Entropy Technologies LP Has $8.45 Million Stock Position in ResMed Inc. $RMD

Entropy Technologies LP boosted its holdings in ResMed Inc. (NYSE:RMD) by 105.3% in the first quarter, HoldingsChannel reports. The firm owned 37,619 shares of the medical equipment provider’s stock after purchasing an additional 19,298 shares during the period. Entropy Technologies LP’s holdings in ResMed were worth $8,445,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in RMD. First Trust Advisors LP grew its position in shares of ResMed by 240.9% during the 4th quarter. First Trust Advisors LP now owns 1,517,592 shares of the medical equipment provider’s stock worth $365,542,000 after buying an additional 1,072,394 shares during the period. Norges Bank bought a new stake in shares of ResMed in the 4th quarter valued at $249,068,000. Deutsche Bank AG lifted its position in shares of ResMed by 126.0% during the 4th quarter. Deutsche Bank AG now owns 1,413,477 shares of the medical equipment provider’s stock valued at $340,464,000 after acquiring an additional 787,949 shares during the period. Morgan Stanley lifted its position in shares of ResMed by 25.0% during the 4th quarter. Morgan Stanley now owns 2,891,697 shares of the medical equipment provider’s stock valued at $696,523,000 after acquiring an additional 578,559 shares during the period. Finally, Swedbank AB boosted its stake in ResMed by 103.1% during the fourth quarter. Swedbank AB now owns 1,102,476 shares of the medical equipment provider’s stock worth $265,553,000 after acquiring an additional 559,765 shares in the last quarter. 54.98% of the stock is owned by institutional investors and hedge funds.

Insider Activity at ResMed

In related news, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $218.55, for a total transaction of $1,090,783.05. Following the transaction, the chief executive officer directly owned 466,223 shares of the company’s stock, valued at $101,893,036.65. This trade represents a 1.06% decrease in their ownership of the stock. The transaction 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. Insiders have sold a total of 14,973 shares of company stock valued at $3,096,067 in the last three months. Corporate insiders own 0.65% of the company’s stock.

ResMed Stock Up 1.8%

Shares of NYSE:RMD opened at $195.43 on Friday. The business’s 50 day moving average is $198.70 and its 200 day moving average is $224.98. ResMed Inc. has a 12-month low of $180.26 and a 12-month high of $293.81. The stock has a market cap of $28.35 billion, a price-to-earnings ratio of 18.85, a PEG ratio of 1.20 and a beta of 0.78. The company has a quick ratio of 2.33, a current ratio of 3.01 and a debt-to-equity ratio of 0.06.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, beating analysts’ consensus estimates of $2.79 by $0.07. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same period in the prior year, the firm posted $2.37 EPS. ResMed’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, sell-side analysts forecast that ResMed Inc. will post 11.13 earnings per share for the current fiscal year.

ResMed Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, May 14th were paid a $0.60 dividend. The ex-dividend date was Thursday, May 14th. This represents a $2.40 annualized dividend and a dividend yield of 1.2%. ResMed’s dividend payout ratio is presently 23.14%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Royal Bank Of Canada cut shares of ResMed from an “outperform” rating to a “sector perform” rating and set a $234.00 price target for the company. in a report on Thursday, July 16th. Morgan Stanley reissued an “equal weight” rating and set a $230.00 price objective (down from $286.00) on shares of ResMed in a research report on Wednesday, June 17th. KeyCorp reduced their target price on ResMed from $290.00 to $266.00 and set an “overweight” rating for the company in a research note on Monday, June 22nd. Citigroup reaffirmed a “neutral” rating and issued a $235.00 target price (down from $270.00) on shares of ResMed in a research report on Sunday, July 12th. Finally, UBS Group reaffirmed a “buy” rating and set a $300.00 price target on shares of ResMed in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $246.25.

About ResMed

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.