Catalyst Capital Advisors LLC Takes $117,000 Position in ResMed Inc. $RMD

Catalyst Capital Advisors LLC acquired a new stake in ResMed Inc. (NYSE:RMD) in the 2nd quarter, Holdings Channel reports. The fund acquired 453 shares of the medical equipment provider’s stock, valued at approximately $117,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of RMD. GAMMA Investing LLC raised its position in shares of ResMed by 7.6% in the 1st quarter. GAMMA Investing LLC now owns 3,277 shares of the medical equipment provider’s stock valued at $734,000 after purchasing an additional 231 shares during the last quarter. Golden State Wealth Management LLC raised its position in shares of ResMed by 384.8% in the 1st quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider’s stock valued at $36,000 after purchasing an additional 127 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in shares of ResMed by 6.9% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 77,442 shares of the medical equipment provider’s stock valued at $17,335,000 after purchasing an additional 4,983 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of ResMed by 20.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,415 shares of the medical equipment provider’s stock valued at $3,390,000 after purchasing an additional 2,585 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in shares of ResMed by 9.9% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 365,190 shares of the medical equipment provider’s stock valued at $81,748,000 after purchasing an additional 32,994 shares during the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Stock Performance

RMD opened at $259.87 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. The firm has a fifty day moving average price of $275.26 and a 200 day moving average price of $259.39. ResMed Inc. has a 1 year low of $199.92 and a 1 year high of $293.81. The stock has a market cap of $37.93 billion, a P/E ratio of 27.33, a P/E/G ratio of 1.79 and a beta of 0.83.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.08. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the previous year, the business posted $2.08 EPS. The business’s revenue was up 10.2% compared to the same quarter last year. Equities research analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, August 14th were paid a $0.60 dividend. The ex-dividend date was Thursday, August 14th. This represents a $2.40 annualized dividend and a dividend yield of 0.9%. This is an increase from ResMed’s previous quarterly dividend of $0.53. ResMed’s dividend payout ratio (DPR) is presently 25.24%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on RMD shares. Morgan Stanley increased their price objective on shares of ResMed from $298.00 to $304.00 and gave the company an “overweight” rating in a research report on Tuesday. Stifel Nicolaus raised their price target on shares of ResMed from $240.00 to $270.00 and gave the stock a “hold” rating in a research report on Friday, August 1st. Wells Fargo & Company started coverage on shares of ResMed in a research report on Monday, October 13th. They set an “equal weight” rating and a $280.00 price target for the company. KeyCorp raised their price target on shares of ResMed from $274.00 to $298.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Finally, Citigroup started coverage on shares of ResMed in a research report on Thursday, September 18th. They set a “buy” rating and a $330.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $295.70.

Insider Activity at ResMed

In related news, General Counsel Michael J. Rider sold 100 shares of the business’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total value of $27,436.00. Following the completion of the transaction, the general counsel directly owned 11,327 shares in the company, valued at $3,107,675.72. The trade was a 0.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John Hernandez sold 2,575 shares of the business’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $287.10, for a total transaction of $739,282.50. Following the completion of the transaction, the director owned 4,045 shares of the company’s stock, valued at approximately $1,161,319.50. This represents a 38.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,743 shares of company stock worth $5,284,514 in the last three months. Company insiders own 0.65% of the company’s stock.

About ResMed

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.