2Xideas AG Acquires 8,397 Shares of ResMed Inc. $RMD

Key Points

• 2Xideas AG raised its stake in ResMed by 11.2% in Q3, buying 8,397 shares to hold 83,611 shares valued at $22.887 million, about 4.8% of its portfolio and its 5th-largest position.
• Insider selling was notable: Director Peter C. Farrell sold 2,000 shares at $260.22 and CEO Michael J. Farrell sold 4,991 shares at $251.03, with insiders disposing of 21,073 shares (~$5.41 million) over the last quarter.
• ResMed results and payout: the company beat Q earnings and revenue (EPS $2.81 vs. $2.68; revenue $1.42B vs. $1.40B), declared a $0.60 quarterly dividend ($2.40 annualized, ~1.0% yield), and trades at a ~22.85 P/E with a $33.65B market cap.

2Xideas AG lifted its holdings in shares of ResMed Inc. (NYSE:RMD - Free Report) by 11.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,611 shares of the medical equipment provider's stock after purchasing an additional 8,397 shares during the period. ResMed accounts for about 4.8% of 2Xideas AG's portfolio, making the stock its 5th biggest position. 2Xideas AG owned 0.06% of ResMed worth $22,887,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in RMD. Landscape Capital Management L.L.C. raised its position in ResMed by 123.2% in the 3rd quarter. Landscape Capital Management L.L.C. now owns 49,017 shares of the medical equipment provider's stock valued at $13,417,000 after buying an additional 27,060 shares during the last quarter. Entropy Technologies LP boosted its holdings in ResMed by 188.7% during the 2nd quarter. Entropy Technologies LP now owns 16,384 shares of the medical equipment provider's stock worth $4,227,000 after acquiring an additional 10,708 shares during the last quarter. Quantbot Technologies LP boosted its holdings in ResMed by 244.8% during the 2nd quarter. Quantbot Technologies LP now owns 36,355 shares of the medical equipment provider's stock worth $9,380,000 after acquiring an additional 25,810 shares during the last quarter. Allianz Asset Management GmbH grew its stake in shares of ResMed by 44.8% in the 3rd quarter. Allianz Asset Management GmbH now owns 357,421 shares of the medical equipment provider's stock worth $97,837,000 after acquiring an additional 110,647 shares in the last quarter. Finally, WCM Investment Management LLC purchased a new stake in shares of ResMed in the third quarter valued at about $3,110,000. 54.98% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $260.22, for a total transaction of $520,440.00. Following the sale, the director owned 62,773 shares of the company's stock, valued at approximately $16,334,790.06. This represents a 3.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael J. Farrell sold 4,991 shares of the firm's stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $251.03, for a total value of $1,252,890.73. Following the completion of the transaction, the chief executive officer owned 466,223 shares of the company's stock, valued at approximately $117,035,959.69. This represents a 1.06% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 21,073 shares of company stock worth $5,405,198. 0.65% of the stock is currently owned by corporate insiders.

ResMed Stock Performance

NYSE RMD opened at $231.00 on Friday. The firm has a market cap of $33.65 billion, a P/E ratio of 22.85, a price-to-earnings-growth ratio of 1.54 and a beta of 0.88. The company has a quick ratio of 2.32, a current ratio of 3.06 and a debt-to-equity ratio of 0.06. The company's 50 day moving average is $255.05 and its 200-day moving average is $258.55. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $293.81.

ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings data on Thursday, January 29th. The medical equipment provider reported $2.81 earnings per share for the quarter, beating analysts' consensus estimates of $2.68 by $0.13. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. ResMed had a net margin of 27.53% and a return on equity of 25.20%. ResMed's revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the business earned $2.43 EPS. Sell-side analysts predict that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Thursday, February 12th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Thursday, February 12th. ResMed's payout ratio is presently 23.74%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Weiss Ratings upgraded shares of ResMed from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, February 9th. Robert W. Baird set a $281.00 price objective on shares of ResMed in a research note on Friday, January 30th. Stifel Nicolaus boosted their target price on ResMed from $260.00 to $265.00 and gave the stock a "hold" rating in a research note on Friday, January 30th. Citigroup upped their target price on ResMed from $330.00 to $345.00 and gave the company a "buy" rating in a report on Monday, February 2nd. Finally, Piper Sandler increased their price target on ResMed from $270.00 to $275.00 and gave the company a "neutral" rating in a research report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $299.27.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.