Pitcairn Co. Takes $219,000 Position in ResMed Inc. (NYSE:RMD)

Pitcairn Co. bought a new stake in shares of ResMed Inc. (NYSE:RMD) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,105 shares of the medical equipment provider’s stock, valued at approximately $219,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Dorsey & Whitney Trust CO LLC raised its position in shares of ResMed by 3.7% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 1,473 shares of the medical equipment provider’s stock valued at $292,000 after buying an additional 52 shares in the last quarter. MV Capital Management Inc. raised its position in shares of ResMed by 39.0% during the 4th quarter. MV Capital Management Inc. now owns 214 shares of the medical equipment provider’s stock valued at $37,000 after buying an additional 60 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its position in shares of ResMed by 1.9% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 3,188 shares of the medical equipment provider’s stock valued at $631,000 after buying an additional 60 shares in the last quarter. Benjamin F. Edwards & Company Inc. raised its position in shares of ResMed by 7.6% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 902 shares of the medical equipment provider’s stock valued at $155,000 after buying an additional 64 shares in the last quarter. Finally, Gulf International Bank UK Ltd raised its position in shares of ResMed by 0.5% during the 1st quarter. Gulf International Bank UK Ltd now owns 12,614 shares of the medical equipment provider’s stock valued at $2,497,000 after buying an additional 66 shares in the last quarter. 54.98% of the stock is owned by institutional investors.

ResMed Price Performance

Shares of ResMed stock opened at $207.98 on Friday. The firm has a market cap of $30.55 billion, a PE ratio of 32.01, a price-to-earnings-growth ratio of 1.78 and a beta of 0.66. ResMed Inc. has a 12-month low of $132.24 and a 12-month high of $229.97. The company has a quick ratio of 1.97, a current ratio of 3.04 and a debt-to-equity ratio of 0.22. The company’s fifty day simple moving average is $204.57 and its two-hundred day simple moving average is $194.82.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 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 firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same period last year, the company posted $1.68 EPS. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. As a group, equities analysts expect that ResMed Inc. will post 7.7 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on RMD. Citigroup cut shares of ResMed from a “buy” rating to a “neutral” rating in a research report on Monday, June 24th. KeyCorp raised their price objective on shares of ResMed from $227.00 to $238.00 and gave the company an “overweight” rating in a research report on Friday, April 26th. Needham & Company LLC restated a “buy” rating and set a $236.00 price objective on shares of ResMed in a research report on Monday, June 24th. Oppenheimer lowered shares of ResMed from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 25th. Finally, Royal Bank of Canada increased their target price on shares of ResMed from $200.00 to $204.00 and gave the company a “sector perform” rating in a report on Tuesday. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $203.20.

Insider Transactions at ResMed

In other news, CEO Michael J. Farrell sold 14,683 shares of the firm’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $192.97, for a total value of $2,833,378.51. Following the completion of the sale, the chief executive officer now directly owns 440,799 shares of the company’s stock, valued at approximately $85,060,983.03. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Karen Drexler sold 425 shares of ResMed stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $214.92, for a total transaction of $91,341.00. Following the completion of the transaction, the director now directly owns 8,446 shares of the company’s stock, valued at approximately $1,815,214.32. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Michael J. Farrell sold 14,683 shares of ResMed stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $192.97, for a total transaction of $2,833,378.51. Following the transaction, the chief executive officer now directly owns 440,799 shares of the company’s stock, valued at $85,060,983.03. The disclosure for this sale can be found here. In the last ninety days, insiders sold 46,834 shares of company stock valued at $9,694,137. Company insiders own 1.21% 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. 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.