Promus Capital LLC Buys New Shares in ResMed Inc. (NYSE:RMD)

Promus Capital LLC bought a new stake in shares of ResMed Inc. (NYSE:RMD) during the 4th quarter, Holdings Channel reports. The firm bought 508 shares of the medical equipment provider’s stock, valued at approximately $116,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Janney Montgomery Scott LLC raised its holdings in ResMed by 1.0% during the third quarter. Janney Montgomery Scott LLC now owns 85,507 shares of the medical equipment provider’s stock valued at $20,874,000 after acquiring an additional 811 shares during the period. Van ECK Associates Corp raised its holdings in ResMed by 2.9% during the third quarter. Van ECK Associates Corp now owns 39,334 shares of the medical equipment provider’s stock valued at $9,338,000 after acquiring an additional 1,121 shares during the period. National Pension Service raised its holdings in ResMed by 5.0% during the third quarter. National Pension Service now owns 227,655 shares of the medical equipment provider’s stock valued at $55,575,000 after acquiring an additional 10,880 shares during the period. Asset Management One Co. Ltd. raised its holdings in ResMed by 5.1% during the third quarter. Asset Management One Co. Ltd. now owns 58,860 shares of the medical equipment provider’s stock valued at $14,369,000 after acquiring an additional 2,878 shares during the period. Finally, QRG Capital Management Inc. raised its holdings in ResMed by 426.5% during the third quarter. QRG Capital Management Inc. now owns 6,797 shares of the medical equipment provider’s stock valued at $1,659,000 after acquiring an additional 5,506 shares during the period. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at ResMed

In other ResMed news, insider Kaushik Ghoshal sold 9,113 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $235.40, for a total value of $2,145,200.20. Following the sale, the insider now directly owns 9,725 shares of the company’s stock, valued at approximately $2,289,265. This represents a 48.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $242.11, for a total transaction of $484,220.00. Following the completion of the sale, the director now directly owns 77,218 shares in the company, valued at approximately $18,695,249.98. The trade was a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,186 shares of company stock valued at $4,541,226 in the last ninety days. Company insiders own 0.71% of the company’s stock.

ResMed Stock Performance

Shares of RMD stock opened at $223.76 on Thursday. The business’s fifty day simple moving average is $236.90 and its 200-day simple moving average is $239.90. The company has a market cap of $32.86 billion, a PE ratio of 26.42, a PEG ratio of 1.53 and a beta of 0.70. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13. ResMed Inc. has a 12-month low of $172.19 and a 12-month high of $263.05.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.14. ResMed had a return on equity of 26.17% and a net margin of 25.34%. Analysts expect that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, February 13th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.95%. The ex-dividend date of this dividend is Thursday, February 13th. ResMed’s payout ratio is 25.03%.

Analysts Set New Price Targets

A number of equities research analysts have commented on RMD shares. The Goldman Sachs Group assumed coverage on ResMed in a report on Thursday, January 16th. They set a “buy” rating on the stock. Piper Sandler lifted their target price on ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. UBS Group raised ResMed from a “hold” rating to a “strong-buy” rating in a report on Friday, January 31st. Citigroup raised ResMed from a “neutral” rating to a “buy” rating in a report on Wednesday. Finally, KeyCorp lifted their target price on ResMed from $266.00 to $280.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, ResMed has a consensus rating of “Moderate Buy” and an average price target of $243.82.

ResMed Profile

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.