Arrowstreet Capital Limited Partnership Has $101.07 Million Holdings in ResMed Inc. $RMD

Arrowstreet Capital Limited Partnership lifted its holdings in ResMed Inc. (NYSE:RMD) by 64.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 450,250 shares of the medical equipment provider’s stock after purchasing an additional 176,641 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in ResMed were worth $101,072,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in RMD. International Assets Investment Management LLC bought a new position in ResMed in the fourth quarter valued at $25,000. ORG Partners LLC increased its stake in ResMed by 181.6% in the 4th quarter. ORG Partners LLC now owns 107 shares of the medical equipment provider’s stock valued at $26,000 after buying an additional 69 shares during the last quarter. Imprint Wealth LLC bought a new stake in ResMed during the 3rd quarter worth about $26,000. WFA of San Diego LLC acquired a new position in shares of ResMed during the 2nd quarter worth about $26,000. Finally, Sunbelt Securities Inc. bought a new position in shares of ResMed in the 3rd quarter valued at about $31,000. Institutional investors own 54.98% of the company’s stock.

Insider Buying and Selling at ResMed

In other 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 value of $1,090,783.05. Following the transaction, the chief executive officer directly owned 466,223 shares of the company’s stock, valued at $101,893,036.65. This represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 14,973 shares of company stock valued at $3,096,067 over the last 90 days. 0.65% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

RMD has been the topic of several analyst reports. Weiss Ratings lowered ResMed from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday. Morgan Stanley restated an “equal weight” rating and issued a $230.00 price target (down from $286.00) on shares of ResMed in a research note on Wednesday, June 17th. Evercore set a $255.00 price target on ResMed and gave the stock an “outperform” rating in a research report on Monday, April 13th. Robert W. Baird set a $225.00 price objective on ResMed in a research note on Friday, May 1st. Finally, Jefferies Financial Group cut their price objective on ResMed from $240.00 to $225.00 and set a “hold” rating for the company in a report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $246.25.

ResMed Trading Up 1.8%

ResMed stock opened at $195.43 on Friday. The stock has a 50-day simple moving average of $198.70 and a 200 day simple moving average of $224.98. The stock has a market capitalization of $28.35 billion, a P/E ratio of 18.85, a PEG ratio of 1.22 and a beta of 0.78. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.33 and a current ratio of 3.01. ResMed Inc. has a 52 week low of $180.26 and a 52 week high of $293.81.

ResMed (NYSE:RMD) last issued its earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, topping the consensus estimate of $2.79 by $0.07. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the previous year, the company posted $2.37 EPS. Analysts expect that ResMed Inc. will post 11.14 earnings per share for the current year.

ResMed Dividend Announcement

The business also recently disclosed 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 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Thursday, May 14th. ResMed’s payout ratio is currently 23.14%.

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.