Fisher Asset Management LLC Raises Stake in ResMed Inc. $RMD

Key Points

• Fisher Asset Management increased its stake in ResMed by 10.2% in the fourth quarter, adding 6,188 shares to bring its total holdings to 66,972 shares worth about $16.1 million.
• ResMed reported better-than-expected quarterly results, with earnings per share of $2.86 versus the $2.79 estimate and revenue of $1.43 billion, up 10.8% year over year.
• The company also announced a quarterly dividend of $0.60 per share, while analysts currently view the stock as a Moderate Buy with an average price target of $286.18.

Fisher Asset Management LLC lifted its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 10.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 66,972 shares of the medical equipment provider's stock after buying an additional 6,188 shares during the quarter. Fisher Asset Management LLC's holdings in ResMed were worth $16,132,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Clearstead Advisors LLC grew its holdings in shares of ResMed by 144.3% during the fourth quarter. Clearstead Advisors LLC now owns 1,813 shares of the medical equipment provider's stock worth $437,000 after buying an additional 1,071 shares in the last quarter. Churchill Financial Advisors LLC purchased a new stake in shares of ResMed during the fourth quarter worth about $350,000. Legal & General Group Plc grew its holdings in shares of ResMed by 3.6% during the fourth quarter. Legal & General Group Plc now owns 992,527 shares of the medical equipment provider's stock worth $239,070,000 after buying an additional 34,317 shares in the last quarter. North Star Asset Management Inc. grew its holdings in shares of ResMed by 13.3% during the fourth quarter. North Star Asset Management Inc. now owns 11,740 shares of the medical equipment provider's stock worth $2,828,000 after buying an additional 1,378 shares in the last quarter. Finally, Life Cycle Investment Partners Ltd purchased a new stake in shares of ResMed during the fourth quarter worth about $31,230,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $225.00, for a total transaction of $450,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $251.03, for a total transaction of $1,252,890.73. Following the transaction, the chief executive officer directly owned 466,223 shares in the company, valued at approximately $117,035,959.69. This trade represents a 1.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 18,973 shares of company stock worth $4,386,031. 0.65% of the stock is currently owned by corporate insiders.

ResMed Trading Down 0.8%

Shares of RMD stock opened at $206.24 on Thursday. The stock has a market cap of $29.92 billion, a price-to-earnings ratio of 19.89, a price-to-earnings-growth ratio of 1.33 and a beta of 0.84. The company has a quick ratio of 2.33, a current ratio of 3.01 and a debt-to-equity ratio of 0.06. ResMed Inc. has a fifty-two week low of $198.61 and a fifty-two week high of $293.81. The firm's 50 day moving average price is $218.28 and its two-hundred day moving average price is $240.03.

ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share for the quarter, beating analysts' consensus estimates of $2.79 by $0.07. The firm had revenue of $1.43 billion for the quarter, compared to analysts' expectations of $1.42 billion. ResMed had a net margin of 27.44% and a return on equity of 25.35%. ResMed's revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the company posted $2.37 earnings per share. On average, analysts anticipate that ResMed Inc. will post 11.13 EPS for the current year.

ResMed Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Thursday, May 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 1.2%. The ex-dividend date of this dividend is Thursday, May 14th. ResMed's payout ratio is 23.14%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Wells Fargo & Company lowered their price target on shares of ResMed from $270.00 to $227.00 and set an "equal weight" rating for the company in a report on Friday, May 1st. Piper Sandler boosted their target price on shares of ResMed from $270.00 to $275.00 and gave the company a "neutral" rating in a report on Friday, January 30th. Royal Bank Of Canada boosted their target price on shares of ResMed from $314.00 to $321.00 and gave the company an "outperform" rating in a report on Friday, May 1st. Citigroup lowered their target price on shares of ResMed from $345.00 to $340.00 and set a "buy" rating for the company in a report on Thursday, April 9th. Finally, KeyCorp lowered their target price on shares of ResMed from $302.00 to $290.00 and set an "overweight" rating for the company in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $286.18.

ResMed Profile

ResMed NYSE: RMD is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed's product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.

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