Howard Capital Management Inc. Invests $234,000 in ResMed Inc. $RMD

Howard Capital Management Inc. bought a new position in ResMed Inc. (NYSE:RMD) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 907 shares of the medical equipment provider’s stock, valued at approximately $234,000.

Several other institutional investors have also recently made changes to their positions in the company. Motley Fool Asset Management LLC raised its position in shares of ResMed by 8.8% in the 2nd quarter. Motley Fool Asset Management LLC now owns 9,357 shares of the medical equipment provider’s stock worth $2,414,000 after acquiring an additional 753 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of ResMed by 15.1% in the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 32,692 shares of the medical equipment provider’s stock worth $8,435,000 after acquiring an additional 4,300 shares in the last quarter. AustralianSuper Pty Ltd raised its position in shares of ResMed by 15.3% in the 2nd quarter. AustralianSuper Pty Ltd now owns 311,406 shares of the medical equipment provider’s stock worth $80,343,000 after acquiring an additional 41,226 shares in the last quarter. Teacher Retirement System of Texas raised its position in shares of ResMed by 52.2% in the 2nd quarter. Teacher Retirement System of Texas now owns 32,666 shares of the medical equipment provider’s stock worth $8,428,000 after acquiring an additional 11,205 shares in the last quarter. Finally, Convergence Investment Partners LLC bought a new position in shares of ResMed in the 2nd quarter worth approximately $1,276,000. Institutional investors own 54.98% of the company’s stock.

Wall Street Analyst Weigh In

RMD has been the topic of several recent research reports. Citigroup initiated coverage on ResMed in a research note on Thursday, September 18th. They issued a “buy” rating and a $330.00 price target on the stock. Piper Sandler upped their price target on ResMed from $248.00 to $270.00 and gave the stock a “neutral” rating in a research note on Friday, August 1st. Wells Fargo & Company initiated coverage on ResMed in a research note on Monday, October 13th. They issued an “equal weight” rating and a $280.00 price target on the stock. Mizuho upped their price target on ResMed from $270.00 to $290.00 and gave the stock an “outperform” rating in a research note on Friday, August 1st. Finally, CLSA upgraded ResMed from a “hold” rating to an “outperform” rating in a research note on Tuesday, September 2nd. 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 stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $295.70.

ResMed Stock Performance

Shares of RMD opened at $252.14 on Friday. The business’s fifty day simple moving average is $272.72 and its two-hundred day simple moving average is $260.53. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11. ResMed Inc. has a 12 month low of $199.92 and a 12 month high of $293.81. The company has a market cap of $36.80 billion, a price-to-earnings ratio of 26.51, a P/E/G ratio of 1.75 and a beta of 0.83.

ResMed (NYSE:RMD) last issued its earnings results on Thursday, October 30th. The medical equipment provider reported $2.55 EPS for the quarter, beating the consensus estimate of $2.49 by $0.06. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The business had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period last year, the business posted $2.20 EPS. The company’s revenue was up 9.1% compared to the same quarter last year. Research analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

Insider Activity

In other news, Director John Hernandez sold 2,575 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $287.10, for a total transaction of $739,282.50. Following the transaction, the director directly owned 4,045 shares of the company’s stock, valued at $1,161,319.50. This represents a 38.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Michael J. Rider sold 100 shares of the 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 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 18,693 shares of company stock valued at $5,270,419 in the last ninety days. 0.65% of the stock is currently owned by company insiders.

ResMed Company 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.