Petrus Trust Company LTA Purchases Shares of 1,144 ResMed Inc. $RMD

Key Points

• Petrus Trust Company LTA acquired 1,144 shares of ResMed Inc. worth approximately $256,000 during the first quarter of 2023.
• ResMed recently reported a quarterly earnings per share (EPS) of $2.55, exceeding analysts' expectations and showing a 10.2% year-over-year revenue increase.
• The company announced a new quarterly dividend of $0.60 per share, with an increased annualized dividend yield of 0.9%, payable on September 18th.

Petrus Trust Company LTA bought a new stake in shares of ResMed Inc. (NYSE:RMD - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 1,144 shares of the medical equipment provider's stock, valued at approximately $256,000.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of ResMed by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider's stock valued at $4,139,815,000 after acquiring an additional 320,240 shares during the last quarter. Northern Trust Corp increased its stake in shares of ResMed by 2.5% in the 1st quarter. Northern Trust Corp now owns 1,744,541 shares of the medical equipment provider's stock valued at $390,516,000 after acquiring an additional 41,951 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of ResMed by 4.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 998,128 shares of the medical equipment provider's stock valued at $223,431,000 after acquiring an additional 41,108 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of ResMed by 28.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 954,612 shares of the medical equipment provider's stock valued at $218,310,000 after acquiring an additional 212,201 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of ResMed by 6.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 793,760 shares of the medical equipment provider's stock valued at $177,652,000 after acquiring an additional 51,348 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at ResMed

In other news, Director Peter C. Farrell sold 945 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $255.49, for a total value of $241,438.05. Following the completion of the sale, the director owned 68,273 shares of the company's stock, valued at approximately $17,443,068.77. This represents a 1.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $279.48, for a total value of $2,238,355.32. Following the completion of the sale, the chief executive officer directly owned 455,503 shares of the company's stock, valued at approximately $127,303,978.44. The trade was a 1.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,588 shares of company stock valued at $5,289,241 in the last ninety days. 0.71% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on RMD. Royal Bank Of Canada upped their price target on ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. CLSA raised ResMed from a "hold" rating to an "outperform" rating in a research note on Tuesday, September 2nd. UBS Group increased their target price on ResMed from $285.00 to $325.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. KeyCorp increased their target price on ResMed from $274.00 to $298.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Finally, Wall Street Zen cut ResMed from a "buy" rating to a "hold" rating in a research note on Sunday, August 10th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, ResMed currently has an average rating of "Moderate Buy" and an average target price of $278.36.

ResMed Stock Down 1.4%

Shares of RMD traded down $3.94 during mid-day trading on Friday, hitting $270.67. 1,257,653 shares of the company's stock were exchanged, compared to its average volume of 1,001,449. The company has a market cap of $39.63 billion, a PE ratio of 28.46, a P/E/G ratio of 1.81 and a beta of 0.85. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $293.81. The company has a 50-day simple moving average of $274.07 and a 200 day simple moving average of $248.52. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.08. The company had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The business's quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the business earned $2.08 EPS. On average, research analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $2.40 annualized dividend and a dividend yield of 0.9%. This is an increase from ResMed's previous quarterly dividend of $0.53. ResMed's dividend payout ratio (DPR) is 25.24%.

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.