Quantbot Technologies LP Takes Position in ResMed Inc. $RMD

Quantbot Technologies LP acquired a new position in shares of ResMed Inc. (NYSE:RMD) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 78,381 shares of the medical equipment provider’s stock, valued at approximately $15,275,000. ResMed comprises about 0.6% of Quantbot Technologies LP’s portfolio, making the stock its 7th largest holding.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Westpac Banking Corp bought a new position in ResMed in the second quarter valued at $4,203,000. Landscape Capital Management L.L.C. bought a new stake in ResMed during the second quarter worth about $5,619,000. Korea Investment CORP bought a new stake in ResMed during the second quarter worth about $9,846,000. EP Wealth Advisors LLC purchased a new position in shares of ResMed in the 2nd quarter worth about $522,000. Finally, Ieq Capital LLC bought a new position in shares of ResMed during the 2nd quarter valued at about $1,829,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

ResMed Stock Performance

Shares of RMD stock opened at $231.62 on Friday. The company has a market capitalization of $33.41 billion, a P/E ratio of 22.21, a PEG ratio of 1.45 and a beta of 0.76. ResMed Inc. has a fifty-two week low of $180.26 and a fifty-two week high of $293.81. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.42 and a current ratio of 3.10. The stock has a 50 day moving average price of $207.22 and a two-hundred day moving average price of $220.07.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 quarter in the previous year, the company earned $2.55 earnings per share. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. Analysts expect that ResMed Inc. will post 12.03 earnings per share for the current year.

ResMed Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, August 20th will be given a $0.66 dividend. 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 dividend payout ratio is currently 25.31%.

Wall Street Analyst Weigh In

RMD has been the topic of a number of research reports. Robert W. Baird set a $213.00 price objective on ResMed in a report on Friday, August 7th. Rothschild & Co Redburn initiated coverage on ResMed in a research note on Wednesday. They issued a “neutral” rating and a $230.00 target price for the company. Mizuho decreased 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. Morgan Stanley reaffirmed an “equal weight” rating and issued a $230.00 price objective (down from $286.00) on shares of ResMed in a research note on Wednesday, June 17th. Finally, Jefferies Financial Group reduced their target price on shares of ResMed from $240.00 to $225.00 and set a “hold” rating on the stock in a report on Friday, July 10th. Seven research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $239.38.

Insider Buying and Selling

In other news, Director Peter C. Farrell sold 8,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total value of $1,800,000.00. Following the sale, the director directly owned 52,773 shares of the company’s stock, valued at $11,873,925. The trade was a 13.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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 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 sale, the chief executive officer directly owned 466,256 shares in the company, valued at $95,904,196.64. This trade represents a 1.06% decrease in their ownership of the stock. 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. In the last 90 days, insiders sold 22,973 shares of company stock valued at $4,885,436. 0.65% of the stock is currently owned by company insiders.

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.