Promus Capital LLC Makes New $116,000 Investment in ResMed Inc. (NYSE:RMD)

Promus Capital LLC bought a new position in shares of ResMed Inc. (NYSE:RMD) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 508 shares of the medical equipment provider’s stock, valued at approximately $116,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in RMD. Janney Montgomery Scott LLC grew its holdings in shares of ResMed by 1.0% during the 3rd quarter. Janney Montgomery Scott LLC now owns 85,507 shares of the medical equipment provider’s stock worth $20,874,000 after acquiring an additional 811 shares during the period. Van ECK Associates Corp grew its holdings in shares of ResMed by 2.9% during the 3rd quarter. Van ECK Associates Corp now owns 39,334 shares of the medical equipment provider’s stock worth $9,338,000 after acquiring an additional 1,121 shares during the period. National Pension Service grew its holdings in shares of ResMed by 5.0% during the 3rd quarter. National Pension Service now owns 227,655 shares of the medical equipment provider’s stock worth $55,575,000 after acquiring an additional 10,880 shares during the period. Asset Management One Co. Ltd. grew its holdings in shares of ResMed by 5.1% during the 3rd quarter. Asset Management One Co. Ltd. now owns 58,860 shares of the medical equipment provider’s stock worth $14,369,000 after acquiring an additional 2,878 shares during the period. Finally, QRG Capital Management Inc. grew its stake in shares of ResMed by 426.5% in the 3rd quarter. QRG Capital Management Inc. now owns 6,797 shares of the medical equipment provider’s stock worth $1,659,000 after buying an additional 5,506 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Citigroup raised ResMed from a “neutral” rating to a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. raised their price objective on ResMed from $270.00 to $286.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. The Goldman Sachs Group assumed coverage on ResMed in a research report on Thursday, January 16th. They set a “buy” rating for the company. Piper Sandler raised their price objective on ResMed from $252.00 to $260.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a research report on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $243.82.

ResMed Stock Performance

Shares of RMD opened at $223.76 on Thursday. The company has a market cap of $32.86 billion, a price-to-earnings ratio of 26.42, a P/E/G ratio of 1.53 and a beta of 0.70. ResMed Inc. has a 12 month low of $172.19 and a 12 month high of $263.05. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13. The business’s fifty day simple moving average is $236.90 and its two-hundred day simple moving average is $239.90.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.14. ResMed had a return on equity of 26.17% and a net margin of 25.34%. Research analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Thursday, February 13th will be paid a $0.53 dividend. The ex-dividend date is Thursday, February 13th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.95%. ResMed’s dividend payout ratio (DPR) is currently 25.03%.

Insider Transactions at ResMed

In related news, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $242.11, for a total transaction of $484,220.00. Following the transaction, the director now directly owns 77,218 shares in the company, valued at approximately $18,695,249.98. The trade was a 2.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kaushik Ghoshal sold 9,113 shares of ResMed stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $235.40, for a total value of $2,145,200.20. Following the transaction, the insider now owns 9,725 shares in the company, valued at $2,289,265. This trade represents a 48.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,186 shares of company stock worth $4,541,226 in the last ninety days. Insiders own 0.71% of the company’s stock.

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.