Citizens Financial Group Inc. RI Makes New $203,000 Investment in ResMed Inc. (NYSE:RMD)

Key Points

• Citizens Financial Group Inc. invested approximately $203,000 to acquire 907 shares of ResMed Inc., according to their recent SEC filing.
• ResMed's stock has seen significant attention from analysts, with current price targets ranging from $274.00 to $300.00 and an overall rating of "Moderate Buy."
• The company declared a quarterly dividend of $0.60 per share, an increase from the previous $0.53, reflecting a positive change in its dividend policy.

Citizens Financial Group Inc. RI acquired a new stake in shares of ResMed Inc. (NYSE:RMD - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 907 shares of the medical equipment provider's stock, valued at approximately $203,000.

A number of other hedge funds have also recently modified their holdings of RMD. Envestnet Asset Management Inc. grew its position in shares of ResMed by 68.8% during the 4th quarter. Envestnet Asset Management Inc. now owns 124,635 shares of the medical equipment provider's stock valued at $28,503,000 after acquiring an additional 50,815 shares during the period. Federated Hermes Inc. lifted its stake in shares of ResMed by 47.3% during the 4th quarter. Federated Hermes Inc. now owns 1,137 shares of the medical equipment provider's stock valued at $260,000 after buying an additional 365 shares in the last quarter. Cerity Partners LLC lifted its stake in shares of ResMed by 21.2% during the 4th quarter. Cerity Partners LLC now owns 16,589 shares of the medical equipment provider's stock valued at $3,886,000 after buying an additional 2,903 shares in the last quarter. Bank of Nova Scotia lifted its stake in shares of ResMed by 5.0% during the 4th quarter. Bank of Nova Scotia now owns 18,135 shares of the medical equipment provider's stock valued at $4,147,000 after buying an additional 856 shares in the last quarter. Finally, Scotia Capital Inc. lifted its stake in shares of ResMed by 37.7% during the 4th quarter. Scotia Capital Inc. now owns 10,564 shares of the medical equipment provider's stock valued at $2,416,000 after buying an additional 2,890 shares in the last quarter. Institutional investors own 54.98% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Royal Bank Of Canada lifted their target price on shares of ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Morgan Stanley set a $286.00 target price on shares of ResMed and gave the company an "overweight" rating in a research note on Tuesday, May 20th. JPMorgan Chase & Co. lifted their target price on shares of ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a research note on Thursday, April 24th. Mizuho lifted their target price on shares of ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Finally, KeyCorp boosted their price target 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. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $274.83.

Insider Activity at ResMed

In related news, CEO Michael J. Farrell sold 8,009 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer directly owned 455,503 shares in the company, valued at approximately $116,936,730.16. This represents a 1.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Peter C. Farrell sold 945 shares of the company's stock in a transaction dated Wednesday, July 2nd. The shares were 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. In the last ninety days, insiders have sold 19,054 shares of company stock worth $4,820,479. Insiders own 0.71% of the company's stock.

ResMed Stock Up 1.5%

Shares of NYSE RMD opened at $284.23 on Friday. The firm's 50-day moving average price is $260.52 and its 200-day moving average price is $241.82. 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 stock has a market capitalization of $41.68 billion, a price-to-earnings ratio of 29.89, a P/E/G ratio of 1.91 and a beta of 0.77. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $293.08.

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, beating the consensus estimate of $2.47 by $0.08. The firm had revenue of $1.35 billion for 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 revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.08 EPS. On average, equities research analysts anticipate that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 14th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.8%. The ex-dividend date is Wednesday, August 13th. This is a positive change from ResMed's previous quarterly dividend of $0.53. ResMed's payout ratio is currently 22.29%.

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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