942,614 Shares in ResMed Inc. $RMD Acquired by Legal & General Group Plc

Legal & General Group Plc acquired a new stake in ResMed Inc. (NYSE:RMD) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 942,614 shares of the medical equipment provider’s stock, valued at approximately $183,697,000. Legal & General Group Plc owned 0.65% of ResMed at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Terra Nova Asset Management LLC raised its holdings in shares of ResMed by 0.6% in the 3rd quarter. Terra Nova Asset Management LLC now owns 7,805 shares of the medical equipment provider’s stock valued at $2,136,000 after buying an additional 46 shares during the period. Kera Capital Partners Inc. raised its holdings in ResMed by 6.6% in the fourth quarter. Kera Capital Partners Inc. now owns 841 shares of the medical equipment provider’s stock valued at $217,000 after acquiring an additional 52 shares in the last quarter. Andina Capital Management LLC raised its holdings in shares of ResMed by 2.9% in the 4th quarter. Andina Capital Management LLC now owns 1,988 shares of the medical equipment provider’s stock valued at $479,000 after purchasing an additional 56 shares in the last quarter. Turtle Creek Wealth Advisors LLC raised its stake in ResMed by 6.2% in the first quarter. Turtle Creek Wealth Advisors LLC now owns 994 shares of the medical equipment provider’s stock valued at $223,000 after buying an additional 58 shares in the last quarter. Finally, Inspire Investing LLC raised its position in shares of ResMed by 7.9% during the 4th quarter. Inspire Investing LLC now owns 902 shares of the medical equipment provider’s stock worth $217,000 after acquiring an additional 66 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Transactions at ResMed

In related news, Director Peter C. Farrell sold 8,000 shares of the firm’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 transaction, the director owned 52,773 shares of the company’s stock, valued at $11,873,925. This trade represents a 13.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $205.69, for a total value of $1,026,598.79. Following the completion of the transaction, the chief executive officer owned 466,256 shares in the company, valued at $95,904,196.64. This trade represents a 1.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 22,973 shares of company stock valued at $4,885,436 over the last ninety days. Corporate insiders own 0.65% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Rothschild & Co Redburn began coverage on shares of ResMed in a report on Wednesday, August 19th. They issued a “neutral” rating and a $230.00 target price for the company. Mizuho cut their price target on shares of ResMed from $235.00 to $220.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 15th. Jefferies Financial Group reduced their price target 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. KeyCorp decreased their price objective on shares of ResMed from $260.00 to $255.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Finally, Wells Fargo & Company dropped their price objective on ResMed from $225.00 to $215.00 and set an “equal weight” rating on the stock in a report on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $239.38.

ResMed Price Performance

RMD stock opened at $235.73 on Thursday. The company has a current ratio of 3.10, a quick ratio of 2.42 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $34.00 billion, a P/E ratio of 22.60, a PEG ratio of 1.48 and a beta of 0.76. The business has a 50 day simple moving average of $209.84 and a 200-day simple moving average of $219.29. ResMed Inc. has a twelve month low of $180.26 and a twelve month high of $285.08.

ResMed (NYSE:RMD) last announced its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 EPS for the quarter, beating analysts’ consensus estimates of $2.89 by $0.06. The business had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.46 billion. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The company’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.55 EPS. As a group, equities analysts anticipate that ResMed Inc. will post 12.03 EPS for the current year.

ResMed Increases Dividend

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

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.