-two week low of $156.39 and a fifty-two week high of $260.49. The firm has a 50-day moving average of $242.24 and a 200-day moving average of $225.70. The company has a current ratio of 2.92, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $36.56 billion, a price-to-earnings ratio of 32.98, a price-to-earnings-growth ratio of 1.81 and a beta of 0.69.

ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 EPS for the quarter, beating analysts' consensus estimates of $2.03 by $0.17. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the previous year, the company posted $1.64 EPS. The business's revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts anticipate that ResMed Inc. will post 9.28 EPS for the current year.

ResMed Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 7th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date is Thursday, November 7th. ResMed's payout ratio is 28.08%.

Wall Street Analyst Weigh In

RMD has been the topic of a number of recent analyst reports. KeyCorp raised their target price on ResMed from $251.00 to $266.00 and gave the stock an "overweight" rating in a report on Friday, October 25th. Robert W. Baird raised their price target on ResMed from $280.00 to $283.00 and gave the stock an "outperform" rating in a research report on Friday, October 25th. Royal Bank of Canada raised their price target on ResMed from $224.00 to $232.00 and gave the stock a "sector perform" rating in a research report on Friday, October 25th. Needham & Company LLC reissued a "hold" rating on shares of ResMed in a research report on Friday, October 25th. Finally, Bank of America boosted their price target on ResMed from $240.00 to $270.00 and gave the stock a "buy" rating in a research report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $225.70.

Insiders Place Their Bets

In other ResMed news, Director Witte Jan De sold 796 shares of ResMed stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $248.81, for a total transaction of $198,052.76. Following the sale, the director now directly owns 6,723 shares of the company's stock, valued at approximately $1,672,749.63. The trade was a 10.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Justin Leong sold 6,160 shares of the business's stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $243.09, for a total value of $1,497,434.40. Following the completion of the sale, the insider now directly owns 21,718 shares in the company, valued at approximately $5,279,428.62. This represents a 22.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,334 shares of company stock valued at $16,379,713 over the last ninety days. 0.71% of the stock is currently owned by insiders.

ResMed Company 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.