Smith Group Asset Management LLC Has $1.86 Million Stock Position in ResMed Inc. (NYSE:RMD)

Smith Group Asset Management LLC lifted its stake in ResMed Inc. (NYSE:RMD) by 286.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,610 shares of the medical equipment provider’s stock after buying an additional 5,640 shares during the period. Smith Group Asset Management LLC’s holdings in ResMed were worth $1,858,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of RMD. OFI Invest Asset Management acquired a new position in ResMed during the second quarter worth $32,000. BOK Financial Private Wealth Inc. acquired a new stake in shares of ResMed during the 1st quarter worth about $35,000. Versant Capital Management Inc increased its position in shares of ResMed by 196.7% during the 2nd quarter. Versant Capital Management Inc now owns 181 shares of the medical equipment provider’s stock worth $35,000 after purchasing an additional 120 shares in the last quarter. Financial Connections Group Inc. bought a new position in ResMed during the 2nd quarter valued at about $37,000. Finally, Blue Trust Inc. boosted its position in ResMed by 182.7% in the second quarter. Blue Trust Inc. now owns 212 shares of the medical equipment provider’s stock valued at $42,000 after buying an additional 137 shares in the last quarter. Institutional investors own 54.98% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on RMD. Needham & Company LLC reiterated a “hold” rating on shares of ResMed in a research note on Friday. Robert W. Baird lifted their price target on ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a report on Friday. KeyCorp increased their price objective on shares of ResMed from $251.00 to $266.00 and gave the stock an “overweight” rating in a report on Friday. Bank of America boosted their target price on shares of ResMed from $240.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Finally, Royal Bank of Canada upped their price objective on ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $225.70.

ResMed Stock Down 3.6 %

Shares of ResMed stock opened at $246.83 on Tuesday. The business has a fifty day simple moving average of $241.10 and a 200 day simple moving average of $218.57. The stock has a market cap of $36.23 billion, a PE ratio of 32.69, a price-to-earnings-growth ratio of 2.05 and a beta of 0.69. The company has a quick ratio of 1.91, a current ratio of 2.92 and a debt-to-equity ratio of 0.13. ResMed Inc. has a 12 month low of $134.12 and a 12 month high of $260.49.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.17. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.19 billion. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.64 EPS. Research analysts predict that ResMed Inc. will post 9.16 EPS for the current year.

ResMed Dividend Announcement

The company 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 $0.53 dividend. The ex-dividend date is Thursday, November 7th. This represents a $2.12 annualized dividend and a yield of 0.86%. ResMed’s dividend payout ratio (DPR) is presently 28.08%.

Insider Transactions at ResMed

In related news, insider Justin Leong sold 48,000 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $217.07, for a total value of $10,419,360.00. Following the completion of the sale, the insider now owns 18,741 shares in the company, valued at $4,068,108.87. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Justin Leong sold 48,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $217.07, for a total value of $10,419,360.00. Following the completion of the transaction, the insider now directly owns 18,741 shares in the company, valued at approximately $4,068,108.87. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael J. Farrell sold 14,683 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $214.25, for a total value of $3,145,832.75. Following the sale, the chief executive officer now directly owns 440,799 shares of the company’s stock, valued at approximately $94,441,185.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 123,874 shares of company stock valued at $28,151,142 over the last three months. 0.71% of the stock is currently owned by corporate insiders.

ResMed 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.