Harel Insurance Investments & Financial Services Ltd. Increases Stock Position in ResMed Inc. (NYSE:RMD)

Harel Insurance Investments & Financial Services Ltd. grew its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 15,366.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 31,552 shares of the medical equipment provider's stock after buying an additional 31,348 shares during the period. Harel Insurance Investments & Financial Services Ltd.'s holdings in ResMed were worth $7,063,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its position in ResMed by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 18,173,462 shares of the medical equipment provider's stock worth $4,156,089,000 after purchasing an additional 160,590 shares during the last quarter. Geode Capital Management LLC increased its position in ResMed by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 3,944,084 shares of the medical equipment provider's stock worth $899,860,000 after purchasing an additional 85,270 shares during the last quarter. Invesco Ltd. increased its position in ResMed by 32.2% during the fourth quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider's stock worth $531,706,000 after purchasing an additional 566,046 shares during the last quarter. Northern Trust Corp boosted its stake in ResMed by 20.6% during the fourth quarter. Northern Trust Corp now owns 1,702,590 shares of the medical equipment provider's stock worth $389,365,000 after buying an additional 290,664 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in ResMed by 3.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 957,020 shares of the medical equipment provider's stock worth $218,861,000 after buying an additional 32,973 shares during the period. 54.98% of the stock is currently owned by institutional investors and hedge funds.

ResMed Stock Performance

Shares of RMD stock traded up $1.08 during mid-day trading on Friday, hitting $256.96. The stock had a trading volume of 391,893 shares, compared to its average volume of 969,821. ResMed Inc. has a fifty-two week low of $188.56 and a fifty-two week high of $263.05. The firm has a market cap of $37.68 billion, a PE ratio of 28.84, a PEG ratio of 1.61 and a beta of 0.77. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.41 and a quick ratio of 2.49. The company's 50-day simple moving average is $248.43 and its 200-day simple moving average is $235.91.

ResMed (NYSE:RMD - Get Free Report) last released its earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 EPS for the quarter, topping the consensus estimate of $2.36 by $0.01. ResMed had a net margin of 26.15% and a return on equity of 25.67%. The company had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.28 billion. During the same quarter last year, the business earned $2.13 EPS. The business's revenue was up 7.9% on a year-over-year basis. Sell-side analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Thursday, May 8th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.83%. The ex-dividend date of this dividend was Thursday, May 8th. ResMed's dividend payout ratio (DPR) is presently 23.79%.

Insider Activity

In other news, Director Peter C. Farrell sold 2,000 shares of the business's stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $242.25, for a total transaction of $484,500.00. Following the sale, the director owned 71,218 shares of the company's stock, valued at $17,252,560.50. The trade was a 2.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Witte Jan De sold 2,000 shares of the stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total transaction of $486,940.00. Following the completion of the sale, the director owned 5,806 shares in the company, valued at $1,413,586.82. This represents a 25.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,013 shares of company stock worth $6,863,532 in the last 90 days. 0.71% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on RMD. Mizuho set a $265.00 price target on shares of ResMed in a research report on Wednesday, April 16th. JPMorgan Chase & Co. lifted their price target on shares of ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a research report on Thursday, April 24th. Piper Sandler dropped their price target on shares of ResMed from $260.00 to $248.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. Morgan Stanley set a $286.00 price target on shares of ResMed and gave the company an "overweight" rating in a research report on Tuesday, May 20th. Finally, Wall Street Zen cut shares of ResMed from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $259.33.

About ResMed

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.