Exchange Traded Concepts LLC Takes Position in ResMed Inc. (NYSE:RMD)

Exchange Traded Concepts LLC acquired a new stake in ResMed Inc. (NYSE:RMD) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 487 shares of the medical equipment provider’s stock, valued at approximately $119,000.

Several other hedge funds and other institutional investors have also modified their holdings of RMD. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in ResMed by 24.9% in the 1st 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 stake in ResMed during the first quarter worth about $2,246,000. Janney Montgomery Scott LLC grew its position in ResMed by 5.3% during the first quarter. Janney Montgomery Scott LLC now owns 81,313 shares of the medical equipment provider’s stock worth $16,102,000 after buying an additional 4,075 shares in the last quarter. Wellington Management Group LLP bought a new position in ResMed during the fourth quarter valued at about $7,535,000. Finally, State Board of Administration of Florida Retirement System raised its holdings in ResMed by 8.8% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 171,632 shares of the medical equipment provider’s stock valued at $37,586,000 after acquiring an additional 13,894 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RMD. Baird R W upgraded shares of ResMed to a “strong-buy” rating in a research note on Tuesday, September 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a research note on Tuesday, October 1st. KeyCorp increased their price objective on ResMed from $238.00 to $251.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Wolfe Research reissued an “underperform” rating and set a $180.00 price objective on shares of ResMed in a report on Wednesday, September 18th. Finally, Royal Bank of Canada lifted their price objective on ResMed from $206.00 to $224.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $218.18.

ResMed Price Performance

Shares of RMD opened at $239.98 on Wednesday. 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 stock has a market cap of $35.22 billion, a P/E ratio of 34.63, a price-to-earnings-growth ratio of 2.15 and a beta of 0.69. The stock’s 50-day moving average price is $239.68 and its two-hundred day moving average price is $217.06. ResMed Inc. has a 1 year low of $132.24 and a 1 year high of $255.18.

ResMed (NYSE:RMD) last released its quarterly 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. The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.22 billion. ResMed had a net margin of 21.79% and a return on equity of 25.00%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.60 earnings per share. On average, equities analysts predict that ResMed Inc. will post 9.08 earnings per share for the current year.

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Thursday, August 15th were issued a dividend of $0.53 per share. This is a boost 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 0.88%. ResMed’s dividend payout ratio is presently 30.59%.

Insider Activity at ResMed

In other news, insider Justin Leong sold 48,000 shares of ResMed stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $217.07, for a total transaction 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 legal filing with the SEC, which can be accessed through this link. In related news, insider Justin Leong sold 48,000 shares of ResMed stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $217.07, for a total transaction of $10,419,360.00. Following the completion of the sale, the insider now directly owns 18,741 shares of the company’s stock, valued at approximately $4,068,108.87. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Brett Sandercock sold 1,000 shares of ResMed stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $212.16, for a total value of $212,160.00. Following the sale, the chief financial officer now directly owns 89,056 shares of the company’s stock, valued at $18,894,120.96. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 123,874 shares of company stock valued at $28,151,142. Insiders own 0.71% of the company’s stock.

About ResMed

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.