Delta Global Management LP Makes New $2.03 Million Investment in ResMed Inc. $RMD

Delta Global Management LP bought a new stake in ResMed Inc. (NYSE:RMD) during the 1st quarter, Holdings Channel.com reports. The institutional investor bought 9,061 shares of the medical equipment provider’s stock, valued at approximately $2,034,000.

A number of other hedge funds have also made changes to their positions in the company. International Assets Investment Management LLC purchased a new stake in shares of ResMed in the 4th quarter worth about $25,000. ORG Partners LLC grew its stake in ResMed by 181.6% in the 4th quarter. ORG Partners LLC now owns 107 shares of the medical equipment provider’s stock valued at $26,000 after acquiring an additional 69 shares during the last quarter. Imprint Wealth LLC acquired a new stake in ResMed in the 3rd quarter valued at about $26,000. WFA of San Diego LLC purchased a new position in ResMed during the 2nd quarter valued at about $26,000. Finally, Sunbelt Securities Inc. purchased a new position in ResMed during the 3rd quarter valued at about $31,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Activity

In related news, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer owned 466,223 shares in the company, valued at approximately $101,893,036.65. This trade represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 14,973 shares of company stock worth $3,096,067 over the last quarter. Corporate insiders own 0.65% of the company’s stock.

ResMed Trading Up 1.8%

Shares of RMD stock opened at $195.43 on Friday. The firm has a 50-day moving average price of $198.70 and a 200 day moving average price of $224.98. ResMed Inc. has a twelve month low of $180.26 and a twelve month high of $293.81. The company has a market capitalization of $28.35 billion, a price-to-earnings ratio of 18.85, a PEG ratio of 1.22 and a beta of 0.78. The company has a current ratio of 3.01, a quick ratio of 2.33 and a debt-to-equity ratio of 0.06.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.79 by $0.07. ResMed had a net margin of 27.44% and a return on equity of 25.35%. The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same period last year, the company earned $2.37 EPS. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. Research analysts forecast that ResMed Inc. will post 11.14 earnings per share for the current fiscal year.

ResMed Dividend Announcement

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on RMD shares. Royal Bank Of Canada downgraded shares of ResMed from an “outperform” rating to a “sector perform” rating and set a $234.00 price target on the stock. in a report on Thursday, July 16th. Jefferies Financial Group dropped their price objective on shares of ResMed from $240.00 to $225.00 and set a “hold” rating for the company in a research note on Friday, July 10th. Evercore set a $255.00 price objective on ResMed and gave the stock an “outperform” rating in a research report on Monday, April 13th. Mizuho reduced their target price on ResMed from $235.00 to $220.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 15th. Finally, Citigroup reiterated a “neutral” rating and set a $235.00 target price (down from $270.00) on shares of ResMed in a report on Sunday, July 12th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $246.25.

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.