ResMed Inc. $RMD Stock Holdings Decreased by AQR Capital Management LLC

Key Points

• AQR Capital Management LLC reduced its stake in ResMed Inc. by 35.6%, selling 222,638 shares and holding approximately 0.27% of the company valued at $88.19 million.
• CEO Michael J. Farrell sold 8,009 shares worth over $2.23 million, decreasing his ownership by 1.73%.
• ResMed announced a quarterly dividend increase to $0.60 per share, representing a boost from its previous dividend of $0.53.

AQR Capital Management LLC cut its stake in ResMed Inc. (NYSE:RMD - Free Report) by 35.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 402,416 shares of the medical equipment provider's stock after selling 222,638 shares during the period. AQR Capital Management LLC owned approximately 0.27% of ResMed worth $88,189,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of RMD. Global X Japan Co. Ltd. boosted its position in shares of ResMed by 121.4% in the first quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock worth $28,000 after acquiring an additional 68 shares during the last quarter. Colonial Trust Co SC boosted its position in shares of ResMed by 6,250.0% in the fourth quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock worth $29,000 after acquiring an additional 125 shares during the last quarter. Golden State Wealth Management LLC boosted its position in shares of ResMed by 384.8% in the first quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock worth $36,000 after acquiring an additional 127 shares during the last quarter. Zions Bancorporation National Association UT acquired a new stake in shares of ResMed in the first quarter worth approximately $45,000. Finally, Groupe la Francaise acquired a new stake in shares of ResMed in the first quarter worth approximately $45,000. 54.98% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on RMD shares. Mizuho raised their target price on shares of ResMed from $270.00 to $290.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Wall Street Zen cut shares of ResMed from a "buy" rating to a "hold" rating in a research report on Sunday, August 10th. Royal Bank Of Canada lifted their price target on shares of ResMed from $294.00 to $300.00 and gave the company an "outperform" 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. Finally, KeyCorp lifted their price target 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. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, ResMed has an average rating of "Moderate Buy" and an average price target of $278.36.

Insider Activity

In other news, Director Peter C. Farrell sold 945 shares of ResMed stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total transaction of $241,438.05. Following the sale, the director owned 68,273 shares in the company, valued at $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 SEC, which is available at this hyperlink. Also, Director John Hernandez sold 2,575 shares of ResMed stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $287.10, for a total transaction of $739,282.50. Following the sale, the director owned 4,045 shares in the company, valued at $1,161,319.50. This represents a 38.90% 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 90 days. Company insiders own 0.71% of the company's stock.

ResMed Stock Down 3.9%

Shares of RMD traded down $10.82 during mid-day trading on Wednesday, reaching $268.37. 358,749 shares of the stock traded hands, compared to its average volume of 996,926. The firm has a market cap of $39.29 billion, a price-to-earnings ratio of 28.25, a P/E/G ratio of 1.87 and a beta of 0.85. The stock has a fifty day simple moving average of $273.43 and a 200 day simple moving average of $248.06. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $293.81. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11.

ResMed (NYSE:RMD - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.47 by $0.08. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates 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 quarter last year, the firm posted $2.08 earnings per share. Sell-side 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. Stockholders of record on Thursday, August 14th will be paid a dividend of $0.60 per share. This is an increase from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Thursday, August 14th. ResMed's payout ratio is 25.24%.

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.