Addenda Capital Inc. Acquires 8,747 Shares of ResMed Inc. (NYSE:RMD)

Addenda Capital Inc. raised its holdings in ResMed Inc. (NYSE:RMD) by 17.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 58,986 shares of the medical equipment provider’s stock after buying an additional 8,747 shares during the period. Addenda Capital Inc.’s holdings in ResMed were worth $11,291,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Handelsbanken Fonder AB lifted its stake in shares of ResMed by 22.5% in the fourth quarter. Handelsbanken Fonder AB now owns 70,272 shares of the medical equipment provider’s stock valued at $12,088,000 after buying an additional 12,899 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of ResMed by 13.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 45,231 shares of the medical equipment provider’s stock valued at $7,781,000 after purchasing an additional 5,517 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of ResMed by 24.9% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 177,083 shares of the medical equipment provider’s stock valued at $35,068,000 after purchasing an additional 35,273 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of ResMed by 8.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 536,459 shares of the medical equipment provider’s stock valued at $92,285,000 after purchasing an additional 40,605 shares during the last quarter. Finally, ICW Investment Advisors LLC raised its holdings in shares of ResMed by 2.3% in the fourth quarter. ICW Investment Advisors LLC now owns 11,303 shares of the medical equipment provider’s stock valued at $1,944,000 after purchasing an additional 249 shares during the last quarter. 54.98% of the stock is owned by institutional investors.

ResMed Stock Performance

Shares of RMD traded up $1.94 during trading hours on Wednesday, hitting $222.21. The company’s stock had a trading volume of 963,763 shares, compared to its average volume of 1,060,934. The company has a market cap of $32.64 billion, a price-to-earnings ratio of 33.84, a PEG ratio of 1.79 and a beta of 0.66. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.59 and a quick ratio of 1.69. The business has a 50 day simple moving average of $204.90 and a two-hundred day simple moving average of $198.52. ResMed Inc. has a 52-week low of $132.24 and a 52-week high of $225.68.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share for the quarter, topping 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 net margin of 21.79% and a return on equity of 25.00%. The company’s revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the company earned $1.60 earnings per share. On average, equities analysts expect that ResMed Inc. will post 8.76 earnings per share for the current fiscal year.

ResMed Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Thursday, August 15th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date of this dividend is Thursday, August 15th. This is a positive change from ResMed’s previous quarterly dividend of $0.48. ResMed’s dividend payout ratio is 29.49%.

Insider Buying and Selling

In related news, CFO Brett Sandercock sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $212.16, for a total transaction of $212,160.00. Following the sale, the chief financial officer now owns 89,056 shares of the company’s stock, valued at approximately $18,894,120.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other ResMed news, insider Justin Leong sold 48,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $217.07, for a total value of $10,419,360.00. Following the completion of the transaction, the insider now owns 18,741 shares of the company’s stock, valued at approximately $4,068,108.87. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Brett Sandercock sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $212.16, for a total transaction of $212,160.00. Following the completion of the transaction, the chief financial officer now directly owns 89,056 shares of the company’s stock, valued at approximately $18,894,120.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 95,049 shares of company stock valued at $20,122,695. Company insiders own 1.21% of the company’s stock.

Analysts Set New Price Targets

RMD has been the subject of several analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $236.00 target price on shares of ResMed in a report on Friday, August 2nd. Citigroup downgraded shares of ResMed from a “buy” rating to a “neutral” rating in a report on Monday, June 24th. Oppenheimer downgraded shares of ResMed from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 25th. KeyCorp increased their target price on shares of ResMed from $238.00 to $251.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Finally, Royal Bank of Canada increased their target price on shares of ResMed from $204.00 to $206.00 and gave the company a “sector perform” rating in a report on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $204.70.

ResMed Company Profile

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.