Credit Agricole S A Grows Stake in ResMed Inc. $RMD

Key Points

• Credit Agricole S A increased its stake in ResMed Inc. by 3.7% during the first quarter, bringing its total to 78,293 shares valued at approximately $17.5 million.
• ResMed's quarterly earnings surpassed analysts' expectations, reporting earnings of $2.55 per share and revenue of $1.35 billion, marking a 10.2% increase year-over-year.
• The company announced an increase in its quarterly dividend from $0.53 to $0.60 per share, effective for shareholders by August 14, reflecting a positive change in its shareholder returns.

Credit Agricole S A grew its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 3.7% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 78,293 shares of the medical equipment provider's stock after acquiring an additional 2,812 shares during the quarter. Credit Agricole S A owned about 0.05% of ResMed worth $17,526,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in RMD. Canada Pension Plan Investment Board increased its holdings in shares of ResMed by 1,020.9% in the 4th quarter. Canada Pension Plan Investment Board now owns 13,328 shares of the medical equipment provider's stock valued at $3,048,000 after acquiring an additional 12,139 shares during the last quarter. Forum Financial Management LP purchased a new position in shares of ResMed in the 4th quarter valued at about $273,000. Freedom Investment Management Inc. purchased a new position in shares of ResMed in the 4th quarter valued at about $210,000. First Trust Advisors LP increased its holdings in shares of ResMed by 150.3% in the 4th quarter. First Trust Advisors LP now owns 191,294 shares of the medical equipment provider's stock valued at $43,747,000 after acquiring an additional 114,865 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of ResMed by 9.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 742,412 shares of the medical equipment provider's stock valued at $169,789,000 after acquiring an additional 65,999 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company's stock.

ResMed Stock Up 1.0%

ResMed stock opened at $289.0290 on Thursday. ResMed Inc. has a twelve month low of $199.92 and a twelve month high of $293.08. The stock has a 50 day moving average of $266.30 and a two-hundred day moving average of $243.84. 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 $42.32 billion, a price-to-earnings ratio of 30.39, a PEG ratio of 1.92 and a beta of 0.77.

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 for the quarter, topping analysts' consensus estimates of $2.47 by $0.08. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The company had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.33 billion. During the same period last year, the firm earned $2.08 EPS. The firm's revenue for the quarter was up 10.2% on a year-over-year basis. As a group, research analysts expect that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders 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%. 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. ResMed's payout ratio is 25.24%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on RMD. Morgan Stanley set a $286.00 price objective on ResMed and gave the company an "overweight" rating in a report on Tuesday, May 20th. JPMorgan Chase & Co. raised their price target on ResMed from $286.00 to $290.00 and gave the stock an "overweight" rating in a research note on Thursday, April 24th. UBS Group raised their price target on ResMed from $285.00 to $325.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Wall Street Zen downgraded ResMed from a "buy" rating to a "hold" rating in a research note on Sunday, August 10th. Finally, William Blair upgraded ResMed to a "strong-buy" rating in a research note on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $274.83.

Insiders Place Their Bets

In other ResMed news, Director Peter C. Farrell sold 945 shares of the 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 completion of the sale, the director directly owned 68,273 shares of the company's stock, valued at approximately $17,443,068.77. This trade represents a 1.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Hernandez sold 2,575 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $287.10, for a total value of $739,282.50. Following the sale, the director directly owned 4,045 shares of the company's stock, valued at $1,161,319.50. The trade was a 38.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,638 shares of company stock valued at $7,311,177. 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.

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