Corient Private Wealth LP Purchases Shares of 85,266 ResMed Inc. $RMD

Corient Private Wealth LP acquired a new stake 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 acquired 85,266 shares of the medical equipment provider’s stock, valued at approximately $16,616,000. Corient Private Wealth LP owned about 0.06% of ResMed at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. American Capital Management Inc. acquired a new position in ResMed in the 2nd quarter valued at $44,522,000. Hsbc Holdings PLC lifted its position in ResMed by 17.6% during the 4th quarter. Hsbc Holdings PLC now owns 328,785 shares of the medical equipment provider’s stock worth $79,321,000 after acquiring an additional 49,253 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in ResMed by 13.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 979,087 shares of the medical equipment provider’s stock worth $235,833,000 after acquiring an additional 118,296 shares during the last quarter. BlackRock Inc. bought a new stake in ResMed during the second quarter valued at about $2,400,375,000. Finally, Polymer Capital Management HK LTD bought a new stake in ResMed during the second quarter valued at about $972,000. Institutional investors own 54.98% of the company’s stock.

ResMed Trading Up 2.0%

Shares of RMD stock opened at $240.47 on Friday. The firm has a fifty day moving average of $211.81 and a 200-day moving average of $219.18. The stock has a market cap of $34.69 billion, a price-to-earnings ratio of 23.06, a P/E/G ratio of 1.48 and a beta of 0.76. ResMed Inc. has a 52-week low of $180.26 and a 52-week high of $284.87. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.42 and a current ratio of 3.10.

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

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th will be issued a dividend of $0.66 per share. The ex-dividend date of this dividend 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 yield of 1.1%. ResMed’s dividend payout ratio (DPR) is presently 25.31%.

Insider Buying and Selling

In related news, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The stock was 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 owned 466,256 shares in the company, valued at $95,904,196.64. This trade represents a 1.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 8,000 shares of the company’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total value of $1,800,000.00. Following the completion of the sale, the director owned 52,773 shares in the company, valued at $11,873,925. This trade represents a 13.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 22,973 shares of company stock worth $4,885,436 over the last ninety days. Company insiders own 0.65% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on RMD. Wells Fargo & Company dropped their price objective on ResMed from $225.00 to $215.00 and set an “equal weight” rating on the stock in a research note on Friday, August 7th. Weiss Ratings upgraded ResMed from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $230.00 target price (down from $286.00) on shares of ResMed in a report on Wednesday, June 17th. Royal Bank Of Canada lifted their price target on ResMed from $234.00 to $244.00 and gave the stock a “sector perform” rating in a research report on Friday, August 7th. Finally, Robert W. Baird set a $213.00 price target on ResMed in a report on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $239.38.

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.