Alliancebernstein L.P. Sells 110,645 Shares of ResMed Inc. $RMD

Key Points

• Alliancebernstein L.P. reduced its stake in ResMed Inc. by 32.5%, holding 230,288 shares worth approximately $51,550,000 after selling 110,645 shares in the first quarter.
• Several institutional investors, including Vanguard Group Inc. and Northern Trust Corp, increased their positions in ResMed, showing continued interest in the company's stock.
• ResMed announced a quarterly dividend increase to $0.60 per share, reflecting a positive change from the previous dividend of $0.53.

Alliancebernstein L.P. lessened its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 32.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 230,288 shares of the medical equipment provider's stock after selling 110,645 shares during the quarter. Alliancebernstein L.P. owned 0.16% of ResMed worth $51,550,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. ICW Investment Advisors LLC raised its position in ResMed by 0.4% during the first quarter. ICW Investment Advisors LLC now owns 11,394 shares of the medical equipment provider's stock worth $2,551,000 after acquiring an additional 41 shares in the last quarter. Smartleaf Asset Management LLC raised its position in ResMed by 3.9% during the first quarter. Smartleaf Asset Management LLC now owns 1,222 shares of the medical equipment provider's stock worth $269,000 after acquiring an additional 46 shares in the last quarter. E Fund Management Co. Ltd. raised its position in ResMed by 2.8% during the first quarter. E Fund Management Co. Ltd. now owns 1,719 shares of the medical equipment provider's stock worth $385,000 after acquiring an additional 47 shares in the last quarter. CVA Family Office LLC raised its position in ResMed by 29.8% during the first quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider's stock worth $47,000 after acquiring an additional 48 shares in the last quarter. Finally, Central Pacific Bank Trust Division raised its position in ResMed by 9.7% during the first quarter. Central Pacific Bank Trust Division now owns 565 shares of the medical equipment provider's stock worth $126,000 after acquiring an additional 50 shares in the last quarter. Institutional investors own 54.98% of the company's stock.

ResMed Price Performance

ResMed stock traded down $9.03 during trading hours on Wednesday, reaching $270.16. 1,093,769 shares of the stock were exchanged, compared to its average volume of 1,001,553. The company has a market cap of $39.55 billion, a P/E ratio of 28.41, a price-to-earnings-growth ratio of 1.87 and a beta of 0.85. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11. ResMed Inc. has a twelve month low of $199.92 and a twelve month high of $293.81. The stock has a 50 day moving average of $273.43 and a two-hundred day moving average of $248.06.

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 (EPS) for the quarter, topping analysts' consensus estimates of $2.47 by $0.08. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The business's revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the company posted $2.08 earnings per share. Equities analysts expect that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th will be paid a dividend of $0.60 per share. The ex-dividend date is Thursday, August 14th. This is a positive change from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a yield of 0.9%. ResMed's dividend payout ratio is currently 25.24%.

Insiders Place Their Bets

In related news, Director John Hernandez sold 2,575 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $287.10, for a total value of $739,282.50. Following the completion of the transaction, the director owned 4,045 shares in the company, valued at $1,161,319.50. This trade represents a 38.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the firm's stock in a transaction that occurred on 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 transaction, the chief executive officer 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 have sold 19,588 shares of company stock worth $5,289,241 over the last ninety days. Corporate insiders own 0.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on RMD. Piper Sandler upped their price target on shares of ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. CLSA raised shares of ResMed from a "hold" rating to an "outperform" rating in a research report on Tuesday, September 2nd. KeyCorp increased their price objective on shares of ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Stifel Nicolaus increased their price objective on shares of ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a research report on Friday, August 1st. Finally, Morgan Stanley set a $286.00 price objective on shares of ResMed and gave the company an "overweight" rating in a research report on Tuesday, May 20th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, ResMed currently has a consensus rating of "Moderate Buy" and an average price target of $278.36.

ResMed 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.