Milford Funds Ltd. Buys Shares of 118,000 ResMed Inc. $RMD

Milford Funds Ltd. bought a new stake in ResMed Inc. (NYSE:RMD) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 118,000 shares of the medical equipment provider’s stock, valued at approximately $28,423,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in ResMed by 1.6% in the third quarter. Vanguard Group Inc. now owns 19,040,440 shares of the medical equipment provider’s stock valued at $5,211,940,000 after buying an additional 293,515 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of ResMed by 7.4% during the 4th quarter. Bank of New York Mellon Corp now owns 4,890,654 shares of the medical equipment provider’s stock worth $1,178,012,000 after purchasing an additional 337,738 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of ResMed by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 4,302,906 shares of the medical equipment provider’s stock worth $1,032,877,000 after purchasing an additional 51,218 shares in the last quarter. Deutsche Bank AG increased its stake in shares of ResMed by 126.0% during the 4th quarter. Deutsche Bank AG now owns 1,413,477 shares of the medical equipment provider’s stock worth $340,464,000 after purchasing an additional 787,949 shares in the last quarter. Finally, Swedbank AB increased its stake in shares of ResMed by 103.1% during the 4th quarter. Swedbank AB now owns 1,102,476 shares of the medical equipment provider’s stock worth $265,553,000 after purchasing an additional 559,765 shares in the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RMD has been the subject of a number of recent research reports. Wall Street Zen cut shares of ResMed from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. Evercore set a $255.00 price objective on shares of ResMed and gave the stock an “outperform” rating in a research note on Monday, April 13th. Weiss Ratings cut shares of ResMed from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 22nd. Robert W. Baird set a $225.00 price objective on shares of ResMed in a research note on Friday, May 1st. Finally, Wells Fargo & Company dropped their price objective on shares of ResMed from $270.00 to $227.00 and set an “equal weight” rating for the company in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, ResMed currently has a consensus rating of “Moderate Buy” and a consensus target price of $286.18.

ResMed Stock Up 1.1%

RMD stock opened at $194.52 on Friday. The stock has a market capitalization of $28.22 billion, a P/E ratio of 18.76, a PEG ratio of 1.23 and a beta of 0.80. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.33 and a current ratio of 3.01. ResMed Inc. has a one year low of $180.26 and a one year high of $293.81. The company has a 50 day moving average price of $210.32 and a two-hundred day moving average price of $235.39.

ResMed (NYSE:RMD) last released its earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, topping the consensus estimate of $2.79 by $0.07. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.42 billion. ResMed had a net margin of 27.44% and a return on equity of 25.35%. ResMed’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the previous year, the company earned $2.37 EPS. As a group, sell-side analysts expect that ResMed Inc. will post 11.13 EPS for the current year.

ResMed Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Thursday, May 14th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, May 14th. ResMed’s payout ratio is presently 23.14%.

Insider Activity at ResMed

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $193.96, for a total value of $968,054.36. Following the completion of the sale, the chief executive officer directly owned 466,256 shares of the company’s stock, valued at approximately $90,435,013.76. The trade was a 1.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total transaction of $450,000.00. The SEC filing for this sale provides additional information. Insiders sold a total of 16,973 shares of company stock valued at $3,580,754 over the last ninety days. 0.65% of the stock is owned by corporate insiders.

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.