OceanIQ Capital LLC Takes $574,000 Position in ResMed Inc. $RMD

OceanIQ Capital LLC acquired a new position in ResMed Inc. (NYSE:RMD) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 2,944 shares of the medical equipment provider’s stock, valued at approximately $574,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Imprint Wealth LLC acquired a new position in ResMed in the 3rd quarter worth approximately $26,000. WFA of San Diego LLC purchased a new position in ResMed during the 2nd quarter worth approximately $26,000. International Assets Investment Management LLC acquired a new stake in ResMed during the 4th quarter valued at approximately $25,000. Sunbelt Securities Inc. purchased a new stake in shares of ResMed in the 3rd quarter valued at $31,000. Finally, Bell Investment Advisors Inc purchased a new stake in shares of ResMed in the 2nd quarter valued at $26,000. Institutional investors and hedge funds own 54.98% of the company’s stock.

Insider Transactions at ResMed

In other ResMed news, Director Peter Farrell sold 8,000 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the transaction, the director owned 52,773 shares in the company, valued at approximately $11,873,925. This represents a 13.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Farrell sold 4,991 shares of ResMed stock in a transaction on 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 completion of the sale, the chief executive officer directly owned 466,223 shares in the company, valued at $101,893,036.65. 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. Insiders sold a total of 23,943 shares of company stock valued at $5,113,124 in the last ninety days. 0.65% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. 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 report on Friday, August 7th. UBS Group reaffirmed a “buy” rating and set a $300.00 price target on shares of ResMed in a research report on Tuesday, July 21st. Citigroup reissued a “neutral” rating and issued a $235.00 price objective (down from $270.00) on shares of ResMed in a report on Sunday, July 12th. The Goldman Sachs Group restated a “buy” rating on shares of ResMed in a research note on Wednesday, July 1st. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $230.00 target price (down from $286.00) on shares of ResMed in a report on Wednesday, June 17th. Six equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $240.31.

ResMed Stock Down 0.4%

RMD stock opened at $228.25 on Friday. ResMed Inc. has a one year low of $180.26 and a one year high of $284.87. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.42 and a current ratio of 3.10. The firm’s fifty day moving average is $215.51 and its 200 day moving average is $218.22. The firm has a market cap of $32.93 billion, a PE ratio of 21.88, a P/E/G ratio of 1.44 and a beta of 0.77.

ResMed (NYSE:RMD) last issued 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. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The business had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the prior year, the firm posted $2.55 earnings per share. The company’s revenue was up 8.6% compared to the same quarter last year. On average, research analysts forecast that ResMed Inc. will post 12.03 EPS for the current year.

ResMed Increases Dividend

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

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.