Connor Clark & Lunn Investment Management Ltd. Increases Stake in ResMed Inc. (NYSE:RMD)

Connor Clark & Lunn Investment Management Ltd. lifted its stake in ResMed Inc. (NYSE:RMD) by 435.0% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 23,594 shares of the medical equipment provider’s stock after buying an additional 19,184 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in ResMed were worth $5,760,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. OFI Invest Asset Management bought a new position in shares of ResMed during the 2nd quarter valued at approximately $32,000. Ashton Thomas Securities LLC purchased a new position in ResMed in the 3rd quarter worth about $34,000. Versant Capital Management Inc lifted its holdings in ResMed by 196.7% during the 2nd quarter. Versant Capital Management Inc now owns 181 shares of the medical equipment provider’s stock valued at $35,000 after buying an additional 120 shares in the last quarter. Financial Connections Group Inc. purchased a new stake in ResMed in the 2nd quarter valued at about $37,000. Finally, Blue Trust Inc. grew its stake in ResMed by 182.7% in the 2nd quarter. Blue Trust Inc. now owns 212 shares of the medical equipment provider’s stock worth $42,000 after acquiring an additional 137 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on RMD shares. Bank of America lifted their price target on shares of ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Baird R W upgraded ResMed to a “strong-buy” rating in a report on Tuesday, September 24th. KeyCorp increased their price target on ResMed from $251.00 to $266.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Needham & Company LLC restated a “hold” rating on shares of ResMed in a report on Friday, October 25th. Finally, Royal Bank of Canada increased their target price on shares of ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $225.70.

Insiders Place Their Bets

In related news, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $239.90, for a total value of $479,800.00. Following the transaction, the director now owns 87,204 shares in the company, valued at approximately $20,920,239.60. This represents a 2.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Witte Jan De sold 796 shares of ResMed stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $248.81, for a total transaction of $198,052.76. Following the sale, the director now owns 6,723 shares of the company’s stock, valued at approximately $1,672,749.63. The trade was a 10.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 62,174 shares of company stock valued at $14,882,278. Insiders own 0.71% of the company’s stock.

ResMed Stock Up 0.1 %

ResMed stock opened at $243.78 on Friday. ResMed Inc. has a 1-year low of $151.95 and a 1-year high of $260.49. The business has a fifty day moving average price of $241.86 and a 200-day moving average price of $224.42. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.92 and a quick ratio of 1.91. The stock has a market capitalization of $35.79 billion, a price-to-earnings ratio of 32.29, a PEG ratio of 1.73 and a beta of 0.69.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.17. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.19 billion. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The company’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.64 earnings per share. Equities research analysts forecast that ResMed Inc. will post 9.28 EPS for the current fiscal year.

ResMed Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 7th will be paid a dividend of $0.53 per share. The ex-dividend date is Thursday, November 7th. This represents a $2.12 dividend on an annualized basis and a yield of 0.87%. ResMed’s payout ratio is 28.08%.

ResMed Company Profile

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.