Forsta AP Fonden Trims Stock Holdings in ResMed Inc. (NYSE:RMD)

Key Points

• Forsta AP Fonden reduced its holdings in ResMed Inc. by 2.7%, owning 55,000 shares valued at approximately $12.31 million after the sale.
• Analysts have upgraded ResMed's rating, with Mizuho increasing their target price to $290 and several others issuing a consensus target price of $274.83.
• ResMed announced a quarterly dividend increase to $0.60 per share, reflecting a positive change from the previous dividend and signifying a 0.8% yield.

Forsta AP Fonden trimmed its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 2.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,000 shares of the medical equipment provider's stock after selling 1,500 shares during the quarter. Forsta AP Fonden's holdings in ResMed were worth $12,312,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Wells Fargo & Company MN grew its position in shares of ResMed by 2.4% in the 4th quarter. Wells Fargo & Company MN now owns 151,180 shares of the medical equipment provider's stock worth $34,573,000 after buying an additional 3,568 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of ResMed by 68.8% in the 4th quarter. Envestnet Asset Management Inc. now owns 124,635 shares of the medical equipment provider's stock worth $28,503,000 after buying an additional 50,815 shares during the last quarter. Federated Hermes Inc. grew its position in shares of ResMed by 47.3% in the 4th quarter. Federated Hermes Inc. now owns 1,137 shares of the medical equipment provider's stock worth $260,000 after buying an additional 365 shares during the last quarter. Cerity Partners LLC grew its position in shares of ResMed by 21.2% in the 4th quarter. Cerity Partners LLC now owns 16,589 shares of the medical equipment provider's stock worth $3,886,000 after buying an additional 2,903 shares during the last quarter. Finally, Bank of Nova Scotia grew its position in shares of ResMed by 5.0% in the 4th quarter. Bank of Nova Scotia now owns 18,135 shares of the medical equipment provider's stock worth $4,147,000 after buying an additional 856 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors.

Insider Buying and Selling at ResMed

In related news, 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 value of $2,238,355.32. Following the sale, the chief executive officer directly owned 455,503 shares in the company, valued at approximately $127,303,978.44. The trade was a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Witte Jan De sold 2,000 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total value of $486,940.00. Following the sale, the director owned 5,806 shares in the company, valued at approximately $1,413,586.82. This trade represents a 25.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,063 shares of company stock valued at $7,058,835. Company insiders own 0.71% of the company's stock.

ResMed Stock Down 0.3%

NYSE:RMD traded down $0.85 during trading hours on Tuesday, reaching $283.47. 1,436,162 shares of the company traded hands, compared to its average volume of 1,004,907. The business's 50-day moving average price is $261.33 and its two-hundred day moving average price is $242.01. The stock has a market capitalization of $41.57 billion, a P/E ratio of 29.81, a P/E/G ratio of 1.91 and a beta of 0.77. ResMed Inc. has a 1 year low of $199.92 and a 1 year high of $293.08. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11.

ResMed (NYSE:RMD - Get Free Report) last posted its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 EPS 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 analyst estimates of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%. The company's quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the company earned $2.08 EPS. Analysts predict that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th will be issued a dividend of $0.60 per share. This is a boost from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Wednesday, August 13th. ResMed's dividend payout ratio is presently 22.29%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on RMD. Wall Street Zen lowered ResMed from a "buy" rating to a "hold" rating in a research report on Sunday. Royal Bank Of Canada lifted their price objective on ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Mizuho lifted their price objective on ResMed from $270.00 to $290.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Stifel Nicolaus raised their target price on ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a research note on Friday, August 1st. Finally, JPMorgan Chase & Co. raised 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $274.83.

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.