Victory Capital Management Inc. Raises Stock Position in ResMed Inc. (NYSE:RMD)

Victory Capital Management Inc. increased its stake in ResMed Inc. (NYSE:RMD) by 11.4% in the 3rd quarter, Holdings Channel.com reports. The fund owned 116,710 shares of the medical equipment provider’s stock after acquiring an additional 11,914 shares during the quarter. Victory Capital Management Inc.’s holdings in ResMed were worth $28,491,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RMD. OFI Invest Asset Management purchased a new stake in ResMed in the 2nd quarter worth $32,000. Ashton Thomas Securities LLC purchased a new stake in ResMed in the 3rd quarter worth $34,000. Versant Capital Management Inc increased its holdings in ResMed by 196.7% in the 2nd quarter. Versant Capital Management Inc now owns 181 shares of the medical equipment provider’s stock worth $35,000 after acquiring an additional 120 shares in the last quarter. Financial Connections Group Inc. purchased a new stake in shares of ResMed during the second quarter worth $37,000. Finally, Blue Trust Inc. grew its holdings in shares of ResMed by 182.7% during the second quarter. Blue Trust Inc. now owns 212 shares of the medical equipment provider’s stock worth $42,000 after buying an additional 137 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

ResMed Trading Up 1.4 %

NYSE RMD opened at $234.74 on Monday. The firm’s 50-day moving average is $242.83 and its two-hundred day moving average is $223.67. ResMed Inc. has a 12 month low of $147.39 and a 12 month high of $260.49. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.92 and a quick ratio of 1.91. The stock has a market capitalization of $34.46 billion, a P/E ratio of 31.09, a PEG ratio of 1.71 and a beta of 0.69.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.17. ResMed had a net margin of 23.15% and a return on equity of 25.53%. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter in the prior year, the company posted $1.64 earnings per share. ResMed’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, sell-side analysts anticipate that ResMed Inc. will post 9.28 earnings per share for the current year.

ResMed Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 7th will be given a $0.53 dividend. The ex-dividend date is Thursday, November 7th. This represents a $2.12 dividend on an annualized basis and a yield of 0.90%. ResMed’s payout ratio is currently 28.08%.

Insider Buying and Selling at ResMed

In other ResMed news, insider Kaushik Ghoshal sold 5,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $252.56, for a total transaction of $1,262,800.00. Following the sale, the insider now directly owns 21,788 shares in the company, valued at $5,502,777.28. This represents a 18.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Witte Jan De sold 796 shares of the business’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $248.81, for a total transaction of $198,052.76. Following the sale, the director now owns 6,723 shares in the company, valued at $1,672,749.63. This trade represents a 10.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 63,056 shares of company stock valued at $15,086,020 over the last 90 days. 0.71% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Bank of America upped their target price on shares of ResMed from $240.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Wolfe Research reaffirmed an “underperform” rating and set a $180.00 target price on shares of ResMed in a report on Wednesday, September 18th. Royal Bank of Canada upped their target price on shares of ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. KeyCorp upped their target price on shares of ResMed from $251.00 to $266.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Finally, Needham & Company LLC reissued a “hold” rating on shares of ResMed in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $225.70.

About ResMed

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.