Meiji Yasuda Asset Management Co Ltd. Raises Stake in ResMed Inc. (NYSE:RMD)

Meiji Yasuda Asset Management Co Ltd. increased its holdings in shares of ResMed Inc. (NYSE:RMD) by 45.4% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,035 shares of the medical equipment provider’s stock after purchasing an additional 948 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in ResMed were worth $581,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of RMD. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in ResMed by 24.9% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 177,083 shares of the medical equipment provider’s stock valued at $35,068,000 after purchasing an additional 35,273 shares during the period. Mediolanum International Funds Ltd acquired a new position in ResMed during the 1st quarter worth approximately $2,246,000. Janney Montgomery Scott LLC lifted its position in ResMed by 5.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 81,313 shares of the medical equipment provider’s stock worth $16,102,000 after acquiring an additional 4,075 shares in the last quarter. Los Angeles Capital Management LLC grew its position in ResMed by 3,599.0% in the first quarter. Los Angeles Capital Management LLC now owns 499,031 shares of the medical equipment provider’s stock valued at $98,823,000 after acquiring an additional 485,540 shares in the last quarter. Finally, Wellington Management Group LLP purchased a new stake in shares of ResMed during the fourth quarter valued at approximately $7,535,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Michael J. Farrell sold 14,683 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $192.97, for a total transaction of $2,833,378.51. Following the completion of the transaction, the chief executive officer now directly owns 440,799 shares of the company’s stock, valued at $85,060,983.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Michael J. Farrell sold 14,683 shares of the company’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $192.97, for a total transaction of $2,833,378.51. Following the completion of the transaction, the chief executive officer now directly owns 440,799 shares in the company, valued at approximately $85,060,983.03. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Kaushik Ghoshal sold 5,000 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $252.56, for a total value of $1,262,800.00. Following the completion of the sale, the insider now directly owns 21,788 shares in the company, valued at $5,502,777.28. The disclosure for this sale can be found here. Insiders have sold 102,931 shares of company stock valued at $22,644,807 over the last quarter. Insiders own 1.21% of the company’s stock.

ResMed Price Performance

Shares of RMD opened at $244.90 on Friday. The company has a current ratio of 2.59, a quick ratio of 1.69 and a debt-to-equity ratio of 0.14. The firm has a market cap of $35.98 billion, a price-to-earnings ratio of 37.62, a PEG ratio of 2.50 and a beta of 0.69. ResMed Inc. has a 52 week low of $132.24 and a 52 week high of $255.18. The stock has a 50 day moving average of $226.91 and a 200-day moving average of $209.22.

ResMed (NYSE:RMD) last released its earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.05. ResMed had a net margin of 21.79% and a return on equity of 25.00%. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the previous year, the firm earned $1.60 earnings per share. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, analysts forecast that ResMed Inc. will post 8.92 EPS for the current year.

ResMed Increases Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on RMD shares. Royal Bank of Canada upped their target price on shares of ResMed from $204.00 to $206.00 and gave the company a “sector perform” rating in a research note on Friday, August 2nd. StockNews.com cut shares of ResMed from a “buy” rating to a “hold” rating in a research report on Friday, August 30th. Citigroup lowered ResMed from a “buy” rating to a “neutral” rating in a research report on Monday, June 24th. Needham & Company LLC reissued a “hold” rating on shares of ResMed in a report on Wednesday. Finally, Wolfe Research restated an “underperform” rating and set a $180.00 price objective on shares of ResMed in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $199.70.

About ResMed

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.