Diamant Asset Management Inc. Has $90.70 Million Position in ResMed Inc. $RMD

Diamant Asset Management Inc. lifted its holdings in shares of ResMed Inc. (NYSE:RMD) by 21,166.5% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 404,064 shares of the medical equipment provider’s stock after purchasing an additional 402,164 shares during the period. Diamant Asset Management Inc. owned 0.28% of ResMed worth $90,704,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RMD. International Assets Investment Management LLC bought a new stake in ResMed during the 4th quarter worth about $25,000. ORG Partners LLC raised its stake in shares of ResMed by 181.6% in the fourth quarter. ORG Partners LLC now owns 107 shares of the medical equipment provider’s stock worth $26,000 after acquiring an additional 69 shares during the last quarter. Imprint Wealth LLC bought a new position in shares of ResMed in the third quarter worth about $26,000. WFA of San Diego LLC acquired a new position in shares of ResMed during the second quarter worth approximately $26,000. Finally, Sunbelt Securities Inc. acquired a new position in shares of ResMed during the third quarter worth approximately $31,000. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total value of $450,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $193.96, for a total transaction of $968,054.36. Following the completion of the sale, the chief executive officer owned 466,256 shares in the company, valued at $90,435,013.76. This represents a 1.06% decrease in their ownership of the stock. 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. Insiders sold 16,973 shares of company stock worth $3,580,754 in the last three months. Insiders own 0.65% of the company’s stock.

ResMed Trading Up 1.0%

RMD opened at $200.49 on Friday. The firm has a 50 day simple moving average of $203.31 and a 200 day simple moving average of $231.18. ResMed Inc. has a fifty-two week low of $180.26 and a fifty-two week high of $293.81. The company has a market cap of $29.08 billion, a price-to-earnings ratio of 19.33, a price-to-earnings-growth ratio of 1.28 and a beta of 0.80. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.01 and a quick ratio of 2.33.

ResMed (NYSE:RMD) last released its earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, topping analysts’ consensus estimates of $2.79 by $0.07. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. ResMed had a net margin of 27.44% and a return on equity of 25.35%. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.37 EPS. On average, sell-side analysts anticipate that ResMed Inc. will post 11.13 earnings per share for the current year.

ResMed Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, May 14th were paid a $0.60 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $2.40 annualized dividend and a yield of 1.2%. ResMed’s dividend payout ratio is presently 23.14%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on RMD. Wells Fargo & Company lowered their price target on shares of ResMed from $270.00 to $227.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. Wall Street Zen lowered ResMed from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th. Citigroup decreased their price objective on ResMed from $340.00 to $270.00 and set a “buy” rating on the stock in a research report on Monday, June 15th. Robert W. Baird set a $225.00 target price on ResMed in a research note on Friday, May 1st. Finally, KeyCorp dropped their target price on ResMed from $290.00 to $266.00 and set an “overweight” rating for the company in a research report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $270.82.

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.