Renaissance Technologies LLC Acquires Shares of 219,600 ResMed Inc. (NYSE:RMD)

Renaissance Technologies LLC bought a new position in shares of ResMed Inc. (NYSE:RMD) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 219,600 shares of the medical equipment provider’s stock, valued at approximately $42,036,000. Renaissance Technologies LLC owned 0.15% of ResMed at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in ResMed by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 17,743,457 shares of the medical equipment provider’s stock worth $3,052,229,000 after buying an additional 173,635 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of ResMed by 51.4% during the second quarter. Bank of New York Mellon Corp now owns 5,772,761 shares of the medical equipment provider’s stock valued at $1,105,022,000 after acquiring an additional 1,959,642 shares in the last quarter. Norges Bank purchased a new stake in ResMed in the fourth quarter worth $233,966,000. Los Angeles Capital Management LLC boosted its holdings in ResMed by 48.3% in the second quarter. Los Angeles Capital Management LLC now owns 740,226 shares of the medical equipment provider’s stock valued at $141,694,000 after acquiring an additional 241,195 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in ResMed by 15.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 698,905 shares of the medical equipment provider’s stock valued at $120,225,000 after purchasing an additional 95,689 shares during the period. 54.98% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other news, CEO Michael J. Farrell sold 14,683 shares of the stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $192.97, for a total transaction of $2,833,378.51. Following the sale, the chief executive officer now owns 440,799 shares in the company, valued at $85,060,983.03. The transaction was disclosed in a filing with the SEC, which is available at this link. In other ResMed news, CFO Brett Sandercock sold 1,000 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $194.35, for a total value of $194,350.00. Following the completion of the transaction, the chief financial officer now owns 90,056 shares of the company’s stock, valued at approximately $17,502,383.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael J. Farrell sold 14,683 shares of the firm’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $192.97, for a total transaction of $2,833,378.51. Following the sale, the chief executive officer now directly owns 440,799 shares in the company, valued at approximately $85,060,983.03. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 102,931 shares of company stock valued at $22,644,807. Insiders own 1.21% of the company’s stock.

ResMed Stock Down 5.2 %

RMD stock opened at $237.90 on Thursday. The business has a 50 day moving average of $225.25 and a 200 day moving average of $208.53. The firm has a market cap of $34.95 billion, a PE ratio of 36.54, a price-to-earnings-growth ratio of 2.49 and a beta of 0.69. ResMed Inc. has a twelve month low of $132.24 and a twelve month high of $255.18. The company has a quick ratio of 1.69, a current ratio of 2.59 and a debt-to-equity ratio of 0.14.

ResMed (NYSE:RMD) last issued 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 firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.22 billion. ResMed had a return on equity of 25.00% and a net margin of 21.79%. The company’s revenue was up 6.9% on a year-over-year basis. During the same period last year, the company earned $1.60 earnings per share. On average, research analysts forecast that ResMed Inc. will post 8.92 EPS for the current fiscal year.

ResMed Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Thursday, August 15th will be paid a dividend of $0.53 per share. This is a positive change from ResMed’s previous quarterly dividend of $0.48. This represents a $2.12 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date of this dividend is Thursday, August 15th. ResMed’s dividend payout ratio (DPR) is currently 32.57%.

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.