Dimensional Fund Advisors LP Acquires 51,348 Shares of ResMed Inc. $RMD

Key Points

• Dimensional Fund Advisors LP increased its stake in ResMed Inc. by 6.9%, acquiring a total of 51,348 shares, bringing its ownership to approximately 793,760 shares valued at about $177.65 million.
• Institutional investors collectively own 54.98% of ResMed's stock, with significant increases from several hedge funds, including GAMMA Investing LLC which raised its position by 23,982.6%.
• ResMed recently reported earnings of $2.55 per share for the last quarter, exceeding estimates, and declared a quarterly dividend increase to $0.60, up from $0.53, with a yield of 0.8%.

Dimensional Fund Advisors LP lifted its position in ResMed Inc. (NYSE:RMD - Free Report) by 6.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 793,760 shares of the medical equipment provider's stock after acquiring an additional 51,348 shares during the quarter. Dimensional Fund Advisors LP owned approximately 0.54% of ResMed worth $177,652,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RMD. GAMMA Investing LLC boosted its position in shares of ResMed by 23,982.6% in the first quarter. GAMMA Investing LLC now owns 733,556 shares of the medical equipment provider's stock worth $164,207,000 after buying an additional 730,510 shares during the period. OVERSEA CHINESE BANKING Corp Ltd boosted its position in 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 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 valued at $101,387,000 after purchasing an additional 394,803 shares during the period. 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 valued at $142,944,000 after purchasing an additional 357,466 shares during the period. Finally, Allianz Asset Management GmbH lifted its position in shares of ResMed by 334.0% in the first quarter. Allianz Asset Management GmbH now owns 455,124 shares of the medical equipment provider's stock worth $101,880,000 after purchasing an additional 350,245 shares in the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on RMD. Piper Sandler boosted their price objective on shares of ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Royal Bank Of Canada boosted their price target on shares of ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Stifel Nicolaus increased their price objective on ResMed from $240.00 to $270.00 and gave the stock a "hold" rating in a report on Friday, August 1st. Morgan Stanley set a $286.00 price objective on ResMed and gave the company an "overweight" rating in a research report on Tuesday, May 20th. Finally, JPMorgan Chase & Co. boosted their target price on ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a research note on Thursday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, ResMed presently has an average rating of "Moderate Buy" and a consensus target price of $274.83.

ResMed Stock Performance

Shares of NYSE RMD traded up $5.1380 during trading hours on Friday, hitting $293.4780. 627,080 shares of the stock were exchanged, compared to its average volume of 1,142,254. The firm has a market capitalization of $42.97 billion, a P/E ratio of 30.86, a P/E/G ratio of 1.94 and a beta of 0.77. ResMed Inc. has a one year low of $199.92 and a one year high of $293.81. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. The company's 50 day moving average is $267.91 and its 200 day moving average is $244.52.

ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.47 by $0.08. The company had revenue of $1.35 billion during 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 quarterly 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 earnings per share. On average, research analysts expect that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders 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 of this dividend is Wednesday, August 13th. This represents a $2.40 dividend on an annualized basis and a yield of 0.8%. ResMed's payout ratio is 25.24%.

Insiders Place Their Bets

In other news, Director Peter C. Farrell sold 945 shares of the business'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 approximately $17,443,068.77. The trade was a 1.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John Hernandez sold 2,575 shares of the business's 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 transaction, the director 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 disclosure for this sale can be found here. Insiders have sold a total of 27,638 shares of company stock valued at $7,311,177 in the last three months. Company insiders own 0.71% of the company's stock.

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.