Connor Clark & Lunn Investment Management Ltd. Takes $27.73 Million Position in ResMed Inc. $RMD

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of ResMed Inc. (NYSE:RMD) during the second quarter, Holdings Channel.com reports. The fund purchased 142,297 shares of the medical equipment provider’s stock, valued at approximately $27,731,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Imprint Wealth LLC bought a new position in ResMed during the 3rd quarter worth $26,000. WFA of San Diego LLC bought a new stake in ResMed in the second quarter valued at $26,000. International Assets Investment Management LLC acquired a new position in shares of ResMed during the fourth quarter valued at $25,000. Sunbelt Securities Inc. acquired a new position in shares of ResMed during the third quarter valued at $31,000. Finally, Bell Investment Advisors Inc bought a new position in shares of ResMed during the second quarter worth about $26,000. Institutional investors and hedge funds own 54.98% of the company’s stock.

Insider Buying and Selling

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 transaction of $1,800,000.00. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $205.69, for a total value of $1,026,598.79. Following the sale, the chief executive officer directly owned 466,256 shares in the company, valued at approximately $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. Over the last ninety days, insiders sold 22,973 shares of company stock valued at $4,885,436. Company insiders own 0.65% of the company’s stock.

ResMed Price Performance

Shares of RMD opened at $232.57 on Tuesday. ResMed Inc. has a one year low of $180.26 and a one year high of $293.58. The stock’s fifty day moving average is $208.01 and its 200-day moving average is $219.69. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.42 and a current ratio of 3.10. The firm has a market capitalization of $33.55 billion, a price-to-earnings ratio of 22.30, a price-to-earnings-growth ratio of 1.45 and a beta of 0.76.

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

ResMed Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th will be given a dividend of $0.66 per share. This is a positive change from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date is Thursday, August 20th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.1%. ResMed’s payout ratio is presently 25.31%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. The Goldman Sachs Group reaffirmed a “buy” rating on shares of ResMed in a report on Wednesday, July 1st. UBS Group restated a “buy” rating and issued a $300.00 target price on shares of ResMed in a research report on Tuesday, July 21st. Wells Fargo & Company dropped their price target on shares of ResMed from $225.00 to $215.00 and set an “equal weight” rating on the stock in a research note on Friday, August 7th. Morgan Stanley reaffirmed an “equal weight” rating and set a $230.00 price target (down from $286.00) on shares of ResMed in a report on Wednesday, June 17th. Finally, Robert W. Baird set a $213.00 price objective on ResMed in a research report on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, ResMed has a consensus rating of “Hold” and a consensus price target of $239.38.

About ResMed

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.