Lombard Odier Asset Management Europe Ltd Increases Position in ResMed Inc. (NYSE:RMD)

Lombard Odier Asset Management Europe Ltd grew its holdings in shares of ResMed Inc. (NYSE:RMD) by 88.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 99,803 shares of the medical equipment provider’s stock after buying an additional 46,816 shares during the quarter. ResMed accounts for about 0.9% of Lombard Odier Asset Management Europe Ltd’s investment portfolio, making the stock its 26th biggest position. Lombard Odier Asset Management Europe Ltd owned 0.07% of ResMed worth $19,104,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. OFI Invest Asset Management bought a new position in ResMed in the 2nd quarter valued at $32,000. BOK Financial Private Wealth Inc. bought a new position in shares of ResMed in the first quarter worth about $35,000. Versant Capital Management Inc increased its stake in ResMed by 196.7% in the 2nd quarter. Versant Capital Management Inc now owns 181 shares of the medical equipment provider’s stock worth $35,000 after buying an additional 120 shares during the period. Financial Connections Group Inc. bought a new stake in ResMed during the 2nd quarter valued at about $37,000. Finally, Riverview Trust Co purchased a new stake in ResMed in the 1st quarter valued at about $42,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

ResMed Stock Performance

Shares of ResMed stock opened at $244.94 on Monday. The company has a market capitalization of $35.98 billion, a PE ratio of 37.63, a P/E/G ratio of 2.50 and a beta of 0.69. The company has a 50-day simple moving average of $226.91 and a two-hundred day simple moving average of $209.61. ResMed Inc. has a one year low of $132.24 and a one year high of $255.18. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.69 and a current ratio of 2.59.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, August 1st. The medical equipment provider reported $2.08 EPS for the quarter, topping the consensus estimate of $2.03 by $0.05. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.22 billion. ResMed had a net margin of 21.79% and a return on equity of 25.00%. ResMed’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.60 EPS. Research analysts expect that ResMed Inc. will post 8.92 EPS for the current fiscal year.

ResMed Increases Dividend

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a research report on Wednesday, September 18th. Citigroup lowered ResMed from a “buy” rating to a “neutral” rating in a research report on Monday, June 24th. KeyCorp increased their price target on ResMed from $238.00 to $251.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Wolfe Research restated an “underperform” rating and set a $180.00 price target on shares of ResMed in a research note on Wednesday, September 18th. Finally, StockNews.com lowered shares of 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 assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $199.70.

Insider Transactions at ResMed

In related news, insider Justin Leong sold 48,000 shares of the company’s stock in a transaction dated 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 transaction, the insider now directly owns 18,741 shares of the company’s stock, valued at approximately $4,068,108.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other ResMed news, insider Justin Leong sold 48,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $217.07, for a total transaction of $10,419,360.00. Following the sale, the insider now owns 18,741 shares of the company’s stock, valued at approximately $4,068,108.87. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael J. Farrell sold 14,683 shares of the company’s 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 transaction, the chief executive officer now owns 440,799 shares in the company, valued at approximately $85,060,983.03. The disclosure for this sale can be found here. Insiders sold 102,931 shares of company stock valued at $22,644,807 in the last quarter. 1.21% of the stock is currently owned by corporate insiders.

ResMed Company 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.