Polymer Capital Management HK LTD Makes New $972,000 Investment in ResMed Inc. $RMD

Polymer Capital Management HK LTD purchased a new position in shares of ResMed Inc. (NYSE:RMD) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 4,990 shares of the medical equipment provider’s stock, valued at approximately $972,000.

Other institutional investors also recently added to or reduced their stakes in the company. Hsbc Holdings PLC grew its position in ResMed by 17.6% during the 4th quarter. Hsbc Holdings PLC now owns 328,785 shares of the medical equipment provider’s stock worth $79,321,000 after purchasing an additional 49,253 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of ResMed by 13.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 979,087 shares of the medical equipment provider’s stock worth $235,833,000 after purchasing an additional 118,296 shares in the last quarter. BlackRock Inc. bought a new stake in ResMed in the second quarter valued at about $2,400,375,000. Fideuram Asset Management Ireland dac acquired a new position in ResMed during the fourth quarter worth $4,712,000. Finally, Legal & General Group Plc grew its position in ResMed by 3.6% during the 4th quarter. Legal & General Group Plc now owns 992,527 shares of the medical equipment provider’s stock worth $239,070,000 after acquiring an additional 34,317 shares during the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. UBS Group reaffirmed a “buy” rating and issued a $300.00 target price on shares of ResMed in a research note on Tuesday, July 21st. The Goldman Sachs Group reaffirmed a “buy” rating on shares of ResMed in a research note on Wednesday, July 1st. Piper Sandler lowered their price objective on shares of ResMed from $233.00 to $225.00 and set a “neutral” rating for the company in a research report on Friday, August 7th. Mizuho dropped their price objective on shares of ResMed from $235.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday, July 15th. Finally, Citigroup reaffirmed a “neutral” rating and issued a $235.00 price objective (down from $270.00) on shares of ResMed in a research report on Sunday, July 12th. Seven research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $239.38.

ResMed Trading Up 0.0%

Shares of RMD stock opened at $231.62 on Monday. The company has a quick ratio of 2.42, a current ratio of 3.10 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $33.41 billion, a PE ratio of 22.21, a price-to-earnings-growth ratio of 1.45 and a beta of 0.76. The firm has a 50 day moving average price of $207.22 and a two-hundred day moving average price of $219.82. ResMed Inc. has a 12-month low of $180.26 and a 12-month high of $293.81.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share for the quarter, beating analysts’ consensus estimates of $2.89 by $0.06. The company had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.46 billion. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.55 earnings per share. As a group, analysts predict that ResMed Inc. will post 12.03 earnings per share for the current year.

ResMed Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, August 20th will be paid a $0.66 dividend. This is a positive change from ResMed’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Thursday, August 20th. ResMed’s payout ratio is presently 25.31%.

Insider Buying and Selling

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $205.69, for a total transaction of $1,026,598.79. Following the completion of the sale, the chief executive officer owned 466,256 shares of the company’s stock, valued at approximately $95,904,196.64. This represents a 1.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 8,000 shares of the company’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the sale, the director directly owned 52,773 shares in the company, valued at $11,873,925. This trade represents a 13.16% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 22,973 shares of company stock worth $4,885,436. 0.65% of the stock is owned by insiders.

ResMed Company 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.