Howard Capital Management Inc. Takes $234,000 Position in ResMed Inc. $RMD

Howard Capital Management Inc. purchased a new stake in ResMed Inc. (NYSE:RMD) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 907 shares of the medical equipment provider’s stock, valued at approximately $234,000.

Other hedge funds also recently made changes to their positions in the company. Golden State Wealth Management LLC grew its position in ResMed by 384.8% during the first 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. Mirae Asset Global Investments Co. Ltd. grew its position in ResMed by 20.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,415 shares of the medical equipment provider’s stock worth $3,390,000 after buying an additional 2,585 shares in the last quarter. Vontobel Holding Ltd. grew its position in ResMed by 49.7% during the first quarter. Vontobel Holding Ltd. now owns 5,143 shares of the medical equipment provider’s stock worth $1,151,000 after buying an additional 1,707 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in ResMed by 12.4% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 17,789 shares of the medical equipment provider’s stock worth $3,982,000 after buying an additional 1,968 shares in the last quarter. Finally, Novem Group grew its position in ResMed by 32.4% during the first quarter. Novem Group now owns 4,705 shares of the medical equipment provider’s stock worth $1,053,000 after buying an additional 1,152 shares in the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on RMD shares. Morgan Stanley boosted their target price on ResMed from $298.00 to $304.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 21st. William Blair upgraded ResMed to a “strong-buy” rating in a report on Friday, August 1st. Mizuho upped their price objective on ResMed from $270.00 to $290.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. Piper Sandler upped their price objective on ResMed from $248.00 to $270.00 and gave the stock a “neutral” rating in a report on Friday, August 1st. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of ResMed in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, ResMed presently has a consensus rating of “Moderate Buy” and a consensus price target of $295.70.

ResMed Trading Down 0.6%

Shares of RMD stock opened at $252.14 on Friday. The stock has a market capitalization of $36.80 billion, a PE ratio of 26.51, a P/E/G ratio of 1.75 and a beta of 0.83. ResMed Inc. has a 1-year low of $199.92 and a 1-year high of $293.81. The business has a 50-day moving average of $272.72 and a 200 day moving average of $260.53. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53.

ResMed (NYSE:RMD) last issued its earnings results on Thursday, October 30th. The medical equipment provider reported $2.55 earnings per share for the quarter, beating the consensus estimate of $2.49 by $0.06. The company had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.ResMed’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the business posted $2.20 EPS. As a group, sell-side analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current year.

Insider Activity at ResMed

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of the company’s stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $282.85, for a total transaction of $2,265,345.65. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John Hernandez sold 2,575 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $287.10, for a total value of $739,282.50. Following the transaction, the director directly owned 4,045 shares of the company’s stock, valued at $1,161,319.50. The trade was a 38.90% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 18,693 shares of company stock worth $5,270,419 in the last ninety days. 0.65% of the stock is owned by company insiders.

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.