ResMed Inc. $RMD Shares Bought by Financial Advisors Network Inc.

Key Points

• Financial Advisors Network Inc. boosted its stake in ResMed Inc. by 390.3% in the first quarter, now holding 10,815 shares valued at $2.42 million.
• ResMed announced a quarterly dividend increase to $0.60, up from $0.53, representing an annualized yield of 0.8%.
• ResMed's recent earnings report showed a 10.2% year-over-year revenue increase with an EPS of $2.55, beating estimates by $0.08.

Financial Advisors Network Inc. grew its stake in ResMed Inc. (NYSE:RMD - Free Report) by 390.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,815 shares of the medical equipment provider's stock after purchasing an additional 8,609 shares during the period. Financial Advisors Network Inc.'s holdings in ResMed were worth $2,421,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. boosted its position in ResMed by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider's stock worth $4,139,815,000 after purchasing an additional 320,240 shares in the last quarter. Northern Trust Corp raised its stake in shares of ResMed by 2.5% during the 1st quarter. Northern Trust Corp now owns 1,744,541 shares of the medical equipment provider's stock worth $390,516,000 after buying an additional 41,951 shares during the period. Charles Schwab Investment Management Inc. raised its stake 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 worth $223,431,000 after buying an additional 41,108 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of ResMed by 28.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 954,612 shares of the medical equipment provider's stock worth $218,310,000 after buying an additional 212,201 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of ResMed by 6.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 793,760 shares of the medical equipment provider's stock worth $177,652,000 after buying an additional 51,348 shares during the period. Hedge funds and other institutional investors own 54.98% of the company's stock.

Insider Transactions at ResMed

In related news, CEO Michael J. Farrell sold 8,009 shares of the firm'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 completion of the transaction, the chief executive officer directly owned 455,503 shares in the company, valued at $127,303,978.44. This trade represents a 1.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John Hernandez sold 2,575 shares of the firm'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 of the company's stock, valued at $1,161,319.50. This trade represents 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 worth $7,311,177. 0.71% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on RMD. Morgan Stanley set a $286.00 target price on ResMed and gave the stock an "overweight" rating in a research note on Tuesday, May 20th. Royal Bank Of Canada upped their target price on ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Piper Sandler upped their target price on ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. Mizuho upped their target price on ResMed from $270.00 to $290.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Finally, JPMorgan Chase & Co. upped their target price on ResMed from $286.00 to $290.00 and gave the stock an "overweight" rating in a research note on Thursday, April 24th. Two investment 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 company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $274.83.

ResMed Trading Down 0.3%

Shares of NYSE RMD traded down $0.93 during mid-day trading on Thursday, reaching $288.13. 907,868 shares of the company's stock were exchanged, compared to its average volume of 999,426. The firm has a market capitalization of $42.19 billion, a price-to-earnings ratio of 30.30, a PEG ratio of 1.92 and a beta of 0.77. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. ResMed Inc. has a 52-week low of $199.92 and a 52-week high of $293.08. The company's 50-day moving average is $267.02 and its 200-day moving average is $244.16.

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 for the quarter, topping analysts' consensus estimates of $2.47 by $0.08. The business had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The company's revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the business posted $2.08 EPS. Analysts expect that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The firm also recently declared 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 is Wednesday, August 13th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.8%. This is a boost from ResMed's previous quarterly dividend of $0.53. ResMed's dividend payout ratio (DPR) is currently 25.24%.

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.