Weiss Asset Management LP Grows Position in ResMed Inc. $RMD

Weiss Asset Management LP raised its stake in ResMed Inc. (NYSE:RMD) by 292.4% in the first quarter, HoldingsChannel.com reports. The fund owned 22,638 shares of the medical equipment provider’s stock after purchasing an additional 16,869 shares during the quarter. Weiss Asset Management LP’s holdings in ResMed were worth $5,082,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. International Assets Investment Management LLC acquired a new stake in shares of ResMed during the fourth quarter valued at $25,000. ORG Partners LLC raised its stake in ResMed by 181.6% in the 4th quarter. ORG Partners LLC now owns 107 shares of the medical equipment provider’s stock valued at $26,000 after purchasing an additional 69 shares during the last quarter. Imprint Wealth LLC acquired a new position in ResMed in the 3rd quarter valued at about $26,000. WFA of San Diego LLC purchased a new position in ResMed in the 2nd quarter valued at about $26,000. Finally, Sunbelt Securities Inc. purchased a new position in ResMed in the 3rd quarter valued at about $31,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at ResMed

In related news, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $218.55, for a total transaction of $1,090,783.05. Following the completion of the transaction, the chief executive officer owned 466,223 shares of the company’s stock, valued at approximately $101,893,036.65. This represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 14,973 shares of company stock valued at $3,096,067 in the last ninety days. 0.65% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on RMD shares. UBS Group reaffirmed a “buy” rating and set a $300.00 price target on shares of ResMed in a research note on Tuesday, July 21st. Mizuho cut their price objective on shares of ResMed from $235.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday, July 15th. Wells Fargo & Company reduced their price objective on shares of ResMed from $227.00 to $225.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 8th. Citigroup restated a “neutral” rating and set a $235.00 target price (down from $270.00) on shares of ResMed in a research report on Sunday, July 12th. Finally, Robert W. Baird set a $225.00 target price on shares of ResMed in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, ResMed presently has an average rating of “Moderate Buy” and an average target price of $246.25.

ResMed Stock Up 0.1%

Shares of NYSE:RMD opened at $195.43 on Monday. The company has a current ratio of 3.01, a quick ratio of 2.33 and a debt-to-equity ratio of 0.06. The firm has a market cap of $28.35 billion, a price-to-earnings ratio of 18.85, a PEG ratio of 1.22 and a beta of 0.78. The stock’s 50-day moving average price is $198.70 and its two-hundred day moving average price is $224.83. ResMed Inc. has a 12-month low of $180.26 and a 12-month high of $293.81.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, beating analysts’ consensus estimates of $2.79 by $0.07. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. ResMed had a net margin of 27.44% and a return on equity of 25.35%. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.37 EPS. On average, research analysts forecast that ResMed Inc. will post 11.14 EPS for the current year.

ResMed Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Thursday, May 14th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Thursday, May 14th. ResMed’s payout ratio is presently 23.14%.

ResMed Profile

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.