OVERSEA CHINESE BANKING Corp Ltd Buys New Stake in ResMed Inc. $RMD

OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in ResMed Inc. (NYSE:RMD) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 24,458 shares of the medical equipment provider’s stock, valued at approximately $4,766,000.

A number of other hedge funds have also made changes to their positions in the company. Terra Nova Asset Management LLC raised its position in ResMed by 0.6% in the 3rd quarter. Terra Nova Asset Management LLC now owns 7,805 shares of the medical equipment provider’s stock valued at $2,136,000 after purchasing an additional 46 shares during the last quarter. Kera Capital Partners Inc. boosted its stake in shares of ResMed by 6.6% in the 4th quarter. Kera Capital Partners Inc. now owns 841 shares of the medical equipment provider’s stock valued at $217,000 after purchasing an additional 52 shares during the last quarter. Andina Capital Management LLC raised its position in shares of ResMed by 2.9% during the 4th quarter. Andina Capital Management LLC now owns 1,988 shares of the medical equipment provider’s stock valued at $479,000 after acquiring an additional 56 shares during the last quarter. Turtle Creek Wealth Advisors LLC increased its holdings in ResMed by 6.2% in the first quarter. Turtle Creek Wealth Advisors LLC now owns 994 shares of the medical equipment provider’s stock valued at $223,000 after purchasing an additional 58 shares during the last quarter. Finally, Inspire Investing LLC raised its position in shares of ResMed by 7.9% in the 4th quarter. Inspire Investing LLC now owns 902 shares of the medical equipment provider’s stock valued at $217,000 after acquiring an additional 66 shares during the period. Institutional investors and hedge funds own 54.98% of the company’s stock.

ResMed Trading Down 0.8%

Shares of ResMed stock opened at $228.81 on Friday. The company has a quick ratio of 2.42, a current ratio of 3.10 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $33.01 billion, a price-to-earnings ratio of 21.94, a PEG ratio of 1.45 and a beta of 0.76. The firm’s 50-day moving average price is $206.48 and its two-hundred day moving average price is $219.98. ResMed Inc. has a 12-month low of $180.26 and a 12-month high of $293.81.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Thursday, August 6th. The medical equipment provider reported $2.95 EPS for the quarter, beating the consensus estimate of $2.89 by $0.06. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The business had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same period in the previous year, the business earned $2.55 earnings per share. The company’s revenue was up 8.6% on a year-over-year basis. On average, analysts forecast that ResMed Inc. will post 12.03 earnings per share for the current fiscal year.

ResMed Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, August 20th will be issued a dividend of $0.66 per share. This is a boost from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $2.64 annualized dividend and a dividend yield of 1.2%. ResMed’s payout ratio is presently 23.01%.

Insider Buying and Selling at ResMed

In related news, Director Peter C. Farrell sold 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total value of $1,800,000.00. Following the completion of the transaction, the director owned 52,773 shares in the company, valued at $11,873,925. This trade represents a 13.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $205.69, for a total transaction of $1,026,598.79. Following the transaction, the chief executive officer directly owned 466,256 shares of the company’s stock, valued at $95,904,196.64. The trade was a 1.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 22,973 shares of company stock valued at $4,885,436 over the last quarter. Company insiders own 0.65% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on RMD shares. UBS Group reaffirmed a “buy” rating and set a $300.00 price objective on shares of ResMed in a research note on Tuesday, July 21st. Weiss Ratings upgraded shares of ResMed from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Mizuho decreased their price target on ResMed from $235.00 to $220.00 and set an “outperform” rating for the company in a research note on Wednesday, July 15th. Morgan Stanley restated an “equal weight” rating and set a $230.00 price objective (down from $286.00) on shares of ResMed in a research note on Wednesday, June 17th. Finally, The Goldman Sachs Group restated a “buy” rating on shares of ResMed in a research note on Wednesday, July 1st. Seven analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, ResMed has an average rating of “Hold” and an average target price of $239.38.

ResMed Profile

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.