Park Avenue Securities LLC Raises Stake in ResMed Inc. (NYSE:RMD)

Park Avenue Securities LLC lifted its stake in shares of ResMed Inc. (NYSE:RMD) by 20.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,266 shares of the medical equipment provider’s stock after purchasing an additional 382 shares during the quarter. Park Avenue Securities LLC’s holdings in ResMed were worth $449,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Wedmont Private Capital lifted its position in shares of ResMed by 6.5% during the 1st quarter. Wedmont Private Capital now owns 1,700 shares of the medical equipment provider’s stock valued at $330,000 after acquiring an additional 104 shares during the period. Czech National Bank boosted its position in ResMed by 0.5% during the first quarter. Czech National Bank now owns 25,880 shares of the medical equipment provider’s stock worth $5,125,000 after purchasing an additional 118 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in ResMed by 22.6% in the first quarter. Massmutual Trust Co. FSB ADV now owns 59,751 shares of the medical equipment provider’s stock valued at $11,832,000 after purchasing an additional 11,030 shares during the last quarter. Mather Group LLC. purchased a new position in shares of ResMed in the first quarter valued at $119,000. Finally, First Hawaiian Bank raised its stake in shares of ResMed by 37.5% during the 1st quarter. First Hawaiian Bank now owns 16,504 shares of the medical equipment provider’s stock worth $3,268,000 after buying an additional 4,499 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. KeyCorp lifted their target price on shares of ResMed from $227.00 to $238.00 and gave the stock an “overweight” rating in a research report on Friday, April 26th. Citigroup lowered ResMed from a “buy” rating to a “neutral” rating in a research note on Monday, June 24th. Needham & Company LLC reissued a “buy” rating and set a $236.00 price target on shares of ResMed in a research report on Monday, June 24th. Oppenheimer downgraded ResMed from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 25th. Finally, Royal Bank of Canada increased their price objective on ResMed from $187.00 to $200.00 and gave the company a “sector perform” rating in a research note on Friday, April 26th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $202.80.

Insider Activity

In related news, Director Karen Drexler sold 425 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $214.92, for a total value of $91,341.00. Following the transaction, the director now owns 8,446 shares in the company, valued at $1,815,214.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Karen Drexler sold 425 shares of the stock in a transaction on Monday, April 29th. The stock was sold at an average price of $214.92, for a total value of $91,341.00. Following the completion of the sale, the director now directly owns 8,446 shares in the company, valued at approximately $1,815,214.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Witte Jan De sold 360 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $218.29, for a total value of $78,584.40. Following the completion of the sale, the director now directly owns 7,519 shares of the company’s stock, valued at approximately $1,641,322.51. The disclosure for this sale can be found here. Insiders have sold 31,151 shares of company stock valued at $6,666,409 in the last three months. Corporate insiders own 1.21% of the company’s stock.

ResMed Price Performance

RMD opened at $191.42 on Friday. ResMed Inc. has a 1 year low of $132.24 and a 1 year high of $229.97. The company’s 50 day simple moving average is $208.47 and its 200 day simple moving average is $191.26. The stock has a market capitalization of $28.12 billion, a PE ratio of 29.40, a P/E/G ratio of 1.88 and a beta of 0.68. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.97 and a current ratio of 3.04.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.91 by $0.22. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.17 billion. ResMed had a net margin of 20.91% and a return on equity of 24.43%. ResMed’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the business earned $1.68 EPS. As a group, sell-side analysts expect that ResMed Inc. will post 7.7 EPS for the current year.

ResMed Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 13th. Stockholders of record on Thursday, May 9th were issued a $0.48 dividend. The ex-dividend date was Wednesday, May 8th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.00%. ResMed’s dividend payout ratio (DPR) is 29.49%.

ResMed 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.