Plato Investment Management Ltd Invests $668,000 in ResMed Inc. $RMD

Plato Investment Management Ltd purchased a new stake in ResMed Inc. (NYSE:RMD) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 3,446 shares of the medical equipment provider’s stock, valued at approximately $668,000.

A number of other institutional investors also recently modified their holdings of RMD. Bank of New York Mellon Corp purchased a new position in ResMed in the 2nd quarter valued at approximately $818,030,000. First Trust Advisors LP lifted its position in shares of ResMed by 240.9% during the fourth quarter. First Trust Advisors LP now owns 1,517,592 shares of the medical equipment provider’s stock worth $365,542,000 after acquiring an additional 1,072,394 shares in the last quarter. Norges Bank purchased a new stake in shares of ResMed during the fourth quarter worth $249,068,000. Deutsche Bank AG lifted its position in shares of ResMed by 126.0% during the fourth quarter. Deutsche Bank AG now owns 1,413,477 shares of the medical equipment provider’s stock worth $340,464,000 after acquiring an additional 787,949 shares in the last quarter. Finally, Amundi boosted its holdings in shares of ResMed by 123.9% in the first quarter. Amundi now owns 1,062,184 shares of the medical equipment provider’s stock worth $238,439,000 after acquiring an additional 587,872 shares during the period. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

ResMed Price Performance

RMD opened at $220.25 on Wednesday. The stock has a 50-day moving average price of $205.01 and a 200-day moving average price of $220.38. ResMed Inc. has a 12-month low of $180.26 and a 12-month high of $293.81. The company has a current ratio of 3.10, a quick ratio of 2.42 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $31.95 billion, a P/E ratio of 21.12, a PEG ratio of 1.41 and a beta of 0.76.

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, beating analysts’ consensus estimates of $2.89 by $0.06. The company had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.46 billion. ResMed had a return on equity of 25.58% and a net margin of 26.94%.ResMed’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the firm posted $2.55 EPS. Equities analysts predict that ResMed Inc. will post 12.03 earnings per share for the current fiscal year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th will be paid a $0.66 dividend. This is a boost from ResMed’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, August 20th. ResMed’s payout ratio is presently 25.31%.

Wall Street Analyst Weigh In

RMD has been the subject of several analyst reports. Piper Sandler cut their target price on ResMed from $233.00 to $225.00 and set a “neutral” rating for the company in a research note on Friday, August 7th. Wells Fargo & Company decreased their price target on ResMed from $225.00 to $215.00 and set an “equal weight” rating on the stock in a research report on Friday, August 7th. The Goldman Sachs Group reissued a “buy” rating on shares of ResMed in a report on Wednesday, July 1st. Morgan Stanley reaffirmed an “equal weight” rating and set a $230.00 price objective (down from $286.00) on shares of ResMed in a research note on Wednesday, June 17th. Finally, Citigroup reiterated a “neutral” rating and issued a $235.00 target price (down from $270.00) on shares of ResMed in a research note on Sunday, July 12th. Seven equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $240.17.

Insider Activity

In other ResMed news, Director Peter C. Farrell sold 8,000 shares of the company’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the completion of the sale, the director directly owned 52,773 shares in the company, valued at $11,873,925. This represents a 13.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $205.69, for a total value of $1,026,598.79. Following the transaction, the chief executive officer directly owned 466,256 shares in the company, valued at $95,904,196.64. This trade represents a 1.06% decrease in their ownership of the stock. 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 90 days, insiders have sold 22,973 shares of company stock valued at $4,885,436. Company insiders own 0.65% of the company’s stock.

ResMed Company 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.