Mitsubishi UFJ Asset Management Co. Ltd. Buys 15,251 Shares of ResMed Inc. $RMD

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in ResMed Inc. (NYSE:RMD) by 5.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 279,876 shares of the medical equipment provider’s stock after purchasing an additional 15,251 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.19% of ResMed worth $72,208,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in RMD. Zions Bancorporation National Association UT bought a new position in shares of ResMed in the first quarter valued at $45,000. Groupe la Francaise bought a new position in shares of ResMed in the 1st quarter valued at about $45,000. Harbour Investments Inc. increased its stake in shares of ResMed by 264.2% during the 2nd quarter. Harbour Investments Inc. now owns 244 shares of the medical equipment provider’s stock worth $63,000 after purchasing an additional 177 shares during the last quarter. Larson Financial Group LLC increased its stake in shares of ResMed by 926.7% during the 1st quarter. Larson Financial Group LLC now owns 308 shares of the medical equipment provider’s stock worth $69,000 after purchasing an additional 278 shares during the last quarter. Finally, Quarry LP raised its stake in ResMed by 141.1% in the first quarter. Quarry LP now owns 311 shares of the medical equipment provider’s stock valued at $70,000 after buying an additional 182 shares during the period. Institutional investors and hedge funds own 54.98% of the company’s stock.

ResMed Price Performance

Shares of RMD stock opened at $251.41 on Monday. The business has a fifty day simple moving average of $268.54 and a 200 day simple moving average of $262.66. ResMed Inc. has a twelve month low of $199.92 and a twelve month 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 company has a market cap of $36.69 billion, a P/E ratio of 26.44, a P/E/G ratio of 1.75 and a beta of 0.87.

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

ResMed Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 18th. Stockholders of record on Thursday, November 13th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Thursday, November 13th. ResMed’s payout ratio is 24.56%.

Insider Transactions at ResMed

In other news, General Counsel Michael J. Rider sold 100 shares of ResMed stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total transaction of $27,436.00. Following the transaction, the general counsel owned 11,327 shares in the company, valued at approximately $3,107,675.72. The trade was a 0.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Hernandez sold 2,575 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $287.10, for a total value of $739,282.50. Following the completion of the sale, the director owned 4,045 shares in the company, valued at $1,161,319.50. This trade represents a 38.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 10,684 shares of company stock worth $3,032,064. Company insiders own 0.65% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on RMD shares. Weiss Ratings restated a “buy (b-)” rating on shares of ResMed in a research note on Wednesday, October 8th. Wall Street Zen cut shares of ResMed from a “buy” rating to a “hold” rating in a report on Sunday, August 10th. Royal Bank Of Canada lifted their price target on ResMed from $300.00 to $303.00 and gave the stock an “outperform” rating in a report on Friday, October 31st. Morgan Stanley set a $305.00 price objective on ResMed in a research report on Friday, October 31st. Finally, Citigroup initiated coverage on ResMed in a report on Thursday, September 18th. They set a “buy” rating and a $330.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $297.45.

About ResMed

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.