Caitlin John LLC Trims Position in ResMed Inc. $RMD

Key Points

• Caitlin John LLC reduced its stake in ResMed Inc. by 60.8% during the first quarter, holding now 3,461 shares worth approximately $775,000.
• ResMed's recent earnings report showed an EPS of $2.55, exceeding analysts' estimates, and a revenue increase of 10.2% year-over-year.
• The company announced a quarterly dividend increase to $0.60 per share, up from $0.53, highlighting a 25.24% dividend payout ratio.

Caitlin John LLC lowered its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 60.8% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 3,461 shares of the medical equipment provider's stock after selling 5,366 shares during the period. Caitlin John LLC's holdings in ResMed were worth $775,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. GAMMA Investing LLC raised its position in ResMed by 23,982.6% during the first quarter. GAMMA Investing LLC now owns 733,556 shares of the medical equipment provider's stock valued at $164,207,000 after acquiring an additional 730,510 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of ResMed by 1,168.5% during 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 purchasing an additional 544,311 shares during the period. Captrust Financial Advisors increased its holdings in shares of ResMed by 813.4% during the 4th quarter. Captrust Financial Advisors now owns 443,340 shares of the medical equipment provider's stock valued at $101,387,000 after purchasing an additional 394,803 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of ResMed by 133.6% during the 4th quarter. AQR Capital Management LLC now owns 625,054 shares of the medical equipment provider's stock valued at $142,944,000 after purchasing an additional 357,466 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in shares of ResMed by 334.0% in the 1st quarter. Allianz Asset Management GmbH now owns 455,124 shares of the medical equipment provider's stock valued at $101,880,000 after purchasing an additional 350,245 shares during the period. Institutional investors and hedge funds own 54.98% of the company's stock.

Insider Transactions at ResMed

In other news, Director John Hernandez sold 2,575 shares of the stock in a transaction dated 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 sale, the director directly owned 4,045 shares in the company, valued at $1,161,319.50. This represents a 38.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Peter C. Farrell sold 945 shares of the business's stock in a transaction dated 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 owned 68,273 shares in the company, valued at $17,443,068.77. The trade was a 1.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,638 shares of company stock valued at $7,311,177 over the last 90 days. 0.71% of the stock is currently owned by corporate insiders.

ResMed Price Performance

NYSE:RMD traded down $0.49 during trading hours on Tuesday, hitting $285.31. 851,678 shares of the stock were exchanged, compared to its average volume of 995,315. ResMed Inc. has a 52-week low of $199.92 and a 52-week high of $293.81. The firm's fifty day moving average price is $269.30 and its 200 day moving average price is $245.22. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11. The company has a market cap of $41.77 billion, a P/E ratio of 30.00, a P/E/G ratio of 1.97 and a beta of 0.77.

ResMed (NYSE:RMD - Get Free Report) last released its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.08. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The business's quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the business posted $2.08 earnings per share. As a group, equities research analysts anticipate that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Wednesday, August 13th. 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 dividend yield of 0.8%. ResMed's payout ratio is currently 25.24%.

Wall Street Analysts Forecast Growth

RMD has been the topic of several analyst reports. Wall Street Zen lowered shares of ResMed from a "buy" rating to a "hold" rating in a research report on Sunday, August 10th. Piper Sandler raised their target price on ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. William Blair raised ResMed to a "strong-buy" rating in a report on Friday, August 1st. Morgan Stanley set a $286.00 price target on ResMed and gave the stock an "overweight" rating in a research report on Tuesday, May 20th. Finally, KeyCorp raised their price objective on ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, ResMed currently has an average rating of "Moderate Buy" and a consensus target price of $274.83.

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.