Asset Management One Co. Ltd. Has $16.08 Million Position in ResMed Inc. $RMD

Asset Management One Co. Ltd. lowered its stake in ResMed Inc. (NYSE:RMD) by 2.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 62,325 shares of the medical equipment provider’s stock after selling 1,861 shares during the period. Asset Management One Co. Ltd.’s holdings in ResMed were worth $16,080,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Golden State Wealth Management LLC boosted its stake in ResMed by 384.8% in the first quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider’s stock valued at $36,000 after acquiring an additional 127 shares during the last quarter. Zions Bancorporation National Association UT bought a new position in ResMed in the first quarter valued at approximately $45,000. Groupe la Francaise bought a new position in ResMed in the first quarter valued at approximately $45,000. Harbour Investments Inc. boosted its stake in ResMed by 264.2% in the second quarter. Harbour Investments Inc. now owns 244 shares of the medical equipment provider’s stock valued at $63,000 after acquiring an additional 177 shares during the last quarter. Finally, Larson Financial Group LLC boosted its stake in ResMed by 926.7% in the first quarter. Larson Financial Group LLC now owns 308 shares of the medical equipment provider’s stock valued at $69,000 after acquiring an additional 278 shares during the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

ResMed Trading Down 2.0%

Shares of NYSE:RMD opened at $259.87 on Monday. ResMed Inc. has a 12 month low of $199.92 and a 12 month high of $293.81. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11. The company’s fifty day simple moving average is $275.26 and its 200 day simple moving average is $259.69. The firm has a market cap of $37.93 billion, a price-to-earnings ratio of 27.33, a PEG ratio of 1.79 and a beta of 0.83.

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

ResMed Increases Dividend

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

Insider Buying and Selling

In related news, CEO Michael J. Farrell sold 8,009 shares of the firm’s stock in a transaction on Tuesday, October 7th. The shares were sold at an average price of $282.85, for a total transaction of $2,265,345.65. Following the sale, the chief executive officer directly owned 467,792 shares in the company, valued at $132,314,967.20. This trade represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Michael J. Rider sold 100 shares of the firm’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $274.36, for a total transaction of $27,436.00. Following the sale, the general counsel owned 11,327 shares in the company, valued at approximately $3,107,675.72. The trade was a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,743 shares of company stock worth $5,284,514 over the last ninety days. Company insiders own 0.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RMD. CLSA raised shares of ResMed from a “hold” rating to an “outperform” rating in a research note on Tuesday, September 2nd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of ResMed in a research note on Saturday. Stifel Nicolaus increased their target price on shares of ResMed from $240.00 to $270.00 and gave the stock a “hold” rating in a report on Friday, August 1st. Wells Fargo & Company began coverage on shares of ResMed in a report on Monday, October 13th. They issued an “equal weight” rating and a $280.00 target price on the stock. Finally, William Blair upgraded shares of ResMed to a “strong-buy” rating in a report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $295.70.

ResMed 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.