Los Angeles Capital Management LLC Raises Stake in ResMed Inc. (NYSE:RMD)

Los Angeles Capital Management LLC lifted its holdings in shares of ResMed Inc. (NYSE:RMD) by 48.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 740,226 shares of the medical equipment provider’s stock after purchasing an additional 241,195 shares during the quarter. Los Angeles Capital Management LLC’s holdings in ResMed were worth $141,694,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Lake Street Advisors Group LLC grew its holdings in shares of ResMed by 420.7% during the 2nd quarter. Lake Street Advisors Group LLC now owns 5,592 shares of the medical equipment provider’s stock worth $1,071,000 after purchasing an additional 4,518 shares during the period. UNIVEST FINANCIAL Corp grew its holdings in shares of ResMed by 51.4% during the 2nd quarter. UNIVEST FINANCIAL Corp now owns 1,853 shares of the medical equipment provider’s stock worth $355,000 after purchasing an additional 629 shares during the period. Candriam S.C.A. lifted its stake in ResMed by 10.8% during the 2nd quarter. Candriam S.C.A. now owns 9,371 shares of the medical equipment provider’s stock worth $1,794,000 after acquiring an additional 912 shares in the last quarter. Private Advisor Group LLC lifted its stake in ResMed by 15.1% during the 2nd quarter. Private Advisor Group LLC now owns 3,071 shares of the medical equipment provider’s stock worth $588,000 after acquiring an additional 402 shares in the last quarter. Finally, XY Capital Ltd acquired a new position in ResMed during the 2nd quarter worth about $4,544,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on RMD. Oppenheimer lowered ResMed from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 25th. StockNews.com lowered ResMed from a “buy” rating to a “hold” rating in a research note on Friday, August 30th. Royal Bank of Canada increased their target price on ResMed from $204.00 to $206.00 and gave the stock a “sector perform” rating in a research note on Friday, August 2nd. Citigroup lowered ResMed from a “buy” rating to a “neutral” rating in a research report on Monday, June 24th. Finally, KeyCorp increased their price target on ResMed from $238.00 to $251.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, ResMed presently has a consensus rating of “Hold” and an average target price of $204.70.

Insider Buying and Selling

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $239.90, for a total transaction of $479,800.00. Following the transaction, the director now owns 87,204 shares of the company’s stock, valued at $20,920,239.60. The transaction was disclosed in a filing with the SEC, which is available at this link. In other ResMed news, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $239.90, for a total transaction of $479,800.00. Following the transaction, the director now owns 87,204 shares of the company’s stock, valued at $20,920,239.60. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael J. Farrell sold 14,683 shares of ResMed stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $192.97, for a total value of $2,833,378.51. Following the transaction, the chief executive officer now directly owns 440,799 shares in the company, valued at approximately $85,060,983.03. The disclosure for this sale can be found here. Insiders sold a total of 83,248 shares of company stock worth $17,698,433 over the last 90 days. 1.21% of the stock is owned by insiders.

ResMed Stock Up 0.0 %

RMD stock traded up $0.09 during trading on Friday, hitting $244.87. 579,029 shares of the company’s stock were exchanged, compared to its average volume of 1,042,666. The business has a 50-day moving average price of $215.85 and a two-hundred day moving average price of $204.44. The stock has a market capitalization of $35.98 billion, a price-to-earnings ratio of 37.61, a PEG ratio of 2.44 and a beta of 0.69. ResMed Inc. has a 52-week low of $132.24 and a 52-week high of $247.73. The company has a current ratio of 2.59, a quick ratio of 1.69 and a debt-to-equity ratio of 0.14.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.05. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.22 billion. ResMed had a return on equity of 25.00% and a net margin of 21.79%. The firm’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.60 earnings per share. As a group, equities research analysts expect that ResMed Inc. will post 8.91 EPS for the current year.

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Thursday, August 15th will be paid a dividend of $0.53 per share. This is a boost from ResMed’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $2.12 annualized dividend and a yield of 0.87%. ResMed’s payout ratio is presently 32.57%.

ResMed Company Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It operates in two segments, Sleep and Respiratory Care, and Software as a Service. It offers various products and solutions for a range of respiratory disorders, including technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.