Aigen Investment Management LP Buys New Stake in ResMed Inc. $RMD

Key Points

• Aigen Investment Management LP acquired 1,561 shares of ResMed Inc. valued at approximately $349,000 during the first quarter, according to their latest SEC filing.
• ResMed recently announced an increase in its quarterly dividend from $0.53 to $0.60 per share, representing a $2.40 annualized dividend with a yield of 0.8%.
• The company's stock has seen significant growth, with a 10.2% increase in quarterly revenue compared to the same period last year, reporting $1.35 billion in sales.

Aigen Investment Management LP acquired a new position in shares of ResMed Inc. (NYSE:RMD - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 1,561 shares of the medical equipment provider's stock, valued at approximately $349,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of ResMed by 1.8% during the first quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider's stock worth $4,139,815,000 after purchasing an additional 320,240 shares during the period. Northern Trust Corp raised its position in ResMed by 20.6% during the 4th quarter. Northern Trust Corp now owns 1,702,590 shares of the medical equipment provider's stock worth $389,365,000 after buying an additional 290,664 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in ResMed by 4.3% during 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 period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings 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, Los Angeles Capital Management LLC boosted its holdings in shares of ResMed by 15.6% in the 1st quarter. Los Angeles Capital Management LLC now owns 773,159 shares of the medical equipment provider's stock valued at $173,072,000 after acquiring an additional 104,251 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

ResMed Price Performance

Shares of RMD traded up $2.76 during mid-day trading on Monday, hitting $287.65. 190,905 shares of the company were exchanged, compared to its average volume of 997,914. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. ResMed Inc. has a 1-year low of $199.92 and a 1-year high of $293.08. The stock has a market cap of $42.12 billion, a price-to-earnings ratio of 30.25, a price-to-earnings-growth ratio of 1.91 and a beta of 0.77. The company has a 50 day moving average of $264.17 and a 200-day moving average of $242.88.

ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, beating analysts' consensus estimates 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 analyst estimates of $1.33 billion. During the same quarter last year, the firm posted $2.08 EPS. The firm's revenue for the quarter was up 10.2% on a year-over-year basis. Analysts expect that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The firm also recently disclosed 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 represents a $2.40 annualized dividend and a yield of 0.8%. This is a boost from ResMed's previous quarterly dividend of $0.53. ResMed's dividend payout ratio is currently 25.24%.

Analysts Set New Price Targets

RMD has been the topic of several recent research reports. KeyCorp upped their price target on shares of ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Royal Bank Of Canada upped their target price on ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. UBS Group lifted their price target on ResMed from $285.00 to $325.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Wall Street Zen downgraded ResMed from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. Finally, William Blair raised shares of ResMed to a "strong-buy" rating in a research note on Friday, August 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $274.83.

Insider Activity at ResMed

In related 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 trade represents a 1.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the business's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $279.48, for a total value of $2,238,355.32. Following the transaction, the chief executive officer directly owned 455,503 shares in the company, valued at $127,303,978.44. This trade represents a 1.73% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,063 shares of company stock valued at $7,058,835. Corporate insiders own 0.71% of the company's stock.

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.