First Trust Advisors LP Buys 329,588 Shares of ResMed Inc. $RMD

First Trust Advisors LP grew its stake in ResMed Inc. (NYSE:RMD) by 285.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 445,198 shares of the medical equipment provider’s stock after purchasing an additional 329,588 shares during the period. First Trust Advisors LP owned approximately 0.31% of ResMed worth $121,864,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of RMD. Norges Bank purchased a new stake in ResMed during the 2nd quarter valued at $306,452,000. Vanguard Group Inc. lifted its position in ResMed by 1.6% in the third quarter. Vanguard Group Inc. now owns 19,040,440 shares of the medical equipment provider’s stock worth $5,211,940,000 after buying an additional 293,515 shares during the last quarter. Ilex Capital Partners UK LLP purchased a new position in ResMed during the second quarter worth $39,306,000. Allianz Asset Management GmbH boosted its stake in ResMed by 44.8% during the third quarter. Allianz Asset Management GmbH now owns 357,421 shares of the medical equipment provider’s stock worth $97,837,000 after buying an additional 110,647 shares during the period. Finally, Swedbank AB increased its position in ResMed by 25.4% during the third quarter. Swedbank AB now owns 542,711 shares of the medical equipment provider’s stock valued at $148,556,000 after acquiring an additional 109,760 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Weiss Ratings raised shares of ResMed from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 9th. UBS Group reiterated a “buy” rating and set a $345.00 price target on shares of ResMed in a report on Friday, December 12th. KeyCorp reissued an “overweight” rating and issued a $302.00 price objective on shares of ResMed in a research report on Friday, January 30th. Wall Street Zen raised shares of ResMed from a “hold” rating to a “buy” rating in a research note on Saturday, February 7th. Finally, Robert W. Baird set a $281.00 target price on ResMed in a research report on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $299.27.

ResMed Stock Down 0.9%

Shares of RMD opened at $252.95 on Monday. The firm has a fifty day moving average price of $255.22 and a 200-day moving average price of $259.83. The company has a current ratio of 3.06, a quick ratio of 2.32 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $36.85 billion, a P/E ratio of 25.02, a P/E/G ratio of 1.68 and a beta of 0.88. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $293.81.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, January 29th. The medical equipment provider reported $2.81 EPS for the quarter, topping the consensus estimate of $2.68 by $0.13. ResMed had a net margin of 27.53% and a return on equity of 25.20%. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter last year, the firm posted $2.43 EPS. The firm’s revenue was up 11.0% compared to the same quarter last year. Equities research analysts expect that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 19th. Stockholders of record on Thursday, February 12th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, February 12th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. ResMed’s dividend payout ratio (DPR) is 23.74%.

Insider Activity at ResMed

In related news, CEO Michael J. Farrell sold 4,991 shares of the business’s stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $273.78, for a total value of $1,366,435.98. Following the completion of the sale, the chief executive officer owned 466,223 shares in the company, valued at approximately $127,642,532.94. The trade was a 1.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $260.22, for a total value of $520,440.00. Following the completion of the transaction, the director directly owned 62,773 shares in the company, valued at approximately $16,334,790.06. This trade represents a 3.09% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 16,082 shares of company stock valued at $4,152,307 in the last ninety days. Insiders own 0.65% of the company’s stock.

About ResMed

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.