Korea Investment CORP Makes New Investment in ResMed Inc. $RMD

Korea Investment CORP purchased a new position in shares of ResMed Inc. (NYSE:RMD) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 50,523 shares of the medical equipment provider’s stock, valued at approximately $9,846,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. International Assets Investment Management LLC purchased a new position in shares of ResMed during the 4th quarter worth approximately $25,000. Bell Investment Advisors Inc purchased a new stake in shares of ResMed in the second quarter valued at approximately $26,000. Imprint Wealth LLC acquired a new position in ResMed during the third quarter worth $26,000. WFA of San Diego LLC acquired a new position in ResMed during the second quarter worth $26,000. Finally, Sunbelt Securities Inc. purchased a new position in ResMed in the third quarter worth $31,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RMD has been the topic of a number of research analyst reports. Mizuho decreased their target price on ResMed from $235.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 15th. Wells Fargo & Company cut their price target on ResMed from $225.00 to $215.00 and set an “equal weight” rating for the company in a research note on Friday, August 7th. The Goldman Sachs Group reiterated a “buy” rating on shares of ResMed in a research report on Wednesday, July 1st. Robert W. Baird set a $213.00 price objective on shares of ResMed in a research note on Friday, August 7th. Finally, KeyCorp cut their target price on shares of ResMed from $260.00 to $255.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Seven analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, ResMed presently has an average rating of “Hold” and a consensus target price of $239.38.

Insider Buying and Selling at ResMed

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction dated Friday, August 7th. The shares were 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 directly owned 466,256 shares in the company, valued at $95,904,196.64. This trade represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 8,000 shares of the firm’s 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 completion of the transaction, the director directly owned 52,773 shares of the company’s stock, valued at $11,873,925. This represents a 13.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 22,973 shares of company stock valued at $4,885,436. 0.65% of the stock is currently owned by company insiders.

ResMed Trading Up 0.5%

Shares of NYSE RMD opened at $232.57 on Tuesday. The company has a quick ratio of 2.42, a current ratio of 3.10 and a debt-to-equity ratio of 0.06. The stock’s 50 day moving average price is $208.01 and its two-hundred day moving average price is $219.69. ResMed Inc. has a 52-week low of $180.26 and a 52-week high of $293.58. The stock has a market capitalization of $33.55 billion, a P/E ratio of 22.30, a PEG ratio of 1.45 and a beta of 0.76.

ResMed (NYSE:RMD) last announced its quarterly earnings results 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. The company had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.46 billion. ResMed had a net margin of 26.94% and a return on equity of 25.58%. ResMed’s revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the business earned $2.55 earnings per share. On average, analysts anticipate that ResMed Inc. will post 12.03 earnings per share for the current fiscal year.

ResMed Increases Dividend

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

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.