Aberdeen Group plc Grows Stock Holdings in ResMed Inc. $RMD

Key Points

• Aberdeen Group plc increased its stake in ResMed Inc. by 11.4%, resulting in ownership of 410,379 shares valued at approximately $90.57 million.
• Several institutional investors significantly boosted their holdings in ResMed, with GAMMA Investing LLC increasing its position by 23,982.6%.
• ResMed announced a quarterly dividend of $0.60 per share, an increase from the previous $0.53, reflecting the company’s commitment to returning value to shareholders.

Aberdeen Group plc boosted its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 11.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 410,379 shares of the medical equipment provider's stock after buying an additional 42,123 shares during the quarter. Aberdeen Group plc owned approximately 0.28% of ResMed worth $90,569,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its stake in shares of ResMed by 23,982.6% during the 1st quarter. GAMMA Investing LLC now owns 733,556 shares of the medical equipment provider's stock valued at $164,207,000 after purchasing an additional 730,510 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its position in shares of ResMed by 1,168.5% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 590,895 shares of the medical equipment provider's stock worth $132,272,000 after acquiring an additional 544,311 shares in the last quarter. Captrust Financial Advisors increased its stake in shares of ResMed by 813.4% in the 4th quarter. Captrust Financial Advisors now owns 443,340 shares of the medical equipment provider's stock worth $101,387,000 after acquiring an additional 394,803 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of ResMed by 133.6% in the 4th quarter. AQR Capital Management LLC now owns 625,054 shares of the medical equipment provider's stock worth $142,944,000 after buying an additional 357,466 shares during the last quarter. Finally, Allianz Asset Management GmbH increased its position in ResMed by 334.0% during the 1st quarter. Allianz Asset Management GmbH now owns 455,124 shares of the medical equipment provider's stock valued at $101,880,000 after buying an additional 350,245 shares in the last quarter. Institutional investors own 54.98% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on RMD. William Blair raised ResMed to a "strong-buy" rating in a report on Friday, August 1st. Morgan Stanley set a $286.00 price target on shares of ResMed and gave the stock an "overweight" rating in a research note on Tuesday, May 20th. Piper Sandler boosted their price objective on shares of ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a report on Friday, August 1st. UBS Group lifted their target price on shares of ResMed from $285.00 to $325.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, Mizuho raised their price target on ResMed from $270.00 to $290.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $274.83.

ResMed Price Performance

NYSE:RMD traded down $1.2010 on Thursday, reaching $287.8590. 275,266 shares of the company's stock traded hands, compared to its average volume of 995,351. The firm has a market cap of $42.15 billion, a PE ratio of 30.28, a P/E/G ratio of 1.92 and a beta of 0.77. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11. The stock has a 50-day simple moving average of $266.30 and a 200-day simple moving average of $243.84. ResMed Inc. has a 12 month low of $199.92 and a 12 month high of $293.08.

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

ResMed Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 14th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Wednesday, August 13th. This is a positive change from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 annualized dividend and a yield of 0.8%. ResMed's dividend payout ratio is 25.24%.

Insider Buying and Selling at ResMed

In related news, Director Peter C. Farrell sold 945 shares of the stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total value of $241,438.05. Following the sale, the director directly owned 68,273 shares of the company's stock, valued at $17,443,068.77. This represents a 1.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the firm's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $279.48, for a total transaction of $2,238,355.32. Following the completion of the transaction, the chief executive officer directly owned 455,503 shares in the company, valued at $127,303,978.44. This represents a 1.73% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,638 shares of company stock worth $7,311,177. Insiders own 0.71% 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. 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.