Mach 1 Financial Group LLC Acquires New Position in ResMed Inc. $RMD

Mach 1 Financial Group LLC acquired a new stake in shares of ResMed Inc. (NYSE:RMD) during the fourth quarter, HoldingsChannel reports. The fund acquired 2,410 shares of the medical equipment provider’s stock, valued at approximately $580,000.

A number of other large investors also recently modified their holdings of RMD. Jones Financial Companies Lllp raised its holdings in shares of ResMed by 52.6% during the 1st quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider’s stock valued at $645,000 after buying an additional 994 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of ResMed during the 2nd quarter valued at about $389,000. Brown Advisory Inc. raised its holdings in shares of ResMed by 17.8% during the 2nd quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider’s stock valued at $409,000 after buying an additional 240 shares in the last quarter. Cresset Asset Management LLC purchased a new position in ResMed in the 2nd quarter worth $206,000. Finally, Alliancebernstein L.P. raised its position in ResMed by 24.2% in the 2nd quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider’s stock worth $73,808,000 after purchasing an additional 55,790 shares during the period. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Price Performance

Shares of ResMed stock opened at $208.86 on Friday. The business’s 50 day simple moving average is $220.37 and its two-hundred day simple moving average is $241.15. ResMed Inc. has a one year low of $198.61 and a one year high of $293.81. The stock has a market capitalization of $30.43 billion, a P/E ratio of 20.14, a price-to-earnings-growth ratio of 1.34 and a beta of 0.84. 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 quarterly earnings data on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 in the previous year, the company earned $2.37 earnings per share. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. Analysts forecast that ResMed Inc. will post 11.13 EPS for the current year.

ResMed Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Thursday, May 14th will be given a $0.60 dividend. The ex-dividend date is Thursday, May 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.1%. ResMed’s payout ratio is presently 23.14%.

Insider Transactions at ResMed

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the business’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $251.03, for a total value of $1,252,890.73. Following the transaction, the chief executive officer owned 466,223 shares in the company, valued at approximately $117,035,959.69. The trade was a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $225.00, for a total transaction of $450,000.00. The disclosure for this sale is available in the SEC filing. Insiders sold 18,973 shares of company stock worth $4,386,031 in the last 90 days. Corporate insiders own 0.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Piper Sandler lifted their target price on shares of ResMed from $270.00 to $275.00 and gave the stock a “neutral” rating in a research report on Friday, January 30th. Weiss Ratings cut shares of ResMed from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, March 19th. Robert W. Baird set a $225.00 target price on shares of ResMed in a research report on Friday, May 1st. Wells Fargo & Company decreased their target price on shares of ResMed from $270.00 to $227.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Finally, Evercore set a $255.00 target price on shares of ResMed and gave the stock an “outperform” rating in a research report on Monday, April 13th. One analyst has 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. According to MarketBeat, ResMed presently has an average rating of “Moderate Buy” and an average price target of $286.18.

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.