350,860 Shares in ResMed Inc. $RMD Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in ResMed Inc. (NYSE:RMD) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 350,860 shares of the medical equipment provider’s stock, valued at approximately $68,376,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RMD. International Assets Investment Management LLC acquired a new stake in ResMed during the 4th quarter worth approximately $25,000. Bell Investment Advisors Inc acquired a new position in shares of ResMed in the second quarter valued at approximately $26,000. Imprint Wealth LLC acquired a new position in shares of ResMed in the third quarter valued at approximately $26,000. WFA of San Diego LLC purchased a new stake in shares of ResMed during the second quarter worth approximately $26,000. Finally, Sunbelt Securities Inc. purchased a new stake in shares of ResMed during the third quarter worth approximately $31,000. 54.98% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Peter C. Farrell sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total value of $1,800,000.00. Following the completion of the sale, the director owned 52,773 shares in the company, valued at $11,873,925. This trade represents a 13.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $205.69, for a total transaction of $1,026,598.79. Following the sale, the chief executive officer directly owned 466,256 shares in the company, valued at approximately $95,904,196.64. This represents a 1.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 22,973 shares of company stock worth $4,885,436. Corporate insiders own 0.65% of the company’s stock.

ResMed Stock Up 4.9%

ResMed stock opened at $230.84 on Thursday. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 2.42. ResMed Inc. has a 1-year low of $180.26 and a 1-year high of $293.81. The company has a market cap of $33.30 billion, a PE ratio of 22.13, a price-to-earnings-growth ratio of 1.38 and a beta of 0.76. The stock’s 50 day moving average price is $205.75 and its 200 day moving average price is $220.19.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share for the quarter, topping analysts’ consensus estimates of $2.89 by $0.06. The firm had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.46 billion. ResMed had a return on equity of 25.58% and a net margin of 26.94%.ResMed’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.55 earnings per share. On average, sell-side analysts predict that ResMed Inc. will post 12.03 EPS for the current fiscal year.

ResMed Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, August 20th will be paid a dividend of $0.66 per share. This is a boost from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.1%. ResMed’s dividend payout ratio is currently 23.01%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RMD. Royal Bank Of Canada lifted their price objective on shares of ResMed from $234.00 to $244.00 and gave the company a “sector perform” rating in a research report on Friday, August 7th. Rothschild & Co Redburn assumed coverage on shares of ResMed in a research report on Wednesday. They set a “neutral” rating and a $230.00 price objective for the company. Wells Fargo & Company reduced their target price on shares of ResMed from $225.00 to $215.00 and set an “equal weight” rating for the company in a research note on Friday, August 7th. Mizuho lowered their target price on shares of ResMed from $235.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday, July 15th. Finally, Robert W. Baird set a $213.00 price target on shares of ResMed in a research note on Friday, August 7th. Seven equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $239.38.

ResMed Profile

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.