Geode Capital Management LLC Acquires 380,383 Shares of ResMed Inc. (NYSE:RMD)

Geode Capital Management LLC boosted its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 10.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,858,814 shares of the medical equipment provider's stock after purchasing an additional 380,383 shares during the period. Geode Capital Management LLC owned about 2.63% of ResMed worth $939,114,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of New York Mellon Corp raised its position in ResMed by 51.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,772,761 shares of the medical equipment provider's stock valued at $1,105,022,000 after buying an additional 1,959,642 shares during the last quarter. Marshall Wace LLP bought a new position in shares of ResMed during the 2nd quarter worth approximately $77,285,000. Greenvale Capital LLP raised its holdings in shares of ResMed by 61.1% in the second quarter. Greenvale Capital LLP now owns 725,000 shares of the medical equipment provider's stock valued at $138,780,000 after purchasing an additional 275,000 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its position in shares of ResMed by 726.3% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 283,801 shares of the medical equipment provider's stock worth $69,281,000 after purchasing an additional 249,454 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its holdings in 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 worth $141,694,000 after purchasing an additional 241,195 shares during the last quarter. Institutional investors and hedge funds own 54.98% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Bank of America lifted their price target on shares of ResMed from $240.00 to $270.00 and gave the company a "buy" rating in a research note on Thursday, September 26th. Wolfe Research reiterated an "underperform" rating and set a $180.00 target price on shares of ResMed in a report on Wednesday, September 18th. StockNews.com upgraded ResMed from a "hold" rating to a "buy" rating in a research note on Tuesday, October 15th. Needham & Company LLC reaffirmed a "hold" rating on shares of ResMed in a research report on Friday, October 25th. Finally, Baird R W raised ResMed to a "strong-buy" rating in a report on Tuesday, September 24th. 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 company's stock. Based on data from MarketBeat.com, ResMed has an average rating of "Moderate Buy" and a consensus price target of $225.70.

Insider Buying and Selling at ResMed

In other ResMed news, CEO Michael J. Farrell sold 14,683 shares of the firm's stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $231.91, for a total value of $3,405,134.53. Following the transaction, the chief executive officer now directly owns 464,169 shares of the company's stock, valued at $107,645,432.79. This trade represents a 3.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brett Sandercock sold 1,000 shares of the business's stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $233.47, for a total transaction of $233,470.00. Following the completion of the transaction, the chief financial officer now owns 95,812 shares of the company's stock, valued at $22,369,227.64. The trade was a 1.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 47,725 shares of company stock valued at $11,253,448 in the last three months. Corporate insiders own 0.71% of the company's stock.

ResMed Stock Performance

Shares of RMD traded down $3.27 during trading hours on Thursday, hitting $242.51. The company had a trading volume of 801,607 shares, compared to its average volume of 1,020,945. ResMed Inc. has a 12 month low of $164.12 and a 12 month high of $260.49. The firm has a market cap of $35.60 billion, a price-to-earnings ratio of 32.12, a PEG ratio of 1.75 and a beta of 0.68. The business has a fifty day moving average of $242.57 and a 200-day moving average of $227.16. The company has a quick ratio of 1.91, a current ratio of 2.92 and a debt-to-equity ratio of 0.13.

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, topping analysts' consensus estimates of $2.03 by $0.17. ResMed had a net margin of 23.15% and a return on equity of 25.53%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period last year, the firm earned $1.64 earnings per share. ResMed's revenue for the quarter was up 11.1% compared to the same quarter last year. Equities analysts anticipate that ResMed Inc. will post 9.34 EPS for the current fiscal year.

ResMed Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a yield of 0.87%. ResMed's dividend payout ratio (DPR) is presently 28.08%.

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.