Deutsche Bank AG Cuts Position in ResMed Inc. (NYSE:RMD)

Key Points

• Deutsche Bank AG has reduced its stake in ResMed Inc. by 11.4% during the first quarter, now holding approximately 0.36% of the company.
• Several hedge funds, including CVA Family Office LLC and Central Pacific Bank Trust Division, have increased their holdings in ResMed by significant percentages, indicating strong institutional interest in the company.
• ResMed has announced an increase in its quarterly dividend from $0.53 to $0.60 per share, reflecting a healthy dividend payout ratio of 22.29%.

Deutsche Bank AG cut its holdings in shares of ResMed Inc. (NYSE:RMD - Free Report) by 11.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 529,579 shares of the medical equipment provider's stock after selling 68,254 shares during the quarter. Deutsche Bank AG owned 0.36% of ResMed worth $118,546,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of RMD. Charles Schwab Investment Management Inc. increased its holdings in shares of ResMed by 4.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 998,128 shares of the medical equipment provider's stock valued at $223,431,000 after purchasing an additional 41,108 shares in the last quarter. ASR Vermogensbeheer N.V. purchased a new position in shares of ResMed during the 1st quarter valued at approximately $2,743,000. Citizens Financial Group Inc. RI purchased a new position in shares of ResMed during the 1st quarter valued at approximately $203,000. Vanguard Group Inc. increased its holdings in shares of ResMed by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider's stock valued at $4,139,815,000 after purchasing an additional 320,240 shares in the last quarter. Finally, Intrust Bank NA grew its stake in ResMed by 3.9% in the 1st quarter. Intrust Bank NA now owns 5,714 shares of the medical equipment provider's stock valued at $1,279,000 after acquiring an additional 214 shares during the period. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Trading Down 0.3%

Shares of RMD stock traded down $0.85 on Tuesday, hitting $283.47. 1,436,162 shares of the stock traded hands, compared to its average volume of 1,160,568. The firm's 50-day moving average price is $262.06 and its two-hundred day moving average price is $242.29. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. The stock has a market capitalization of $41.50 billion, a PE ratio of 29.81, a PEG ratio of 1.91 and a beta of 0.77. ResMed Inc. has a twelve month low of $199.92 and a twelve month high of $293.08.

ResMed (NYSE:RMD - Get Free Report) last announced its quarterly 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 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 company's revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.08 EPS. As a group, 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 will be paid on Thursday, September 18th. Investors of record on Thursday, August 14th will be issued a $0.60 dividend. This is an increase from ResMed's previous quarterly dividend of $0.53. The ex-dividend date is Wednesday, August 13th. This represents a $2.40 annualized dividend and a yield of 0.8%. ResMed's payout ratio is presently 22.29%.

Insider Activity at ResMed

In other ResMed news, Director Witte Jan De sold 2,000 shares of the business's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total transaction of $486,940.00. Following the sale, the director directly owned 5,806 shares in the company, valued at $1,413,586.82. This represents a 25.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael J. Farrell sold 8,009 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $279.48, for a total transaction of $2,238,355.32. Following the sale, the chief executive officer owned 455,503 shares in the company, valued at $127,303,978.44. This trade represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,063 shares of company stock worth $7,058,835. Company insiders own 0.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on RMD shares. Wall Street Zen cut shares of ResMed from a "buy" rating to a "hold" rating in a research note on Sunday. Piper Sandler lifted their price target on shares of ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. UBS Group lifted their price target on shares of ResMed from $285.00 to $325.00 and gave the company a "buy" rating in a research note on Friday, August 1st. William Blair raised shares of ResMed to a "strong-buy" rating in a research note on Friday, August 1st. Finally, KeyCorp lifted their price target on shares of ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $274.83.

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.