Guardian Capital LP Makes New Investment in ResMed Inc. (NYSE:RMD)

Guardian Capital LP bought a new position in ResMed Inc. (NYSE:RMDGet Rating) in the 1st quarter, HoldingsChannel.com reports. The fund bought 3,976 shares of the medical equipment provider’s stock, valued at approximately $964,000.

Several other hedge funds and other institutional investors have also bought and sold shares of RMD. 2Xideas AG lifted its position in ResMed by 1.3% in the first quarter. 2Xideas AG now owns 387,185 shares of the medical equipment provider’s stock valued at $93,896,000 after purchasing an additional 5,004 shares during the last quarter. Power Corp of Canada bought a new stake in ResMed in the first quarter valued at approximately $1,585,000. Brinker Capital Investments LLC lifted its position in ResMed by 0.9% in the first quarter. Brinker Capital Investments LLC now owns 6,428 shares of the medical equipment provider’s stock valued at $1,559,000 after purchasing an additional 59 shares during the last quarter. Wetherby Asset Management Inc. lifted its position in ResMed by 6.3% in the first quarter. Wetherby Asset Management Inc. now owns 2,494 shares of the medical equipment provider’s stock valued at $605,000 after purchasing an additional 147 shares during the last quarter. Finally, Ethic Inc. lifted its position in ResMed by 41.0% in the first quarter. Ethic Inc. now owns 7,876 shares of the medical equipment provider’s stock valued at $1,910,000 after purchasing an additional 2,289 shares during the last quarter. Hedge funds and other institutional investors own 65.50% of the company’s stock.

Insider Buying and Selling

In related news, CFO Brett Sandercock sold 7,500 shares of the company’s stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $235.00, for a total value of $1,762,500.00. Following the sale, the chief financial officer now directly owns 106,426 shares of the company’s stock, valued at $25,010,110. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Michael J. Farrell sold 5,675 shares of the stock in a transaction on Wednesday, June 15th. The stock was sold at an average price of $202.54, for a total value of $1,149,414.50. Following the sale, the chief executive officer now directly owns 405,260 shares of the company’s stock, valued at $82,081,360.40. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Brett Sandercock sold 7,500 shares of the stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $235.00, for a total value of $1,762,500.00. Following the completion of the sale, the chief financial officer now directly owns 106,426 shares in the company, valued at $25,010,110. The disclosure for this sale can be found here. Insiders have sold a total of 24,440 shares of company stock valued at $5,490,061 over the last ninety days. Company insiders own 1.42% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RMD. StockNews.com downgraded ResMed from a “buy” rating to a “hold” rating in a research report on Friday, August 19th. Citigroup upgraded ResMed from a “neutral” rating to a “buy” rating in a report on Thursday, September 8th. Royal Bank of Canada downgraded ResMed from an “outperform” rating to a “sector perform” rating and upped their target price for the company from $246.00 to $252.00 in a report on Friday, August 12th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. downgraded ResMed from an “overweight” rating to a “neutral” rating in a report on Friday, August 12th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $266.40.

ResMed Price Performance

Shares of RMD stock opened at $238.01 on Tuesday. The stock has a market cap of $34.85 billion, a price-to-earnings ratio of 44.82, a PEG ratio of 3.39 and a beta of 0.50. The business’s fifty day moving average is $229.54 and its 200 day moving average is $224.92. ResMed Inc. has a twelve month low of $189.40 and a twelve month high of $297.62. The company has a quick ratio of 1.72, a current ratio of 2.80 and a debt-to-equity ratio of 0.23.

ResMed (NYSE:RMDGet Rating) last issued its quarterly earnings results on Thursday, August 11th. The medical equipment provider reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.48 by $0.01. The company had revenue of $914.74 million for the quarter, compared to analysts’ expectations of $912.53 million. ResMed had a return on equity of 26.56% and a net margin of 21.78%. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.35 earnings per share. Research analysts expect that ResMed Inc. will post 6.57 EPS for the current fiscal year.

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 22nd. Investors of record on Thursday, August 18th will be paid a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 0.74%. This is a boost from ResMed’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Wednesday, August 17th. ResMed’s dividend payout ratio is presently 33.15%.

ResMed Profile

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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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.

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Institutional Ownership by Quarter for ResMed (NYSE:RMD)

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