QRG Capital Management Inc. raised its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 426.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,797 shares of the medical equipment provider's stock after purchasing an additional 5,506 shares during the period. QRG Capital Management Inc.'s holdings in ResMed were worth $1,659,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of ResMed by 24.9% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 177,083 shares of the medical equipment provider's stock valued at $35,068,000 after purchasing an additional 35,273 shares during the last quarter. State Board of Administration of Florida Retirement System grew its holdings in ResMed by 8.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 171,632 shares of the medical equipment provider's stock worth $37,586,000 after acquiring an additional 13,894 shares during the period. SG Americas Securities LLC raised its position in shares of ResMed by 211.1% in the 1st quarter. SG Americas Securities LLC now owns 19,625 shares of the medical equipment provider's stock worth $3,886,000 after acquiring an additional 13,316 shares in the last quarter. iA Global Asset Management Inc. acquired a new position in shares of ResMed in the 1st quarter valued at about $3,055,000. Finally, Versor Investments LP boosted its position in shares of ResMed by 327.3% during the 2nd quarter. Versor Investments LP now owns 4,700 shares of the medical equipment provider's stock valued at $900,000 after purchasing an additional 3,600 shares in the last quarter. 54.98% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
RMD has been the subject of several research analyst reports. Royal Bank of Canada lifted their price objective on shares of ResMed from $224.00 to $232.00 and gave the company a "sector perform" rating in a research note on Friday, October 25th. StockNews.com upgraded shares of ResMed from a "hold" rating to a "buy" rating in a report on Tuesday, October 15th. Needham & Company LLC restated a "hold" rating on shares of ResMed in a research note on Friday, October 25th. Baird R W upgraded ResMed to a "strong-buy" rating in a report on Tuesday, September 24th. Finally, KeyCorp raised their price objective on ResMed from $251.00 to $266.00 and gave the company an "overweight" rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, ResMed has an average rating of "Moderate Buy" and an average target price of $225.70.
Read Our Latest Report on RMD
ResMed Stock Up 1.5 %
Shares of RMD stock traded up $3.84 on Friday, hitting $252.38. The stock had a trading volume of 930,159 shares, compared to its average volume of 1,050,988. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.92 and a quick ratio of 1.91. The business has a 50 day moving average of $243.12 and a 200 day moving average of $221.39. ResMed Inc. has a 12-month low of $140.81 and a 12-month high of $260.49. The stock has a market cap of $37.05 billion, a price-to-earnings ratio of 33.62, a price-to-earnings-growth ratio of 1.80 and a beta of 0.69.
ResMed (NYSE:RMD - Get Free Report) last released its earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.17. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.19 billion. ResMed had a return on equity of 25.53% and a net margin of 23.15%. ResMed's quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.64 earnings per share. As a group, analysts expect that ResMed Inc. will post 9.22 EPS for the current year.
ResMed Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 7th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date is Thursday, November 7th. ResMed's payout ratio is 28.08%.
Insider Buying and Selling
In related news, General Counsel Michael J. Rider sold 882 shares of the firm's stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $231.00, for a total transaction of $203,742.00. Following the completion of the sale, the general counsel now owns 10,512 shares in the company, valued at approximately $2,428,272. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other ResMed news, CEO Michael J. Farrell sold 14,683 shares of the business's stock in a transaction on Monday, September 9th. The stock was sold at an average price of $248.38, for a total value of $3,646,963.54. Following the sale, the chief executive officer now directly owns 464,169 shares in the company, valued at $115,290,296.22. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Michael J. Rider sold 882 shares of ResMed stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $231.00, for a total value of $203,742.00. Following the completion of the sale, the general counsel now directly owns 10,512 shares of the company's stock, valued at approximately $2,428,272. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 62,260 shares of company stock valued at $14,887,967. 0.71% of the stock is owned by insiders.
ResMed Profile
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Free Report)
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.
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