Benjamin Edwards Inc. Grows Stake in ResMed Inc. (NYSE:RMD)

Benjamin Edwards Inc. boosted its stake in ResMed Inc. (NYSE:RMD) by 8,951.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,024 shares of the medical equipment provider’s stock after buying an additional 35,626 shares during the quarter. Benjamin Edwards Inc.’s holdings in ResMed were worth $8,794,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. UMB Bank n.a. raised its holdings in ResMed by 1.9% in the 3rd quarter. UMB Bank n.a. now owns 2,465 shares of the medical equipment provider’s stock valued at $602,000 after buying an additional 47 shares during the period. QRG Capital Management Inc. increased its position in shares of ResMed by 4.5% during the second quarter. QRG Capital Management Inc. now owns 1,291 shares of the medical equipment provider’s stock valued at $247,000 after acquiring an additional 56 shares during the last quarter. Inspire Advisors LLC raised its stake in shares of ResMed by 1.9% in the 2nd quarter. Inspire Advisors LLC now owns 3,060 shares of the medical equipment provider’s stock valued at $586,000 after acquiring an additional 56 shares during the period. Concurrent Investment Advisors LLC lifted its holdings in shares of ResMed by 3.1% in the 3rd quarter. Concurrent Investment Advisors LLC now owns 1,919 shares of the medical equipment provider’s stock worth $469,000 after acquiring an additional 57 shares during the last quarter. Finally, Moss Adams Wealth Advisors LLC boosted its position in shares of ResMed by 2.0% during the 3rd quarter. Moss Adams Wealth Advisors LLC now owns 3,043 shares of the medical equipment provider’s stock worth $743,000 after purchasing an additional 60 shares during the period. 54.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RMD. KeyCorp boosted their target price on ResMed from $251.00 to $266.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Wolfe Research reissued an “underperform” rating and set a $180.00 target price on shares of ResMed in a research note on Wednesday, September 18th. Robert W. Baird raised their target price on ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Needham & Company LLC reiterated a “hold” rating on shares of ResMed in a research note on Friday, October 25th. Finally, Bank of America raised their price objective on shares of ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, ResMed has a consensus rating of “Moderate Buy” and an average price target of $225.70.

Insider Buying and Selling

In other news, CEO Michael J. Farrell sold 14,683 shares of ResMed stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $248.38, for a total transaction of $3,646,963.54. Following the sale, the chief executive officer now owns 464,169 shares in the company, valued at approximately $115,290,296.22. The trade was a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Justin Leong sold 6,160 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 21,718 shares of the company’s stock, valued at $5,279,428.62. The trade was a 22.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,408 shares of company stock worth $16,398,132 over the last 90 days. 0.71% of the stock is owned by insiders.

ResMed Stock Down 1.7 %

Shares of ResMed stock opened at $244.83 on Tuesday. ResMed Inc. has a 52-week low of $159.60 and a 52-week high of $260.49. The company has a 50 day moving average of $242.21 and a 200 day moving average of $225.87. 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 capitalization of $35.94 billion, a P/E ratio of 32.43, a P/E/G ratio of 1.81 and a beta of 0.68.

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

ResMed Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 7th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.87%. ResMed’s payout ratio is currently 28.08%.

About ResMed

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.