Congress Asset Management Co. MA raised its position in ResMed Inc. (NYSE:RMD) by 9.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,016,065 shares of the medical equipment provider’s stock after buying an additional 90,660 shares during the period. ResMed makes up 1.4% of Congress Asset Management Co. MA’s holdings, making the stock its 12th largest position. Congress Asset Management Co. MA owned about 0.72% of ResMed worth $79,121,000 as of its most recent filing with the SEC.
Several other institutional investors have also added to or reduced their stakes in RMD. Toronto Dominion Bank raised its position in ResMed by 26.6% in the first quarter. Toronto Dominion Bank now owns 1,543 shares of the medical equipment provider’s stock worth $111,000 after buying an additional 324 shares during the period. Creative Planning raised its position in ResMed by 97.1% in the second quarter. Creative Planning now owns 1,671 shares of the medical equipment provider’s stock worth $130,000 after buying an additional 823 shares during the period. Van ECK Associates Corp raised its position in ResMed by 7.5% in the first quarter. Van ECK Associates Corp now owns 1,945 shares of the medical equipment provider’s stock worth $140,000 after buying an additional 136 shares during the period. Huntington National Bank acquired a new position in ResMed during the second quarter worth $156,000. Finally, Morgan Dempsey Capital Management LLC raised its position in ResMed by 2.3% in the first quarter. Morgan Dempsey Capital Management LLC now owns 2,189 shares of the medical equipment provider’s stock worth $158,000 after buying an additional 50 shares during the period. 60.73% of the stock is owned by hedge funds and other institutional investors.
Shares of ResMed Inc. (NYSE RMD) opened at 77.39 on Friday. ResMed Inc. has a 52-week low of $56.59 and a 52-week high of $79.44. The stock has a market capitalization of $10.98 billion, a P/E ratio of 33.94 and a beta of 0.84. The company has a 50 day moving average price of $77.07 and a 200-day moving average price of $71.57.
ResMed (NYSE:RMD) last posted its earnings results on Thursday, April 27th. The medical equipment provider reported $0.71 EPS for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.01. ResMed had a return on equity of 22.53% and a net margin of 15.96%. The firm had revenue of $514.20 million for the quarter, compared to analysts’ expectations of $525.84 million. During the same period last year, the firm earned $0.68 EPS. The company’s quarterly revenue was up 13.3% on a year-over-year basis. On average, analysts predict that ResMed Inc. will post $2.80 earnings per share for the current fiscal year.
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A number of equities analysts have recently weighed in on the company. Zacks Investment Research raised ResMed from a “hold” rating to a “buy” rating and set a $87.00 price objective for the company in a research note on Thursday, July 6th. Citigroup Inc. lowered ResMed from a “buy” rating to a “neutral” rating in a research note on Friday, April 28th. Jefferies Group LLC reaffirmed a “sell” rating and issued a $56.00 price objective on shares of ResMed in a research note on Friday, April 28th. BMO Capital Markets reaffirmed a “hold” rating on shares of ResMed in a research note on Friday, May 12th. Finally, BidaskClub raised ResMed from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 17th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $64.50.
In related news, insider James Hollingshead sold 7,140 shares of ResMed stock in a transaction dated Friday, July 14th. The stock was sold at an average price of $77.43, for a total value of $552,850.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Peter C. Farrell sold 20,000 shares of ResMed stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $76.50, for a total value of $1,530,000.00. Following the completion of the sale, the director now owns 321,557 shares in the company, valued at $24,599,110.50. The disclosure for this sale can be found here. Insiders have sold a total of 180,261 shares of company stock worth $13,560,373 over the last 90 days. Insiders own 1.97% of the company’s stock.
About ResMed
ResMed Inc is a holding company. The Company is engaged in the development, manufacturing, distribution and marketing of medical devices and cloud-based software applications that diagnose, treat and manage respiratory disorders, including sleep disordered breathing (SDB), chronic obstructive pulmonary disease (COPD), neuromuscular disease and other diseases.
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