New York Life Investment Management LLC Grows Holdings in ResMed Inc. $RMD

New York Life Investment Management LLC grew its stake in ResMed Inc. (NYSE:RMD) by 0.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,906 shares of the medical equipment provider’s stock after buying an additional 75 shares during the period. New York Life Investment Management LLC’s holdings in ResMed were worth $5,652,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of RMD. Golden State Wealth Management LLC grew its stake in ResMed by 384.8% in the 1st quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider’s stock worth $36,000 after buying an additional 127 shares in the last quarter. Zions Bancorporation National Association UT purchased a new position in ResMed in the 1st quarter worth approximately $45,000. Groupe la Francaise purchased a new position in ResMed in the 1st quarter worth approximately $45,000. Harbour Investments Inc. grew its stake in ResMed by 264.2% in the 2nd quarter. Harbour Investments Inc. now owns 244 shares of the medical equipment provider’s stock worth $63,000 after buying an additional 177 shares in the last quarter. Finally, Larson Financial Group LLC grew its stake in ResMed by 926.7% in the 1st quarter. Larson Financial Group LLC now owns 308 shares of the medical equipment provider’s stock worth $69,000 after buying an additional 278 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Activity at ResMed

In related news, Director John Hernandez sold 2,575 shares of the company’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $287.10, for a total transaction of $739,282.50. Following the completion of the sale, the director directly owned 4,045 shares in the company, valued at $1,161,319.50. This represents a 38.90% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the company’s stock in a transaction on Tuesday, October 7th. The shares were sold at an average price of $282.85, for a total transaction of $2,265,345.65. Following the sale, the chief executive officer owned 467,792 shares of the company’s stock, valued at $132,314,967.20. This represents a 1.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 18,743 shares of company stock worth $5,284,514 in the last three months. 0.65% of the stock is owned by insiders.

ResMed Trading Down 1.1%

NYSE:RMD opened at $253.85 on Thursday. The company has a fifty day moving average of $273.44 and a 200 day moving average of $260.59. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $293.81. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $37.05 billion, a P/E ratio of 26.69, a P/E/G ratio of 1.77 and a beta of 0.83.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, beating analysts’ consensus estimates of $2.47 by $0.08. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the business posted $2.08 EPS. The firm’s revenue was up 10.2% compared to the same quarter last year. On average, research analysts predict that ResMed Inc. will post 9.47 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on RMD shares. Weiss Ratings reissued a “buy (b-)” rating on shares of ResMed in a research note on Wednesday, October 8th. Wells Fargo & Company initiated coverage on shares of ResMed in a report on Monday, October 13th. They issued an “equal weight” rating and a $280.00 price objective for the company. Citigroup initiated coverage on shares of ResMed in a report on Thursday, September 18th. They issued a “buy” rating and a $330.00 price objective for the company. UBS Group upgraded shares of ResMed to a “strong-buy” rating in a report on Tuesday, September 16th. Finally, William Blair upgraded shares of ResMed to a “strong-buy” rating in a report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $295.70.

ResMed 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.