Avestar Capital LLC Takes $270,000 Position in ResMed Inc. (NYSE:RMD)

Avestar Capital LLC purchased a new stake in shares of ResMed Inc. (NYSE:RMD) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor purchased 1,105 shares of the medical equipment provider’s stock, valued at approximately $270,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its holdings in ResMed by 51.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,772,761 shares of the medical equipment provider’s stock valued at $1,105,022,000 after purchasing an additional 1,959,642 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in ResMed by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 924,047 shares of the medical equipment provider’s stock worth $225,578,000 after acquiring an additional 13,985 shares in the last quarter. Los Angeles Capital Management LLC grew its stake in ResMed by 48.3% in the 2nd quarter. Los Angeles Capital Management LLC now owns 740,226 shares of the medical equipment provider’s stock worth $141,694,000 after acquiring an additional 241,195 shares in the last quarter. Greenvale Capital LLP grew its stake in ResMed by 61.1% in the 2nd quarter. Greenvale Capital LLP now owns 725,000 shares of the medical equipment provider’s stock worth $138,780,000 after acquiring an additional 275,000 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in ResMed by 19.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 661,717 shares of the medical equipment provider’s stock worth $126,670,000 after acquiring an additional 107,279 shares in the last quarter. 54.98% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Needham & Company LLC restated a “hold” rating on shares of ResMed in a research note on Friday, October 25th. StockNews.com upgraded shares of ResMed from a “hold” rating to a “buy” rating in a research note on Tuesday, October 15th. KeyCorp increased their price objective on shares of ResMed from $251.00 to $266.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Baird R W upgraded shares of ResMed to a “strong-buy” rating in a research note on Tuesday, September 24th. Finally, Royal Bank of Canada increased their price objective on shares of ResMed from $224.00 to $232.00 and gave the company a “sector perform” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $225.70.

ResMed Price Performance

Shares of RMD opened at $249.33 on Thursday. ResMed Inc. has a twelve month low of $151.95 and a twelve month high of $260.49. The company has a 50 day moving average of $242.03 and a two-hundred day moving average of $225.21. The company has a quick ratio of 1.91, a current ratio of 2.92 and a debt-to-equity ratio of 0.13. The company has a market cap of $36.60 billion, a price-to-earnings ratio of 33.02, a price-to-earnings-growth ratio of 1.82 and a beta of 0.69.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, October 24th. The medical equipment provider reported $2.20 EPS for the quarter, topping the consensus estimate of $2.03 by $0.17. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.19 billion. ResMed had a net margin of 23.15% and a return on equity of 25.53%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.64 earnings per share. As a group, analysts predict that ResMed Inc. will post 9.28 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 7th will be given a dividend of $0.53 per share. The ex-dividend date is Thursday, November 7th. This represents a $2.12 dividend on an annualized basis and a yield of 0.85%. ResMed’s dividend payout ratio is presently 28.08%.

Insider Activity at ResMed

In other ResMed news, insider Justin Leong sold 6,160 shares of ResMed stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $243.09, for a total value of $1,497,434.40. Following the completion of the transaction, the insider now owns 21,718 shares of the company’s stock, valued at approximately $5,279,428.62. The trade was a 22.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kaushik Ghoshal sold 5,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $252.56, for a total transaction of $1,262,800.00. Following the sale, the insider now directly owns 21,788 shares of the company’s stock, valued at $5,502,777.28. This represents a 18.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,334 shares of company stock worth $16,379,713 over the last three months. Company insiders own 0.71% of the company’s stock.

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.