Investment Management Corp of Ontario Raises Position in ResMed Inc. (NYSE:RMD)

Investment Management Corp of Ontario increased its holdings in ResMed Inc. (NYSE:RMD) by 48.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,922 shares of the medical equipment provider’s stock after purchasing an additional 1,600 shares during the period. Investment Management Corp of Ontario’s holdings in ResMed were worth $1,202,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in RMD. True Wealth Design LLC grew its holdings in ResMed by 2,200.0% in the 3rd quarter. True Wealth Design LLC now owns 115 shares of the medical equipment provider’s stock valued at $28,000 after buying an additional 110 shares during the period. OFI Invest Asset Management acquired a new stake in shares of ResMed in the second quarter worth approximately $32,000. Ashton Thomas Securities LLC purchased a new stake in ResMed in the third quarter valued at approximately $34,000. Financial Connections Group Inc. acquired a new position in ResMed during the second quarter worth approximately $37,000. Finally, Blue Trust Inc. raised its stake in 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 during the period. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Witte Jan De sold 796 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $248.81, for a total transaction of $198,052.76. Following the transaction, the director now directly owns 6,723 shares in the company, valued at $1,672,749.63. This trade represents a 10.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Brett Sandercock sold 1,000 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $246.42, for a total transaction of $246,420.00. Following the sale, the chief financial officer now owns 96,812 shares of the company’s stock, valued at approximately $23,856,413.04. The trade was a 1.02 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 68,408 shares of company stock worth $16,409,632. Insiders own 0.71% of the company’s stock.

ResMed Stock Performance

NYSE:RMD opened at $239.41 on Friday. The firm has a 50-day moving average of $242.25 and a two-hundred day moving average of $226.30. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.92 and a quick ratio of 1.91. The stock has a market cap of $35.15 billion, a P/E ratio of 31.71, a PEG ratio of 1.80 and a beta of 0.68. ResMed Inc. has a 1-year low of $162.05 and a 1-year high of $260.49.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.17. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the prior year, the business posted $1.64 earnings per share. ResMed’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, research analysts expect that ResMed Inc. will post 9.28 earnings per share for the current fiscal year.

ResMed Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 7th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date is Thursday, November 7th. ResMed’s payout ratio is currently 28.08%.

Analyst Ratings Changes

Several analysts have recently issued reports on RMD shares. Wolfe Research reissued an “underperform” rating and set a $180.00 price objective on shares of ResMed in a research note on Wednesday, September 18th. Bank of America upped their price target on ResMed from $240.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Robert W. Baird lifted their price objective on ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Royal Bank of Canada boosted their target price on ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. Finally, StockNews.com upgraded shares of ResMed from a “hold” rating to a “buy” rating in a report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $225.70.

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.