Parkman Healthcare Partners LLC Takes $6.43 Million Position in ResMed Inc. $RMD

Parkman Healthcare Partners LLC purchased a new position in shares of ResMed Inc. (NYSE:RMD) during the second quarter, HoldingsChannel reports. The firm purchased 32,983 shares of the medical equipment provider’s stock, valued at approximately $6,428,000.

Several other institutional investors also recently modified their holdings of RMD. Legal & General Group Plc bought a new stake in shares of ResMed in the second quarter worth $183,697,000. The Manufacturers Life Insurance Company bought a new position in ResMed during the 2nd quarter worth $14,380,000. Cibc World Market Inc. bought a new position in ResMed during the 2nd quarter worth $6,034,000. OMERS ADMINISTRATION Corp acquired a new position in ResMed during the 2nd quarter worth about $4,308,000. Finally, Osmosis Investment Management UK Ltd acquired a new position in ResMed during the 2nd quarter worth about $2,159,000. Institutional investors own 54.98% of the company’s stock.

ResMed Stock Performance

Shares of RMD opened at $232.57 on Tuesday. The company has a current ratio of 3.10, a quick ratio of 2.42 and a debt-to-equity ratio of 0.06. The firm’s fifty day simple moving average is $208.01 and its two-hundred day simple moving average is $219.69. ResMed Inc. has a 12 month low of $180.26 and a 12 month high of $293.58. The stock has a market capitalization of $33.55 billion, a P/E ratio of 22.30, a price-to-earnings-growth ratio of 1.45 and a beta of 0.76.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share for the quarter, topping the consensus estimate of $2.89 by $0.06. The firm had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.46 billion. ResMed had a return on equity of 25.58% and a net margin of 26.94%.The business’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period last year, the company posted $2.55 EPS. As a group, analysts predict that ResMed Inc. will post 12.03 EPS for the current year.

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, August 20th will be paid a dividend of $0.66 per share. This is an increase from ResMed’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Thursday, August 20th. ResMed’s payout ratio is 25.31%.

Insider Activity at ResMed

In other ResMed news, Director Peter C. Farrell sold 8,000 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the transaction, the director directly owned 52,773 shares in the company, valued at approximately $11,873,925. This represents a 13.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $205.69, for a total value of $1,026,598.79. Following the transaction, the chief executive officer owned 466,256 shares in the company, valued at $95,904,196.64. The trade was a 1.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 22,973 shares of company stock valued at $4,885,436 in the last ninety days. 0.65% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on RMD. Rothschild & Co Redburn started coverage on ResMed in a research note on Wednesday, August 19th. They issued a “neutral” rating and a $230.00 price target for the company. Citigroup restated a “neutral” rating and set a $235.00 price objective (down from $270.00) on shares of ResMed in a research report on Sunday, July 12th. Morgan Stanley reaffirmed 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. Robert W. Baird set a $213.00 target price on ResMed in a report on Friday, August 7th. Finally, UBS Group restated a “buy” rating and set a $300.00 price target on shares of ResMed in a report on Tuesday, July 21st. Seven equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $239.38.

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.