W.H. Cornerstone Investments Inc. Invests $209,000 in ResMed Inc. $RMD

W.H. Cornerstone Investments Inc. bought a new position in shares of ResMed Inc. (NYSE:RMD) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 810 shares of the medical equipment provider’s stock, valued at approximately $209,000.

A number of other hedge funds also recently bought and sold shares of RMD. Zions Bancorporation National Association UT purchased a new stake in ResMed in the first quarter worth about $45,000. Groupe la Francaise bought a new stake in ResMed during the first quarter valued at about $45,000. Harbour Investments Inc. raised its stake in ResMed by 264.2% in the second quarter. Harbour Investments Inc. now owns 244 shares of the medical equipment provider’s stock valued at $63,000 after buying an additional 177 shares during the last quarter. Larson Financial Group LLC boosted its holdings in shares of ResMed by 926.7% in the 1st quarter. Larson Financial Group LLC now owns 308 shares of the medical equipment provider’s stock valued at $69,000 after acquiring an additional 278 shares during the last quarter. Finally, Quarry LP boosted its stake in shares of ResMed by 141.1% during the 1st quarter. Quarry LP now owns 311 shares of the medical equipment provider’s stock worth $70,000 after acquiring an additional 182 shares in the last quarter. Institutional investors own 54.98% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RMD. KeyCorp boosted their price target on shares of ResMed from $298.00 to $299.00 and gave the company an “overweight” rating in a research report on Friday, October 31st. Weiss Ratings reissued a “buy (b-)” rating on shares of ResMed in a report on Wednesday, October 8th. Robert W. Baird reduced their target price on ResMed from $320.00 to $300.00 and set an “outperform” rating for the company in a report on Monday, November 3rd. Mizuho reduced their target price on shares of ResMed from $310.00 to $300.00 and set an “outperform” rating on the stock in a report on Friday, October 31st. Finally, Citigroup initiated coverage on shares of ResMed in a research note on Thursday, September 18th. They set a “buy” rating and a $330.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $297.45.

ResMed Stock Performance

Shares of RMD traded up $0.22 during trading hours on Thursday, reaching $253.08. 113,647 shares of the company’s stock traded hands, compared to its average volume of 1,014,393. The business’s fifty day simple moving average is $267.36 and its two-hundred day simple moving average is $262.80. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. The firm has a market capitalization of $36.93 billion, a price-to-earnings ratio of 26.59, a P/E/G ratio of 1.75 and a beta of 0.87. ResMed Inc. has a twelve month low of $199.92 and a twelve month high of $293.81.

ResMed (NYSE:RMD) last issued its earnings results on Thursday, October 30th. The medical equipment provider reported $2.55 earnings per share for the quarter, topping analysts’ consensus estimates of $2.49 by $0.06. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The firm had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period last year, the firm posted $2.20 earnings per share. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. Analysts predict that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 18th. Investors of record on Thursday, November 13th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.9%. The ex-dividend date is Thursday, November 13th. ResMed’s dividend payout ratio is presently 24.56%.

Insider Buying and Selling at ResMed

In other ResMed news, Director John Hernandez sold 2,575 shares of the business’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $287.10, for a total transaction of $739,282.50. Following the completion of the sale, the director directly owned 4,045 shares of the company’s stock, valued at approximately $1,161,319.50. The trade was a 38.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Michael J. Rider sold 100 shares of the business’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $274.36, for a total value of $27,436.00. Following the transaction, the general counsel owned 11,327 shares of the company’s stock, valued at $3,107,675.72. The trade was a 0.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 18,695 shares of company stock valued at $5,032,811 in the last 90 days. 0.65% 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.