Parallel Advisors LLC Raises Stock Position in ResMed Inc. $RMD

Parallel Advisors LLC boosted its position in shares of ResMed Inc. (NYSE:RMD) by 5.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,812 shares of the medical equipment provider’s stock after acquiring an additional 94 shares during the period. Parallel Advisors LLC’s holdings in ResMed were worth $468,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in ResMed by 23,982.6% during the first quarter. GAMMA Investing LLC now owns 733,556 shares of the medical equipment provider’s stock valued at $164,207,000 after purchasing an additional 730,510 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its position in ResMed by 1,168.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 590,895 shares of the medical equipment provider’s stock valued at $132,272,000 after purchasing an additional 544,311 shares during the last quarter. Allianz Asset Management GmbH lifted its position in ResMed by 334.0% during the first quarter. Allianz Asset Management GmbH now owns 455,124 shares of the medical equipment provider’s stock valued at $101,880,000 after purchasing an additional 350,245 shares during the last quarter. Swedbank AB lifted its position in ResMed by 445.1% during the first quarter. Swedbank AB now owns 397,319 shares of the medical equipment provider’s stock valued at $88,940,000 after purchasing an additional 324,428 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in ResMed by 1.8% during the first quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider’s stock valued at $4,139,815,000 after purchasing an additional 320,240 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

ResMed Stock Up 0.1%

Shares of ResMed stock opened at $273.45 on Friday. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11. The company’s fifty day simple moving average is $275.98 and its two-hundred day simple moving average is $250.14. The company has a market cap of $40.04 billion, a P/E ratio of 28.75, a PEG ratio of 1.84 and a beta of 0.85. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $293.81.

ResMed (NYSE:RMD) last released its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.08. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The company’s revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.08 EPS. Research analysts anticipate that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th were paid a dividend of $0.60 per share. The ex-dividend date was Thursday, August 14th. This represents a $2.40 annualized dividend and a yield of 0.9%. This is an increase from ResMed’s previous quarterly dividend of $0.53. ResMed’s dividend payout ratio (DPR) is currently 25.24%.

Insider Transactions at ResMed

In other news, Director Peter C. Farrell sold 945 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total value of $241,438.05. Following the transaction, the director owned 68,273 shares in the company, valued at $17,443,068.77. This represents a 1.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $279.48, for a total transaction of $2,238,355.32. Following the completion of the sale, the chief executive officer directly owned 455,503 shares of the company’s stock, valued at $127,303,978.44. This represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,588 shares of company stock worth $5,289,241 in the last quarter. Company insiders own 0.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on RMD shares. KeyCorp lifted their target price on shares of ResMed from $274.00 to $298.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Mizuho boosted their price objective on shares of ResMed from $270.00 to $290.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. Royal Bank Of Canada boosted their price objective on shares of ResMed from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. Piper Sandler boosted their price objective on shares of ResMed from $248.00 to $270.00 and gave the stock a “neutral” rating in a report on Friday, August 1st. Finally, William Blair upgraded shares of ResMed to a “strong-buy” rating in a report on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $292.00.

ResMed Company Profile

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 ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.