Goldman Sachs Group Inc. Grows Stock Position in ResMed Inc. $RMD

Key Points

• Goldman Sachs Group Inc. increased its holdings in ResMed Inc. by 8.5%, owning 739,007 shares valued at approximately $165.4 million after purchasing an additional 58,155 shares in the 1st quarter.
• The company's recent earnings report revealed a 10.2% year-over-year revenue increase and an earnings per share of $2.55, surpassing analysts' expectations.
• ResMed has announced an increase in its quarterly dividend to $0.60, with a payout ratio of 25.24%, indicating a commitment to returning value to shareholders.

Goldman Sachs Group Inc. increased its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 8.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 739,007 shares of the medical equipment provider's stock after buying an additional 58,155 shares during the period. Goldman Sachs Group Inc. owned about 0.50% of ResMed worth $165,427,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Global X Japan Co. Ltd. increased its position in shares of ResMed by 121.4% during the first quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock worth $28,000 after acquiring an additional 68 shares during the last quarter. Golden State Wealth Management LLC grew its stake in ResMed by 384.8% during the 1st quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock valued at $36,000 after purchasing an additional 127 shares in the last quarter. Zions Bancorporation National Association UT purchased a new stake in ResMed during the 1st quarter worth approximately $45,000. Groupe la Francaise acquired a new position in shares of ResMed in the 1st quarter valued at approximately $45,000. Finally, CVA Family Office LLC raised its position in shares of ResMed by 29.8% in the 1st quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider's stock valued at $47,000 after purchasing an additional 48 shares in the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ResMed

In other ResMed news, Director Peter C. Farrell sold 945 shares of the firm'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 of the company's stock, valued at approximately $17,443,068.77. This trade represents a 1.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Hernandez sold 2,575 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $287.10, for a total transaction of $739,282.50. Following the completion of the sale, the director directly owned 4,045 shares of the company's stock, valued at approximately $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 sold 19,588 shares of company stock worth $5,289,241 in the last 90 days. Corporate insiders own 0.71% of the company's stock.

ResMed Stock Performance

Shares of NYSE RMD opened at $270.16 on Thursday. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $293.81. The company has a market cap of $39.55 billion, a PE ratio of 28.41, a P/E/G ratio of 1.87 and a beta of 0.85. The stock has a 50 day simple moving average of $273.71 and a 200-day simple moving average of $248.21. 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 announced its 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 the consensus estimate of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The firm's revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.08 EPS. On average, equities research analysts forecast 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. The ex-dividend date of this dividend is Thursday, August 14th. This is an increase from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 annualized dividend and a yield of 0.9%. ResMed's dividend payout ratio is currently 25.24%.

Wall Street Analyst Weigh In

RMD has been the topic of several recent analyst reports. Piper Sandler upped their price target on shares of ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a report on Friday, August 1st. William Blair upgraded ResMed to a "strong-buy" rating in a research note on Friday, August 1st. UBS Group increased their target price on ResMed from $285.00 to $325.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Wall Street Zen downgraded ResMed from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. Finally, CLSA upgraded ResMed from a "hold" rating to an "outperform" rating in a research note on Tuesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $278.36.

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.

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