Empowered Funds LLC Takes Position in ResMed Inc. $RMD

Empowered Funds LLC purchased a new stake in shares of ResMed Inc. (NYSE:RMD) in the second quarter, according to its most recent filing with the SEC. The firm purchased 88,258 shares of the medical equipment provider’s stock, valued at approximately $17,200,000.

Several other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in ResMed in the 2nd quarter valued at about $2,400,375,000. Bank of New York Mellon Corp acquired a new position in ResMed during the second quarter worth about $818,030,000. Deutsche Bank AG purchased a new stake in shares of ResMed in the second quarter valued at about $257,692,000. First Trust Advisors LP grew its position in shares of ResMed by 240.9% in the fourth quarter. First Trust Advisors LP now owns 1,517,592 shares of the medical equipment provider’s stock valued at $365,542,000 after purchasing an additional 1,072,394 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of ResMed in the fourth quarter valued at approximately $249,068,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

ResMed Stock Up 2.0%

Shares of NYSE:RMD opened at $240.47 on Friday. The stock has a 50-day simple moving average of $211.81 and a 200-day simple moving average of $219.18. The stock has a market capitalization of $34.69 billion, a P/E ratio of 23.06, a PEG ratio of 1.48 and a beta of 0.76. ResMed Inc. has a 1 year low of $180.26 and a 1 year 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 quarterly earnings data on Thursday, August 6th. The medical equipment provider reported $2.95 EPS for the quarter, topping analysts’ consensus estimates of $2.89 by $0.06. The company had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.46 billion. ResMed had a return on equity of 25.58% and a net margin of 26.94%.The firm’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.55 earnings per share. Equities analysts forecast that ResMed Inc. will post 12.03 earnings per share for the current 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 paid a dividend of $0.66 per share. This is a positive change from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date is Thursday, August 20th. This represents a $2.64 dividend on an annualized basis and a yield of 1.1%. ResMed’s payout ratio is currently 25.31%.

Analyst Ratings Changes

Several equities analysts have weighed in on RMD shares. Wells Fargo & Company dropped their price target on ResMed from $225.00 to $215.00 and set an “equal weight” rating for the company in a research report on Friday, August 7th. Jefferies Financial Group decreased their price objective on ResMed from $240.00 to $225.00 and set a “hold” rating on the stock in a research note on Friday, July 10th. UBS Group reissued a “buy” rating and issued a $300.00 target price on shares of ResMed in a research note on Tuesday, July 21st. Royal Bank Of Canada upped their target price on shares of ResMed from $234.00 to $244.00 and gave the company a “sector perform” rating in a report on Friday, August 7th. Finally, KeyCorp decreased their price target on shares of ResMed from $260.00 to $255.00 and set an “overweight” rating on the stock in a research note 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’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $239.38.

Insider Buying and Selling at ResMed

In other ResMed news, Director Peter C. Farrell sold 8,000 shares of ResMed 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 transaction, the director owned 52,773 shares of the company’s stock, valued at $11,873,925. The trade was a 13.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. 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 dated 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 sale, the chief executive officer directly owned 466,256 shares of the company’s stock, valued at approximately $95,904,196.64. This represents a 1.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 22,973 shares of company stock valued at $4,885,436. 0.65% of the stock is owned by company insiders.

ResMed 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.