24,405 Shares in ResMed Inc. $RMD Purchased by Jericho Financial LLP

Jericho Financial LLP purchased a new stake in shares of ResMed Inc. (NYSE:RMD) in the 2nd quarter, Holdings Channel reports. The fund purchased 24,405 shares of the medical equipment provider’s stock, valued at approximately $4,756,000. ResMed accounts for about 2.5% of Jericho Financial LLP’s holdings, making the stock its 21st biggest position.

A number of other hedge funds have also recently bought and sold shares of the stock. Polymer Capital Management HK LTD acquired a new position in shares of ResMed during the 2nd quarter worth approximately $972,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of ResMed during the 2nd quarter worth approximately $27,731,000. Bank of Nova Scotia acquired a new stake in shares of ResMed in the 2nd quarter valued at approximately $2,980,000. Vista Investment Management acquired a new stake in shares of ResMed in the 2nd quarter valued at approximately $920,000. Finally, Commerce Bank bought a new position in shares of ResMed in the second quarter valued at $1,490,000. 54.98% of the stock is currently owned by institutional investors.

Insider Buying and Selling at ResMed

In other news, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $205.69, for a total transaction of $1,026,598.79. Following the completion of the sale, the chief executive officer directly owned 466,256 shares in the company, valued at approximately $95,904,196.64. This represents a 1.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 8,000 shares of the company’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the sale, the director directly owned 52,773 shares of the company’s stock, valued at $11,873,925. This represents a 13.16% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 22,973 shares of company stock valued at $4,885,436 over the last ninety days. Insiders own 0.65% of the company’s stock.

ResMed Stock Up 0.0%

Shares of RMD opened at $231.62 on Monday. The firm has a market cap of $33.41 billion, a P/E ratio of 22.21, a price-to-earnings-growth ratio of 1.45 and a beta of 0.76. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.42 and a current ratio of 3.10. ResMed Inc. has a 52 week low of $180.26 and a 52 week high of $293.81. The firm’s 50-day simple moving average is $207.22 and its 200 day simple moving average is $219.82.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share for the quarter, topping the consensus estimate of $2.89 by $0.06. ResMed had a return on equity of 25.58% and a net margin of 26.94%.The business had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same period last year, the firm posted $2.55 EPS. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. On average, analysts forecast that ResMed Inc. will post 12.03 earnings per share for the current year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, August 20th will be given a $0.66 dividend. The ex-dividend date is Thursday, August 20th. This is a positive change from ResMed’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.1%. ResMed’s dividend payout ratio (DPR) is presently 25.31%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on RMD. Rothschild & Co Redburn began coverage on shares of ResMed in a report on Wednesday. They set a “neutral” rating and a $230.00 target price on the stock. Citigroup reiterated a “neutral” rating and issued a $235.00 price target (down from $270.00) on shares of ResMed in a research note on Sunday, July 12th. Jefferies Financial Group decreased their price objective on shares of ResMed from $240.00 to $225.00 and set a “hold” rating for the company in a research report on Friday, July 10th. Royal Bank Of Canada boosted their price objective on shares of ResMed from $234.00 to $244.00 and gave the stock a “sector perform” rating in a research note on Friday, August 7th. Finally, Piper Sandler dropped their target price on shares of ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a report on Friday, August 7th. Seven analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $239.38.

ResMed Company 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.