Quantitative Investment Management LLC Invests $2.21 Million in ResMed Inc. $RMD

Quantitative Investment Management LLC purchased a new position in ResMed Inc. (NYSE:RMD) in the second quarter, Holdings Channel reports. The fund purchased 11,360 shares of the medical equipment provider’s stock, valued at approximately $2,213,000.

Other hedge funds have also recently modified their holdings of the company. American Capital Management Inc. acquired a new stake in ResMed in the second quarter valued at $44,522,000. Hsbc Holdings PLC increased its stake in ResMed by 17.6% in the fourth quarter. Hsbc Holdings PLC now owns 328,785 shares of the medical equipment provider’s stock valued at $79,321,000 after purchasing an additional 49,253 shares during the last quarter. BlackRock Inc. acquired a new position in shares of ResMed during the 2nd quarter valued at about $2,400,375,000. Goldman Sachs Group Inc. raised its stake in ResMed by 13.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 979,087 shares of the medical equipment provider’s stock worth $235,833,000 after purchasing an additional 118,296 shares during the period. Finally, Polymer Capital Management HK LTD purchased a new stake in shares of ResMed during the 2nd quarter valued at $972,000. 54.98% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Peter C. Farrell sold 8,000 shares of the business’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 directly owned 52,773 shares in the company, valued at $11,873,925. The trade was a 13.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at 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 that occurred on Friday, August 7th. The stock was 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 directly owned 466,256 shares in the company, valued at $95,904,196.64. The trade was a 1.06% decrease in their ownership of the stock. 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 worth $4,885,436 over the last quarter. 0.65% of the stock is currently owned by company insiders.

ResMed Stock Performance

Shares of NYSE RMD opened at $240.03 on Tuesday. ResMed Inc. has a 1 year low of $180.26 and a 1 year high of $284.87. The firm has a market cap of $34.62 billion, a P/E ratio of 23.01, a PEG ratio of 1.51 and a beta of 0.76. The stock has a fifty day moving average price of $212.84 and a two-hundred day moving average price of $218.62. 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 (NYSE:RMD) last issued its quarterly earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 EPS for the quarter, topping the consensus estimate of $2.89 by $0.06. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The firm had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same period in the previous year, the business earned $2.55 earnings per share. ResMed’s revenue for the quarter was up 8.6% compared to the same quarter last year. Research analysts forecast that ResMed Inc. will post 12.03 EPS for the current fiscal year.

ResMed Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, August 20th will be issued a dividend of $0.66 per share. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $2.64 annualized dividend and a dividend yield of 1.1%. This is an increase from ResMed’s previous quarterly dividend of $0.60. ResMed’s payout ratio is currently 25.31%.

Analyst Ratings Changes

RMD has been the topic of several research reports. Mizuho cut their price objective on ResMed from $235.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 15th. Royal Bank Of Canada lifted their price objective on shares of ResMed from $234.00 to $244.00 and gave the company a “sector perform” rating in a research note on Friday, August 7th. Wells Fargo & Company reduced their target price on shares of ResMed from $225.00 to $215.00 and set an “equal weight” rating on the stock in a research report on Friday, August 7th. Robert W. Baird set a $213.00 target price on shares of ResMed in a research note on Friday, August 7th. Finally, Weiss Ratings raised shares of ResMed from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Seven equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $240.31.

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.