Valley National Advisers Inc. Increases Position in ResMed Inc. (NYSE:RMD)

by · The Markets Daily

Valley National Advisers Inc. raised its holdings in shares of ResMed Inc. (NYSE:RMD – Free Report) by 12,805.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,098 shares of the medical equipment provider’s stock after buying an additional 7,043 shares during the period. Valley National Advisers Inc.’s holdings in ResMed were worth $1,732,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of RMD. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of ResMed by 24.9% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 177,083 shares of the medical equipment provider’s stock valued at $35,068,000 after purchasing an additional 35,273 shares during the period. Mediolanum International Funds Ltd purchased a new stake in ResMed during the 1st quarter valued at about $2,246,000. Janney Montgomery Scott LLC lifted its holdings in shares of ResMed by 5.3% during the first quarter. Janney Montgomery Scott LLC now owns 81,313 shares of the medical equipment provider’s stock worth $16,102,000 after purchasing an additional 4,075 shares during the period. Wellington Management Group LLP purchased a new stake in shares of ResMed in the 4th quarter valued at $7,535,000. Finally, State Board of Administration of Florida Retirement System grew its position in ResMed by 8.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 171,632 shares of the medical equipment provider’s stock worth $37,586,000 after purchasing an additional 13,894 shares during the period. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RMD. Wolfe Research reaffirmed an “underperform” rating and issued a $180.00 price objective on shares of ResMed in a report on Wednesday, September 18th. KeyCorp increased their target price on ResMed from $251.00 to $266.00 and gave the company an “overweight” rating in a report on Friday. Royal Bank of Canada increased their target price on ResMed from $224.00 to $232.00 and gave the company a “sector perform” rating in a report on Friday. Robert W. Baird increased their target price on ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a report on Friday. Finally, Baird R W raised ResMed to a “strong-buy” rating in a report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $220.55.

Check Out Our Latest Report on ResMed

Insider Buying and Selling

In other news, insider Kaushik Ghoshal sold 4,260 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $238.48, for a total transaction of $1,015,924.80. Following the completion of the sale, the insider now owns 21,788 shares of the company’s stock, valued at approximately $5,196,002.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider Kaushik Ghoshal sold 4,260 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $238.48, for a total value of $1,015,924.80. Following the completion of the sale, the insider now owns 21,788 shares of the company’s stock, valued at $5,196,002.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Justin Leong sold 48,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $217.07, for a total transaction of $10,419,360.00. Following the completion of the transaction, the insider now directly owns 18,741 shares in the company, valued at approximately $4,068,108.87. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 123,874 shares of company stock valued at $28,151,142 over the last quarter. Corporate insiders own 0.71% of the company’s stock.

ResMed Trading Up 7.1 %

NYSE RMD opened at $256.07 on Friday. ResMed Inc. has a twelve month low of $132.24 and a twelve month high of $260.49. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.69 and a current ratio of 2.59. The stock has a market cap of $37.58 billion, a price-to-earnings ratio of 36.95, a PEG ratio of 1.94 and a beta of 0.69. The firm’s 50 day moving average price is $240.79 and its two-hundred day moving average price is $217.99.

ResMed (NYSE:RMD – Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.17. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.19 billion. ResMed had a net margin of 21.79% and a return on equity of 25.00%. ResMed’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.64 EPS. Equities analysts anticipate that ResMed Inc. will post 9.08 EPS for the current year.

ResMed Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 7th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.83%. The ex-dividend date of this dividend is Thursday, November 7th. ResMed’s dividend payout ratio (DPR) is presently 30.59%.

ResMed Company Profile

(Free Report)

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.

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