Assenagon Asset Management S.A. Purchases 28,801 Shares of ResMed Inc. $RMD

Key Points

• Assenagon Asset Management S.A. significantly increased its holdings in ResMed Inc. by 264.1%, acquiring an additional 28,801 shares, bringing its total ownership to 39,708 shares worth $10.25 million.
• Insider sales included Director Peter C. Farrell selling 945 shares and CEO Michael J. Farrell selling 8,009 shares, indicating a 1.37% and 1.73% decrease in their respective holdings.
• ResMed has announced a quarterly dividend increase from $0.53 to $0.60 per share, reflecting a healthy payout ratio of 25.24% and an annualized dividend yield of 0.9%.

Assenagon Asset Management S.A. raised its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 264.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,708 shares of the medical equipment provider's stock after purchasing an additional 28,801 shares during the period. Assenagon Asset Management S.A.'s holdings in ResMed were worth $10,245,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in RMD. Global X Japan Co. Ltd. increased its stake in shares of ResMed by 121.4% in the 1st quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock valued at $28,000 after purchasing an additional 68 shares during the last quarter. Golden State Wealth Management LLC boosted its stake in ResMed by 384.8% in the first quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock valued at $36,000 after buying an additional 127 shares in the last quarter. Zions Bancorporation National Association UT bought a new position in shares of ResMed in the first quarter worth about $45,000. Groupe la Francaise bought a new position in shares of ResMed in the first quarter worth about $45,000. Finally, CVA Family Office LLC lifted its holdings in shares of ResMed by 29.8% in 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 during the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Peter C. Farrell sold 945 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $255.49, for a total transaction of $241,438.05. Following the transaction, the director directly owned 68,273 shares of the company's stock, valued at approximately $17,443,068.77. This represents a 1.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael J. Farrell sold 8,009 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $279.48, for a total value of $2,238,355.32. Following the sale, the chief executive officer owned 455,503 shares of the company's stock, valued at approximately $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 three months, insiders have sold 19,588 shares of company stock valued at $5,289,241. 0.71% of the stock is owned by company insiders.

ResMed Stock Performance

NYSE:RMD opened at $275.66 on Wednesday. The company has a fifty day moving average of $276.87 and a 200-day moving average of $250.97. The firm has a market capitalization of $40.36 billion, a P/E ratio of 28.99, a P/E/G ratio of 1.84 and a beta of 0.85. 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 Inc. has a twelve month low of $199.92 and a twelve month high of $293.81.

ResMed (NYSE:RMD - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, topping analysts' consensus estimates of $2.47 by $0.08. The business had revenue of $1.35 billion during the quarter, compared to analysts' expectations 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 period last year, the company posted $2.08 earnings per share. As a group, sell-side analysts anticipate that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th were given a dividend of $0.60 per share. This is a boost from ResMed's previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. ResMed's payout ratio is currently 25.24%.

Analyst Ratings Changes

RMD has been the subject of a number of research analyst reports. Citigroup initiated coverage on shares of ResMed in a research report on Thursday, September 18th. They set a "buy" rating and a $330.00 price objective for the company. William Blair raised shares of ResMed to a "strong-buy" rating in a research note on Friday, August 1st. KeyCorp boosted their target price on shares of ResMed from $274.00 to $298.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Mizuho raised their price objective on ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Finally, Royal Bank Of Canada raised their price objective on ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $292.00.

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.

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