OLD National Bancorp IN Invests $1.30 Million in ResMed Inc. $RMD

OLD National Bancorp IN purchased a new stake in shares of ResMed Inc. (NYSE:RMD) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 5,039 shares of the medical equipment provider’s stock, valued at approximately $1,300,000.

Several other institutional investors and hedge funds have also recently modified their holdings of RMD. Ballentine Partners LLC lifted its position in shares of ResMed by 6.3% in the first quarter. Ballentine Partners LLC now owns 1,782 shares of the medical equipment provider’s stock worth $399,000 after buying an additional 105 shares in the last quarter. Inspire Investing LLC increased its position in ResMed by 29.3% in the first quarter. Inspire Investing LLC now owns 28,578 shares of the medical equipment provider’s stock worth $6,397,000 after purchasing an additional 6,472 shares during the last quarter. Intech Investment Management LLC raised its stake in ResMed by 63.2% during the first quarter. Intech Investment Management LLC now owns 15,325 shares of the medical equipment provider’s stock valued at $3,430,000 after purchasing an additional 5,934 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in ResMed by 8.5% during the first quarter. Goldman Sachs Group Inc. now owns 739,007 shares of the medical equipment provider’s stock valued at $165,427,000 after purchasing an additional 58,155 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of ResMed by 2.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 977,401 shares of the medical equipment provider’s stock worth $218,791,000 after buying an additional 22,789 shares in the last quarter. Institutional investors own 54.98% of the company’s stock.

ResMed Price Performance

Shares of RMD stock opened at $281.76 on Tuesday. The stock has a 50 day moving average price of $278.33 and a 200 day moving average price of $254.34. ResMed Inc. has a 52-week low of $199.92 and a 52-week high of $293.81. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. The firm has a market capitalization of $41.12 billion, a P/E ratio of 29.63, a P/E/G ratio of 1.87 and a beta of 0.83.

ResMed (NYSE:RMD) last released its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.08. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The business’s revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm posted $2.08 earnings per share. As a group, sell-side analysts predict that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th were given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. This is a boost from ResMed’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, August 14th. ResMed’s dividend payout ratio is 25.24%.

Insider Activity

In related news, CEO Michael J. Farrell sold 8,009 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $279.48, for a total value of $2,238,355.32. Following the completion of the sale, the chief executive officer owned 455,503 shares in the company, valued at approximately $127,303,978.44. The trade was a 1.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Hernandez sold 2,575 shares of the firm’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $287.10, for a total value of $739,282.50. Following the transaction, the director owned 4,045 shares in the company, valued at $1,161,319.50. The trade was a 38.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,734 shares of company stock valued at $3,019,169. Corporate insiders own 0.71% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on RMD shares. Weiss Ratings restated a “buy (b-)” rating on shares of ResMed in a research report on Saturday, September 27th. UBS Group raised ResMed to a “strong-buy” rating in a research note on Tuesday, September 16th. William Blair upgraded ResMed to a “strong-buy” rating in a research report on Friday, August 1st. Piper Sandler lifted their target price on ResMed from $248.00 to $270.00 and gave the stock a “neutral” rating in a report on Friday, August 1st. Finally, Royal Bank Of Canada increased their price target on ResMed from $294.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, ResMed presently has a consensus rating of “Moderate Buy” and an average target price of $294.20.

ResMed Company Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company 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 ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.