Lake Street Advisors Group LLC Purchases New Shares in ResMed Inc. (NYSE:RMD)

Lake Street Advisors Group LLC purchased a new stake in shares of ResMed Inc. (NYSE:RMD) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,074 shares of the medical equipment provider’s stock, valued at approximately $213,000.

Other hedge funds also recently made changes to their positions in the company. Atlantic Edge Private Wealth Management LLC bought a new stake in shares of ResMed during the fourth quarter valued at approximately $27,000. Hall Laurie J Trustee bought a new stake in shares of ResMed during the first quarter valued at approximately $32,000. Planned Solutions Inc. bought a new stake in shares of ResMed during the fourth quarter valued at approximately $34,000. BOK Financial Private Wealth Inc. bought a new stake in shares of ResMed during the first quarter valued at approximately $35,000. Finally, MV Capital Management Inc. raised its stake in ResMed by 39.0% during the fourth quarter. MV Capital Management Inc. now owns 214 shares of the medical equipment provider’s stock valued at $37,000 after buying an additional 60 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors.

ResMed Trading Up 3.0 %

Shares of RMD stock traded up $6.13 during trading on Thursday, hitting $212.33. 230,498 shares of the stock traded hands, compared to its average volume of 1,033,649. The firm has a market capitalization of $31.19 billion, a P/E ratio of 31.67, a price-to-earnings-growth ratio of 1.80 and a beta of 0.66. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.04 and a quick ratio of 1.97. The firm’s fifty day moving average price is $204.80 and its 200-day moving average price is $194.72. ResMed Inc. has a 52-week low of $132.24 and a 52-week high of $229.97.

ResMed (NYSE:RMD) last announced its earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.91 by $0.22. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.17 billion. ResMed had a return on equity of 24.43% and a net margin of 20.91%. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.68 earnings per share. As a group, research analysts forecast that ResMed Inc. will post 7.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ResMed news, CFO Brett Sandercock sold 1,000 shares of the business’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $194.35, for a total value of $194,350.00. Following the completion of the transaction, the chief financial officer now owns 90,056 shares in the company, valued at $17,502,383.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Karen Drexler sold 425 shares of the business’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $214.92, for a total transaction of $91,341.00. Following the completion of the transaction, the director now owns 8,446 shares in the company, valued at $1,815,214.32. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Brett Sandercock sold 1,000 shares of the business’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $194.35, for a total transaction of $194,350.00. Following the transaction, the chief financial officer now owns 90,056 shares of the company’s stock, valued at approximately $17,502,383.60. The disclosure for this sale can be found here. Insiders sold a total of 46,834 shares of company stock worth $9,694,137 over the last 90 days. Corporate insiders own 1.21% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RMD. Mizuho reiterated a “buy” rating and set a $215.00 price objective on shares of ResMed in a research note on Wednesday, March 27th. Oppenheimer cut ResMed from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 25th. Needham & Company LLC reiterated a “buy” rating and set a $236.00 price objective on shares of ResMed in a research note on Monday, June 24th. KeyCorp lifted their price objective on ResMed from $227.00 to $238.00 and gave the company an “overweight” rating in a research note on Friday, April 26th. Finally, Citigroup cut ResMed from a “buy” rating to a “neutral” rating in a research note on Monday, June 24th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $203.20.

About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.