Man Group plc Buys New Shares in ResMed Inc. $RMD

Man Group plc bought a new position in shares of ResMed Inc. (NYSE:RMD) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 126,291 shares of the medical equipment provider’s stock, valued at approximately $24,612,000.

Other large investors have also bought and sold shares of the company. International Assets Investment Management LLC bought a new stake in ResMed in the fourth quarter valued at $25,000. Bell Investment Advisors Inc bought a new position in shares of ResMed during the 2nd quarter worth about $26,000. Imprint Wealth LLC bought a new position in shares of ResMed during the 3rd quarter worth about $26,000. WFA of San Diego LLC acquired a new stake in shares of ResMed in the 2nd quarter valued at about $26,000. Finally, Sunbelt Securities Inc. acquired a new stake in shares of ResMed in the 3rd quarter valued at about $31,000. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Rothschild & Co Redburn began coverage on ResMed in a research note on Wednesday, August 19th. They set a “neutral” rating and a $230.00 price target on the stock. Morgan Stanley reissued 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. KeyCorp decreased their price objective on ResMed from $260.00 to $255.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Robert W. Baird set a $213.00 price objective on ResMed in a report on Friday, August 7th. Finally, Piper Sandler lowered their target price on ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a research report on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, ResMed has a consensus rating of “Hold” and a consensus target price of $239.38.

ResMed Stock Down 0.4%

ResMed stock opened at $235.73 on Thursday. ResMed Inc. has a fifty-two week low of $180.26 and a fifty-two week high of $285.08. The stock has a market cap of $34.00 billion, a PE ratio of 22.60, a price-to-earnings-growth ratio of 1.48 and a beta of 0.76. The firm’s 50-day simple moving average is $209.84 and its 200 day simple moving average is $219.29. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.42 and a current ratio of 3.10.

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

ResMed Increases Dividend

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

Insider Buying and Selling

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer owned 466,256 shares in the company, valued at $95,904,196.64. This represents a 1.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 8,000 shares of the company’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total value of $1,800,000.00. Following the completion of the transaction, the director owned 52,773 shares of the company’s stock, valued at $11,873,925. This trade represents a 13.16% decrease in their position. The SEC filing for this sale provides additional information. 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 over the last ninety days. 0.65% of the stock is currently owned by company insiders.

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.