Agate Pass Investment Management LLC Takes $225,000 Position in ResMed Inc. (NYSE:RMD)

Agate Pass Investment Management LLC purchased a new position in shares of ResMed Inc. (NYSE:RMD) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,138 shares of the medical equipment provider’s stock, valued at approximately $225,000.

A number of other hedge funds also recently made changes to their positions in RMD. Riverview Trust Co bought a new stake in shares of ResMed during the first quarter valued at about $42,000. Ballentine Partners LLC raised its position in ResMed by 19.1% during the first quarter. Ballentine Partners LLC now owns 1,545 shares of the medical equipment provider’s stock valued at $306,000 after acquiring an additional 248 shares in the last quarter. Birch Capital Management LLC lifted its stake in ResMed by 1.4% in the first quarter. Birch Capital Management LLC now owns 26,303 shares of the medical equipment provider’s stock valued at $5,209,000 after acquiring an additional 355 shares during the last quarter. Congress Asset Management Co. MA grew its position in ResMed by 1.1% in the first quarter. Congress Asset Management Co. MA now owns 584,210 shares of the medical equipment provider’s stock worth $115,691,000 after acquiring an additional 6,231 shares in the last quarter. Finally, Gulf International Bank UK Ltd boosted its position in ResMed by 0.5% during the first quarter. Gulf International Bank UK Ltd now owns 12,614 shares of the medical equipment provider’s stock worth $2,497,000 after purchasing an additional 66 shares during the period. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on RMD shares. Royal Bank of Canada upped their price objective on shares of ResMed from $187.00 to $200.00 and gave the stock a “sector perform” rating in a research note on Friday, April 26th. KeyCorp increased their target price on ResMed from $227.00 to $238.00 and gave the stock an “overweight” rating in a report on Friday, April 26th. Mizuho reissued a “buy” rating and issued a $215.00 target price on shares of ResMed in a research note on Wednesday, March 27th. Needham & Company LLC restated a “buy” rating and issued a $236.00 price target on shares of ResMed in a report on Monday. Finally, Citigroup lowered shares of ResMed from a “buy” rating to a “neutral” rating in a research note on Monday. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $202.80.

Insider Activity

In related news, Director Witte Jan De sold 360 shares of ResMed stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $218.29, for a total transaction of $78,584.40. Following the transaction, the director now owns 7,519 shares in the company, valued at approximately $1,641,322.51. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Witte Jan De sold 360 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $218.29, for a total value of $78,584.40. Following the completion of the sale, the director now directly owns 7,519 shares of the company’s stock, valued at approximately $1,641,322.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael J. Farrell sold 14,683 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $216.50, for a total transaction of $3,178,869.50. Following the completion of the sale, the chief executive officer now directly owns 440,752 shares in the company, valued at approximately $95,422,808. The disclosure for this sale can be found here. Insiders sold a total of 31,151 shares of company stock valued at $6,666,409 in the last 90 days. Company insiders own 1.21% of the company’s stock.

ResMed Trading Up 1.3 %

NYSE:RMD traded up $2.43 during midday trading on Thursday, reaching $188.96. 534,633 shares of the stock traded hands, compared to its average volume of 1,057,134. ResMed Inc. has a 12 month low of $132.24 and a 12 month high of $229.97. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.97 and a current ratio of 3.04. The company has a fifty day moving average of $207.68 and a 200 day moving average of $190.93. The stock has a market capitalization of $27.76 billion, a P/E ratio of 28.68, a PEG ratio of 1.80 and a beta of 0.68.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.91 by $0.22. ResMed had a net margin of 20.91% and a return on equity of 24.43%. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period last year, the business earned $1.68 EPS. ResMed’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, research analysts predict that ResMed Inc. will post 7.7 EPS for the current year.

ResMed Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Stockholders of record on Thursday, May 9th were paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 1.02%. The ex-dividend date of this dividend was Wednesday, May 8th. ResMed’s dividend payout ratio is presently 29.49%.

ResMed Company Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.