The Manufacturers Life Insurance Company Makes New Investment in ResMed Inc. $RMD

The Manufacturers Life Insurance Company purchased a new stake in shares of ResMed Inc. (NYSE:RMD) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 73,774 shares of the medical equipment provider’s stock, valued at approximately $14,380,000. The Manufacturers Life Insurance Company owned approximately 0.05% of ResMed as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Imprint Wealth LLC acquired a new stake in shares of ResMed in the third quarter valued at $26,000. WFA of San Diego LLC acquired a new position in ResMed during the second quarter worth about $26,000. International Assets Investment Management LLC acquired a new position in ResMed during the fourth quarter worth about $25,000. Sunbelt Securities Inc. bought a new stake in ResMed in the third quarter worth about $31,000. Finally, Bell Investment Advisors Inc bought a new stake in ResMed in the second quarter worth about $26,000. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at ResMed

In related news, Director Peter C. Farrell sold 8,000 shares of the company’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 sale, the director owned 52,773 shares in the company, valued at approximately $11,873,925. This represents a 13.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 firm’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 transaction of $1,026,598.79. Following the completion of the transaction, the chief executive officer directly owned 466,256 shares of the company’s stock, valued at $95,904,196.64. This represents 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. In the last 90 days, insiders sold 22,973 shares of company stock valued at $4,885,436. 0.65% of the stock is owned by insiders.

ResMed Trading Up 2.0%

Shares of RMD opened at $240.47 on Friday. The business’s 50-day moving average price is $211.81 and its 200 day moving average price is $219.18. The stock has a market capitalization of $34.69 billion, a P/E ratio of 23.06, a P/E/G ratio of 1.48 and a beta of 0.76. ResMed Inc. has a 1-year low of $180.26 and a 1-year high of $284.87. The company has a current ratio of 3.10, a quick ratio of 2.42 and a debt-to-equity ratio of 0.06.

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

ResMed Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on RMD shares. Royal Bank Of Canada raised their price objective on shares of ResMed from $234.00 to $244.00 and gave the company a “sector perform” rating in a research report on Friday, August 7th. Weiss Ratings upgraded shares of ResMed from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Rothschild & Co Redburn began coverage on shares of ResMed in a research note on Wednesday, August 19th. They set a “neutral” rating and a $230.00 target price for the company. Mizuho decreased their price target on shares of ResMed from $235.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 15th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of ResMed in a report 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.com, the stock presently 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.