Cerity Partners LLC Acquires 29,205 Shares of ResMed Inc. $RMD

Cerity Partners LLC grew its holdings in ResMed Inc. (NYSE:RMD) by 184.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 45,071 shares of the medical equipment provider’s stock after buying an additional 29,205 shares during the period. Cerity Partners LLC’s holdings in ResMed were worth $11,628,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Zions Bancorporation National Association UT acquired a new stake in ResMed during the 1st quarter valued at $45,000. King Luther Capital Management Corp acquired a new position in shares of ResMed in the first quarter valued at $252,000. Aigen Investment Management LP bought a new position in shares of ResMed in the first quarter valued at about $349,000. Nuveen LLC acquired a new stake in shares of ResMed during the 1st quarter worth about $69,492,000. Finally, Meridian Wealth Management LLC acquired a new stake in shares of ResMed during the 1st quarter worth about $303,000. 54.98% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Witte Jan De sold 2,055 shares of ResMed stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $255.00, for a total value of $524,025.00. Following the transaction, the director directly owned 4,261 shares of the company’s stock, valued at $1,086,555. This trade represents a 32.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Michael J. Rider sold 100 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total transaction of $27,436.00. Following the transaction, the general counsel owned 11,327 shares of the company’s stock, valued at approximately $3,107,675.72. This represents a 0.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 22,662 shares of company stock worth $5,946,466. Insiders own 0.65% of the company’s stock.

ResMed Price Performance

Shares of NYSE RMD opened at $251.37 on Thursday. The stock has a market capitalization of $36.69 billion, a PE ratio of 25.73, a P/E/G ratio of 1.67 and a beta of 0.87. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.89 and a quick ratio of 2.13. The business has a fifty day moving average price of $258.10 and a two-hundred day moving average price of $263.69. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.81.

ResMed (NYSE:RMD) last released its earnings results on Friday, October 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.49 by $0.06. ResMed had a return on equity of 25.45% and a net margin of 27.35%.The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the firm posted $2.20 EPS. ResMed’s quarterly revenue was up 9.1% on a year-over-year basis. As a group, equities analysts predict 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, December 18th. Stockholders of record on Thursday, November 13th will be given a $0.60 dividend. The ex-dividend date is Thursday, November 13th. This represents a $2.40 annualized dividend and a dividend yield of 1.0%. ResMed’s payout ratio is presently 24.56%.

Analysts Set New Price Targets

A number of brokerages recently commented on RMD. UBS Group upgraded shares of ResMed to a “strong-buy” rating in a research note on Tuesday, September 16th. CLSA raised ResMed from a “hold” rating to an “outperform” rating in a research report on Tuesday, September 2nd. Wells Fargo & Company began coverage on ResMed in a report on Monday, October 13th. They set an “equal weight” rating and a $280.00 price target for the company. Morgan Stanley set a $305.00 price target on ResMed in a research note on Friday, October 31st. Finally, Robert W. Baird lowered their price objective on ResMed from $320.00 to $300.00 and set an “outperform” rating on the stock in a research report on Monday, November 3rd. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $297.45.

ResMed Company 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.