Banco Santander S.A. Purchases Shares of 5,019 ResMed Inc. (NYSE:RMD)

Key Points

• Banco Santander S.A. has invested approximately $1.12 million in ResMed Inc. by acquiring 5,019 shares as part of its first-quarter activity.
• Insider trading activity includes Director Witte Jan De selling 2,000 shares valued at about $486,940, while CEO Michael J. Farrell sold 8,009 shares for approximately $2.06 million.
• ResMed plans to increase its quarterly dividend to $0.60 per share, reflecting a year-over-year increase from the previous dividend of $0.53.

Banco Santander S.A. bought a new stake in ResMed Inc. (NYSE:RMD - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 5,019 shares of the medical equipment provider's stock, valued at approximately $1,124,000.

Several other institutional investors and hedge funds have also made changes to their positions in RMD. GAMMA Investing LLC increased its holdings in shares of ResMed by 23,982.6% in the 1st quarter. GAMMA Investing LLC now owns 733,556 shares of the medical equipment provider's stock worth $164,207,000 after acquiring an additional 730,510 shares during the period. Invesco Ltd. increased its holdings in shares of ResMed by 32.2% in the 4th quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider's stock worth $531,706,000 after acquiring an additional 566,046 shares during the period. OVERSEA CHINESE BANKING Corp Ltd increased its holdings 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 during the period. Captrust Financial Advisors increased its holdings 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 during the period. Finally, AQR Capital Management LLC increased its holdings 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 acquiring an additional 357,466 shares during the period. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on RMD. Wall Street Zen raised shares of ResMed from a "hold" rating to a "buy" rating in a research note on Saturday. Morgan Stanley set a $286.00 target price on shares of ResMed and gave the stock an "overweight" rating in a report on Tuesday, May 20th. William Blair upgraded shares of ResMed to a "strong-buy" rating in a report on Friday. Mizuho raised their price target on shares of ResMed from $270.00 to $290.00 and gave the stock an "outperform" rating in a report on Friday. Finally, Piper Sandler raised their price target on shares of ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, ResMed presently has a consensus rating of "Moderate Buy" and an average price target of $274.83.

ResMed Stock Performance

Shares of NYSE:RMD traded down $6.72 during trading on Tuesday, reaching $284.72. The stock had a trading volume of 1,624,388 shares, compared to its average volume of 1,070,886. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $293.08. The stock has a fifty day simple moving average of $257.55 and a two-hundred day simple moving average of $240.75. The firm has a market capitalization of $41.75 billion, a price-to-earnings ratio of 29.94, a P/E/G ratio of 1.96 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.

ResMed (NYSE:RMD - Get Free Report) last announced its earnings results 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. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the previous year, the firm posted $2.08 earnings per share. ResMed's revenue was up 10.2% compared to the same quarter last year. As a group, analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current fiscal 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 given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 0.8%. This is an increase from ResMed's previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Wednesday, August 13th. ResMed's payout ratio is presently 22.29%.

Insider Buying and Selling

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of the business's stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $242.25, for a total value of $484,500.00. Following the sale, the director owned 71,218 shares of the company's stock, valued at $17,252,560.50. The trade was a 2.73% decrease in their position. The sale was disclosed in a filing with the SEC, 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 Monday, July 7th. The shares were sold at an average price of $256.72, for a total transaction of $2,056,070.48. Following the completion of the sale, the chief executive officer directly owned 455,503 shares in the company, valued at $116,936,730.16. This trade represents a 1.73% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,063 shares of company stock valued at $7,253,008. 0.71% of the stock is owned by company insiders.

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.