The Manufacturers Life Insurance Company Buys Shares of 73,774 ResMed Inc. $RMD

The Manufacturers Life Insurance Company bought a new stake in ResMed Inc. (NYSE:RMD) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 73,774 shares of the medical equipment provider’s stock, valued at approximately $14,380,000.

A number of other hedge funds have also made changes to their positions in RMD. Cibc World Market Inc. purchased a new stake in shares of ResMed in the second quarter worth approximately $6,034,000. OMERS ADMINISTRATION Corp purchased a new position in ResMed during the second quarter valued at approximately $4,308,000. Osmosis Investment Management UK Ltd purchased a new position in ResMed during the second quarter valued at approximately $2,159,000. Sanctuary Advisors LLC acquired a new position in ResMed in the 2nd quarter valued at approximately $746,000. Finally, Jericho Financial LLP acquired a new position in ResMed in the 2nd quarter valued at approximately $4,756,000. 54.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RMD has been the subject of a number of research reports. Jefferies Financial Group decreased their target price 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. KeyCorp dropped their price target on shares of ResMed from $260.00 to $255.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Mizuho cut their price objective on ResMed from $235.00 to $220.00 and set an “outperform” rating for the company in a report on Wednesday, July 15th. Citigroup reissued a “neutral” rating and set a $235.00 price objective (down from $270.00) on shares of ResMed in a research report on Sunday, July 12th. Finally, Weiss Ratings upgraded ResMed from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Seven analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat.com, ResMed presently has a consensus rating of “Hold” and a consensus price target of $239.38.

ResMed Stock Performance

RMD stock opened at $240.47 on Friday. The firm has a 50 day moving average of $211.81 and a two-hundred day moving average of $219.18. ResMed Inc. has a 12 month low of $180.26 and a 12 month high of $284.87. The company has a market capitalization of $34.69 billion, a price-to-earnings ratio of 23.06, a P/E/G ratio of 1.48 and a beta of 0.76. The company has a quick ratio of 2.42, a current ratio of 3.10 and a debt-to-equity ratio of 0.06.

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. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The business had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter last year, the firm earned $2.55 EPS. ResMed’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, equities analysts anticipate that ResMed Inc. will post 12.03 EPS for the current fiscal year.

ResMed Increases Dividend

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

Insider Activity

In other ResMed news, Director Peter C. Farrell sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the transaction, the director directly owned 52,773 shares in the company, valued at $11,873,925. This trade represents a 13.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $205.69, for a total value of $1,026,598.79. Following the completion of the sale, the chief executive officer directly owned 466,256 shares of the company’s stock, valued at $95,904,196.64. This represents a 1.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 22,973 shares of company stock worth $4,885,436. Corporate insiders own 0.65% of the company’s stock.

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.