SEB Asset Management AB Makes New $31.43 Million Investment in ResMed Inc. $RMD

SEB Asset Management AB purchased a new stake in shares of ResMed Inc. (NYSE:RMD) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 140,030 shares of the medical equipment provider’s stock, valued at approximately $31,434,000.

A number of other hedge funds have also modified their holdings of RMD. Jones Financial Companies Lllp lifted its stake in shares of ResMed by 52.6% during the 1st quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider’s stock valued at $645,000 after buying an additional 994 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in ResMed in the 2nd quarter worth $389,000. Brown Advisory Inc. increased its stake in ResMed by 17.8% in the 2nd quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider’s stock worth $409,000 after buying an additional 240 shares in the last quarter. Cresset Asset Management LLC bought a new stake in ResMed during the second quarter valued at about $206,000. Finally, Alliancebernstein L.P. raised its holdings in ResMed by 24.2% during the second quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider’s stock valued at $73,808,000 after acquiring an additional 55,790 shares during the period. 54.98% of the stock is currently owned by institutional investors.

ResMed Stock Down 0.1%

NYSE RMD opened at $198.86 on Monday. The stock has a 50 day moving average price of $199.40 and a 200-day moving average price of $226.52. ResMed Inc. has a one year low of $180.26 and a one year high of $293.81. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.33 and a current ratio of 3.01. The company has a market capitalization of $28.85 billion, a P/E ratio of 19.18, a P/E/G ratio of 1.19 and a beta of 0.78.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share for the quarter, topping the consensus estimate of $2.79 by $0.07. The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. ResMed had a net margin of 27.44% and a return on equity of 25.35%. ResMed’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.37 earnings per share. As a group, equities analysts predict that ResMed Inc. will post 11.13 EPS for the current fiscal year.

ResMed Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, May 14th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Thursday, May 14th. ResMed’s dividend payout ratio (DPR) is presently 23.14%.

Insider Buying and Selling at ResMed

In other news, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer directly owned 466,223 shares in the company, valued at approximately $101,893,036.65. This represents a 1.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 14,973 shares of company stock valued at $3,096,067. Insiders own 0.65% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on RMD. The Goldman Sachs Group restated a “buy” rating on shares of ResMed in a research report on Wednesday, July 1st. Robert W. Baird set a $225.00 target price on ResMed in a research note on Friday, May 1st. Jefferies Financial Group decreased their target price on ResMed from $240.00 to $225.00 and set a “hold” rating on the stock in a research note on Friday, July 10th. Wells Fargo & Company dropped their price target on ResMed from $227.00 to $225.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 8th. Finally, Citigroup restated a “neutral” rating and issued a $235.00 price target (down from $270.00) on shares of ResMed in a research note on Sunday, July 12th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $250.00.

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.