OceanIQ Capital LLC Makes New $574,000 Investment in ResMed Inc. $RMD

OceanIQ Capital LLC bought a new position in shares of ResMed Inc. (NYSE:RMD) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 2,944 shares of the medical equipment provider’s stock, valued at approximately $574,000.

Several other institutional investors and hedge funds have also recently modified their holdings of RMD. Jones Financial Companies Lllp increased its holdings in ResMed by 52.6% during the 1st quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider’s stock worth $645,000 after purchasing an additional 994 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in shares of ResMed in the 2nd quarter worth $389,000. Brown Advisory Inc. lifted its holdings in shares of ResMed by 17.8% in the 2nd quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider’s stock worth $409,000 after buying an additional 240 shares during the period. Cresset Asset Management LLC bought a new position in shares of ResMed during the 2nd quarter worth $206,000. Finally, Alliancebernstein L.P. grew its position in shares of ResMed by 24.2% during the 2nd quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider’s stock worth $73,808,000 after buying an additional 55,790 shares in the last quarter. Institutional investors own 54.98% of the company’s stock.

Wall Street Analysts Forecast Growth

RMD has been the subject of several recent research reports. Jefferies Financial Group decreased their price objective on ResMed from $240.00 to $225.00 and set a “hold” rating for the company in a report on Friday, July 10th. Royal Bank Of Canada upped their price objective on shares of ResMed from $234.00 to $244.00 and gave the stock a “sector perform” rating in a research note on Friday, August 7th. Weiss Ratings raised shares of ResMed from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. Wells Fargo & Company cut 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. Finally, Citigroup reaffirmed a “neutral” rating and issued a $235.00 price target (down from $270.00) on shares of ResMed in a research report on Sunday, July 12th. Six analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, ResMed currently has an average rating of “Hold” and an average target price of $240.31.

ResMed Stock Performance

Shares of RMD opened at $228.25 on Friday. ResMed Inc. has a 12 month low of $180.26 and a 12 month high of $284.87. The stock has a fifty day moving average price of $215.51 and a 200-day moving average price of $218.22. The company has a current ratio of 3.10, a quick ratio of 2.42 and a debt-to-equity ratio of 0.06. The firm has a market cap of $32.93 billion, a PE ratio of 21.88, a P/E/G ratio of 1.44 and a beta of 0.77.

ResMed (NYSE:RMD) last announced its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share for the quarter, topping the consensus estimate of $2.89 by $0.06. ResMed had a return on equity of 25.58% and a net margin of 26.94%.The firm had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same period in the previous year, the business earned $2.55 EPS. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. Equities research analysts predict that ResMed Inc. will post 12.03 earnings per share for the current fiscal year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, August 20th will be paid a dividend of $0.66 per share. The ex-dividend date is Thursday, August 20th. This is a positive change from ResMed’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.2%. ResMed’s payout ratio is presently 25.31%.

Insider Transactions at ResMed

In other news, Director Peter Farrell sold 970 shares of the company’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $234.73, for a total transaction of $227,688.10. Following the transaction, the director owned 51,803 shares in the company, valued at $12,159,718.19. This represents a 1.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Farrell sold 4,991 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $205.69, for a total transaction of $1,026,598.79. Following the completion of the transaction, the chief executive officer directly owned 466,256 shares of the company’s stock, valued at $95,904,196.64. The trade was 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. Insiders have sold 23,943 shares of company stock worth $5,113,124 in the last 90 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.