OVERSEA CHINESE BANKING Corp Ltd Takes Position in ResMed Inc. $RMD

OVERSEA CHINESE BANKING Corp Ltd purchased a new position in shares of ResMed Inc. (NYSE:RMD) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 10,000 shares of the medical equipment provider’s stock, valued at approximately $1,949,000.

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

ResMed Trading Down 0.8%

RMD opened at $228.81 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.42 and a current ratio of 3.10. ResMed Inc. has a one year low of $180.26 and a one year high of $293.81. The business’s 50-day simple moving average is $206.48 and its 200-day simple moving average is $219.98. The company has a market cap of $33.01 billion, a P/E ratio of 21.94, a PEG ratio of 1.45 and a beta of 0.76.

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 the consensus estimate 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 previous year, the firm earned $2.55 EPS. The company’s revenue was up 8.6% compared to the same quarter last year. As a group, equities research analysts expect that ResMed Inc. will post 12.03 EPS for the current fiscal year.

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th will be given a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a yield of 1.2%. This is a positive change from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Thursday, August 20th. ResMed’s dividend payout ratio is presently 23.01%.

Analysts Set New Price Targets

Several analysts recently issued reports on RMD shares. Wells Fargo & Company reduced their price objective on shares of ResMed from $225.00 to $215.00 and set an “equal weight” rating on the stock in a report on Friday, August 7th. Robert W. Baird set a $213.00 target price on shares of ResMed in a research note on Friday, August 7th. Citigroup reiterated a “neutral” rating and issued a $235.00 target price (down from $270.00) on shares of ResMed in a report on Sunday, July 12th. Royal Bank Of Canada boosted their price objective on ResMed from $234.00 to $244.00 and gave the company a “sector perform” rating in a report on Friday, August 7th. Finally, UBS Group reaffirmed a “buy” rating and set a $300.00 target price on shares of ResMed in a research note on Tuesday, July 21st. Seven research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, ResMed presently has an average rating of “Hold” and an average price target of $239.38.

Insider Buying and Selling at ResMed

In other ResMed news, Director Peter C. Farrell sold 8,000 shares of the company’s 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 completion of the sale, the director directly owned 52,773 shares of the company’s stock, valued at $11,873,925. This represents a 13.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $205.69, for a total value of $1,026,598.79. Following the sale, the chief executive officer directly owned 466,256 shares of the company’s stock, valued at approximately $95,904,196.64. This represents a 1.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 22,973 shares of company stock valued at $4,885,436. 0.65% of the stock is owned by insiders.

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.