Avalon Trust Co Raises Stock Position in ResMed Inc. $RMD

Avalon Trust Co boosted its stake in ResMed Inc. (NYSE:RMD) by 2.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 95,017 shares of the medical equipment provider’s stock after purchasing an additional 2,553 shares during the period. ResMed makes up approximately 1.5% of Avalon Trust Co’s holdings, making the stock its 20th largest position. Avalon Trust Co owned about 0.07% of ResMed worth $21,329,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in RMD. Terra Nova Asset Management LLC boosted its position in ResMed by 0.6% in the third quarter. Terra Nova Asset Management LLC now owns 7,805 shares of the medical equipment provider’s stock worth $2,136,000 after purchasing an additional 46 shares during the last quarter. Occidental Asset Management LLC increased its position in shares of ResMed by 3.0% during the 4th quarter. Occidental Asset Management LLC now owns 1,699 shares of the medical equipment provider’s stock valued at $409,000 after purchasing an additional 49 shares during the last quarter. Kera Capital Partners Inc. increased its position in shares of ResMed by 6.6% during the 4th quarter. Kera Capital Partners Inc. now owns 841 shares of the medical equipment provider’s stock valued at $217,000 after purchasing an additional 52 shares during the last quarter. Andina Capital Management LLC lifted its stake in shares of ResMed by 2.9% in the 4th quarter. Andina Capital Management LLC now owns 1,988 shares of the medical equipment provider’s stock worth $479,000 after purchasing an additional 56 shares during the period. Finally, Wedmont Private Capital lifted its stake in shares of ResMed by 2.7% in the 4th quarter. Wedmont Private Capital now owns 2,183 shares of the medical equipment provider’s stock worth $542,000 after purchasing an additional 57 shares during the period. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

ResMed Trading Up 2.1%

RMD stock opened at $202.66 on Friday. 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 Inc. has a 1-year low of $180.26 and a 1-year high of $293.81. The business has a 50 day simple moving average of $199.56 and a two-hundred day simple moving average of $226.83. The company has a market capitalization of $29.40 billion, a price-to-earnings ratio of 19.54, a PEG ratio of 1.19 and a beta of 0.78.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.79 by $0.07. ResMed had a net margin of 27.44% and a return on equity of 25.35%. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter last year, the business posted $2.37 earnings per share. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. Research analysts anticipate that ResMed Inc. will post 11.13 EPS for the current fiscal year.

ResMed Dividend Announcement

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

Analyst Ratings Changes

Several brokerages recently issued reports on RMD. JPMorgan Chase & Co. started coverage on shares of ResMed in a research report on Wednesday, April 15th. They set an “overweight” rating for the company. Evercore set a $255.00 price target on shares of ResMed and gave the stock an “outperform” rating in a research report on Monday, April 13th. KeyCorp dropped their price target on shares of ResMed from $290.00 to $266.00 and set an “overweight” rating on the stock in a research note on Monday, June 22nd. Mizuho cut their price objective on shares of ResMed from $235.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday. Finally, Morgan Stanley restated an “equal weight” rating and issued a $230.00 price objective (down from $286.00) on shares of ResMed in a research note on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, ResMed currently has an average rating of “Moderate Buy” and a consensus price target of $250.00.

Insider Transactions at ResMed

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $218.55, for a total transaction of $1,090,783.05. Following the completion of the transaction, the chief executive officer owned 466,223 shares of the company’s stock, valued at $101,893,036.65. This represents a 1.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 14,973 shares of company stock valued at $3,096,067. Insiders own 0.65% of the company’s stock.

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.