Edgestream Partners L.P. Purchases New Position in ResMed Inc. (NYSE:RMD)

Edgestream Partners L.P. acquired a new position in shares of ResMed Inc. (NYSE:RMD) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,568 shares of the medical equipment provider’s stock, valued at approximately $383,000.

Several other hedge funds also recently modified their holdings of the company. Ashton Thomas Securities LLC bought a new position in shares of ResMed in the third quarter valued at about $34,000. OFI Invest Asset Management acquired a new stake in ResMed in the 2nd quarter valued at about $32,000. Financial Connections Group Inc. bought a new position in shares of ResMed in the second quarter worth about $37,000. Blue Trust Inc. lifted its position in shares of ResMed by 182.7% during the second quarter. Blue Trust Inc. now owns 212 shares of the medical equipment provider’s stock worth $42,000 after purchasing an additional 137 shares in the last quarter. Finally, Rothschild Investment LLC bought a new stake in shares of ResMed during the second quarter valued at approximately $44,000. Institutional investors and hedge funds own 54.98% of the company’s stock.

ResMed Stock Performance

Shares of NYSE:RMD opened at $241.28 on Friday. The firm’s 50 day simple moving average is $242.30 and its 200 day simple moving average is $226.46. ResMed Inc. has a fifty-two week low of $162.05 and a fifty-two week high of $260.49. The company has a market capitalization of $35.42 billion, a price-to-earnings ratio of 31.96, a P/E/G ratio of 1.80 and a beta of 0.68. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.92 and a quick ratio of 1.91.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.17. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.19 billion. ResMed had a net margin of 23.15% and a return on equity of 25.53%. During the same period last year, the business posted $1.64 earnings per share. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, sell-side analysts forecast that ResMed Inc. will post 9.28 earnings per share for the current year.

ResMed Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 7th will be issued a dividend of $0.53 per share. The ex-dividend date is Thursday, November 7th. This represents a $2.12 annualized dividend and a yield of 0.88%. ResMed’s dividend payout ratio is presently 28.08%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Baird R W upgraded shares of ResMed to a “strong-buy” rating in a research report on Tuesday, September 24th. KeyCorp boosted their target price on ResMed from $251.00 to $266.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. StockNews.com upgraded ResMed from a “hold” rating to a “buy” rating in a report on Tuesday, October 15th. Needham & Company LLC reissued a “hold” rating on shares of ResMed in a report on Friday, October 25th. Finally, Wolfe Research restated an “underperform” rating and set a $180.00 target price on shares of ResMed in a research report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $225.70.

Insider Buying and Selling at ResMed

In related news, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $245.65, for a total value of $491,300.00. Following the sale, the director now directly owns 81,218 shares of the company’s stock, valued at approximately $19,951,201.70. The trade was a 2.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Kaushik Ghoshal sold 5,000 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $252.56, for a total transaction of $1,262,800.00. Following the completion of the transaction, the insider now directly owns 21,788 shares of the company’s stock, valued at approximately $5,502,777.28. The trade was a 18.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 68,408 shares of company stock valued at $16,409,632. Company insiders own 0.71% of the company’s stock.

ResMed Company Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company 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 ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.