Wedmont Private Capital Acquires 169 Shares of ResMed Inc. (NYSE:RMD)

Wedmont Private Capital boosted its holdings in ResMed Inc. (NYSE:RMD) by 9.3% during the third quarter, HoldingsChannel.com reports. The fund owned 1,980 shares of the medical equipment provider’s stock after purchasing an additional 169 shares during the period. Wedmont Private Capital’s holdings in ResMed were worth $460,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Virtu Financial LLC acquired a new position in ResMed in the fourth quarter valued at approximately $1,293,000. Pineridge Advisors LLC bought a new stake in shares of ResMed in the fourth quarter worth $223,000. Goldman Sachs Group Inc. lifted its position in shares of ResMed by 15.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 698,905 shares of the medical equipment provider’s stock worth $120,225,000 after purchasing an additional 95,689 shares in the last quarter. Congress Asset Management Co. MA lifted its position in shares of ResMed by 9.2% in the fourth quarter. Congress Asset Management Co. MA now owns 577,979 shares of the medical equipment provider’s stock worth $99,424,000 after purchasing an additional 48,523 shares in the last quarter. Finally, Wellington Management Group LLP bought a new stake in ResMed during the fourth quarter worth $7,535,000. Institutional investors own 54.98% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on RMD. Robert W. Baird assumed coverage on shares of ResMed in a report on Tuesday, September 24th. They issued an “outperform” rating and a $280.00 price objective on the stock. Royal Bank of Canada upped their price objective on shares of ResMed from $206.00 to $224.00 and gave the stock a “sector perform” rating in a research report on Tuesday, October 1st. KeyCorp increased their target price on shares of ResMed from $238.00 to $251.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Oppenheimer lowered shares of ResMed from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 25th. Finally, Citigroup downgraded shares of ResMed from a “buy” rating to a “neutral” rating in a research report on Monday, June 24th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, ResMed has a consensus rating of “Moderate Buy” and an average price target of $218.18.

ResMed Stock Performance

NYSE:RMD opened at $240.51 on Friday. The business has a 50 day moving average of $236.01 and a 200 day moving average of $214.01. The company has a market capitalization of $35.33 billion, a price-to-earnings ratio of 36.94, a PEG ratio of 2.14 and a beta of 0.69. ResMed Inc. has a 1-year low of $132.24 and a 1-year high of $255.18. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.59 and a quick ratio of 1.69.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.05. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.22 billion. ResMed had a return on equity of 25.00% and a net margin of 21.79%. The business’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.60 earnings per share. On average, sell-side analysts predict that ResMed Inc. will post 9.02 earnings per share for the current fiscal year.

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Thursday, August 15th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.88%. This is a boost from ResMed’s previous quarterly dividend of $0.48. The ex-dividend date was Thursday, August 15th. ResMed’s dividend payout ratio is presently 32.57%.

Insider Buying and Selling

In related news, CFO Brett Sandercock sold 1,000 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $212.16, for a total value of $212,160.00. Following the sale, the chief financial officer now directly owns 89,056 shares of the company’s stock, valued at $18,894,120.96. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other ResMed news, CFO Brett Sandercock sold 1,000 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $212.16, for a total value of $212,160.00. Following the transaction, the chief financial officer now owns 89,056 shares of the company’s stock, valued at approximately $18,894,120.96. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael J. Farrell sold 14,683 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $214.25, for a total value of $3,145,832.75. Following the completion of the transaction, the chief executive officer now directly owns 440,799 shares in the company, valued at $94,441,185.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 119,614 shares of company stock valued at $27,135,217 over the last ninety days. Company insiders own 1.21% of the company’s stock.

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.