Fred Alger Management LLC Makes New Investment in ResMed Inc. (NYSE:RMD)

Fred Alger Management LLC purchased a new position in shares of ResMed Inc. (NYSE:RMD - Free Report) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 5,659 shares of the medical equipment provider's stock, valued at approximately $1,381,000.

A number of other large investors have also made changes to their positions in the business. OFI Invest Asset Management purchased a new position in shares of ResMed during the second quarter worth $32,000. Ashton Thomas Securities LLC acquired a new position in ResMed in the third quarter valued at approximately $34,000. Versant Capital Management Inc boosted its position in ResMed by 196.7% in the 2nd quarter. Versant Capital Management Inc now owns 181 shares of the medical equipment provider's stock worth $35,000 after purchasing an additional 120 shares in the last quarter. Financial Connections Group Inc. acquired a new stake in shares of ResMed during the 2nd quarter worth approximately $37,000. Finally, Blue Trust Inc. grew its stake in shares of ResMed by 182.7% during the 2nd quarter. Blue Trust Inc. now owns 212 shares of the medical equipment provider's stock worth $42,000 after purchasing an additional 137 shares during the period. 54.98% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on RMD. KeyCorp raised their price target on shares of ResMed from $251.00 to $266.00 and gave the company an "overweight" rating in a research report on Friday, October 25th. Needham & Company LLC restated a "hold" rating on shares of ResMed in a research report on Friday, October 25th. Robert W. Baird upped their price target on ResMed from $280.00 to $283.00 and gave the stock an "outperform" rating in a report on Friday, October 25th. Bank of America raised their price objective on ResMed from $240.00 to $270.00 and gave the company a "buy" rating in a report on Thursday, September 26th. Finally, StockNews.com raised ResMed from a "hold" rating to a "buy" rating in a research note on Tuesday, October 15th. One analyst has rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $225.70.

ResMed Price Performance

Shares of NYSE:RMD traded down $4.19 during midday trading on Monday, hitting $244.83. The company had a trading volume of 575,940 shares, compared to its average volume of 1,033,826. The business's 50-day simple moving average is $242.21 and its 200-day simple moving average is $225.87. The stock has a market cap of $35.94 billion, a price-to-earnings ratio of 32.43, a price-to-earnings-growth ratio of 1.81 and a beta of 0.69. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.92 and a quick ratio of 1.91. ResMed Inc. has a twelve month low of $159.60 and a twelve month high of $260.49.

ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.17. ResMed had a net margin of 23.15% and a return on equity of 25.53%. The firm had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.19 billion. During the same quarter in the previous year, the company posted $1.64 EPS. The company's revenue was up 11.1% compared to the same quarter last year. On average, research analysts predict that ResMed Inc. will post 9.28 earnings per share for the current year.

ResMed Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 7th will be paid a dividend of $0.53 per share. The ex-dividend date is Thursday, November 7th. This represents a $2.12 annualized dividend and a yield of 0.87%. ResMed's dividend payout ratio (DPR) is 28.08%.

Insider Buying and Selling at ResMed

In other ResMed news, insider Kaushik Ghoshal sold 5,000 shares of the business's stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $252.56, for a total value of $1,262,800.00. Following the sale, the insider now owns 21,788 shares of the company's stock, valued at $5,502,777.28. The trade was a 18.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Justin Leong sold 6,160 shares of the firm's stock in a transaction 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 transaction, the insider now owns 21,718 shares of the company's stock, 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 have sold 68,408 shares of company stock worth $16,398,132 over the last quarter. 0.71% of the stock is currently owned by company insiders.

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.