Hsbc Holdings PLC Purchases 28,786 Shares of ResMed Inc. $RMD

Key Points

• Hsbc Holdings PLC increased its stake in ResMed Inc. by 12.2% in the first quarter, holding 265,167 shares valued at approximately $59.28 million.
• ResMed's CEO and a director have recently sold shares, indicating a potential decrease in their ownership positions by approximately 1.73% and 1.37%, respectively.
• The company announced a quarterly dividend increase from $0.53 to $0.60 per share, with the ex-dividend date set for August 13th.

Hsbc Holdings PLC lifted its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 12.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 265,167 shares of the medical equipment provider's stock after acquiring an additional 28,786 shares during the period. Hsbc Holdings PLC owned approximately 0.18% of ResMed worth $59,281,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in RMD. GAMMA Investing LLC increased its position in shares of ResMed by 23,982.6% during the first quarter. GAMMA Investing LLC now owns 733,556 shares of the medical equipment provider's stock valued at $164,207,000 after acquiring an additional 730,510 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its position in shares of ResMed by 1,168.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 590,895 shares of the medical equipment provider's stock valued at $132,272,000 after acquiring an additional 544,311 shares in the last quarter. Captrust Financial Advisors increased its position in shares of ResMed by 813.4% during the fourth quarter. Captrust Financial Advisors now owns 443,340 shares of the medical equipment provider's stock valued at $101,387,000 after acquiring an additional 394,803 shares in the last quarter. AQR Capital Management LLC increased its position in shares of ResMed by 133.6% during the fourth quarter. AQR Capital Management LLC now owns 625,054 shares of the medical equipment provider's stock valued at $142,944,000 after acquiring an additional 357,466 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its position in shares of ResMed by 334.0% during the first quarter. Allianz Asset Management GmbH now owns 455,124 shares of the medical equipment provider's stock valued at $101,880,000 after acquiring an additional 350,245 shares in the last quarter. Institutional investors own 54.98% of the company's stock.

Insider Activity

In other news, Director Peter C. Farrell sold 945 shares of the business's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total transaction of $241,438.05. Following the completion of the sale, the director owned 68,273 shares of the company's stock, valued at $17,443,068.77. The trade was a 1.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John Hernandez sold 2,575 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $287.10, for a total transaction of $739,282.50. Following the sale, the director directly owned 4,045 shares of the company's stock, valued at approximately $1,161,319.50. The trade was a 38.90% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,638 shares of company stock valued at $7,311,177 in the last 90 days. Company insiders own 0.71% of the company's stock.

ResMed Stock Performance

NYSE:RMD traded up $5.1380 during trading hours on Friday, reaching $293.4780. The company had a trading volume of 627,080 shares, compared to its average volume of 1,120,408. 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 Inc. has a 52 week low of $199.92 and a 52 week high of $293.81. The firm has a market cap of $42.97 billion, a price-to-earnings ratio of 30.86, a PEG ratio of 1.97 and a beta of 0.77. The firm's 50 day moving average price is $267.91 and its 200-day moving average price is $244.59.

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. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the previous year, the firm posted $2.08 EPS. The firm's revenue was up 10.2% on a year-over-year basis. On average, analysts forecast that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Wednesday, August 13th. This is a positive change from ResMed's previous quarterly dividend of $0.53. ResMed's payout ratio is presently 25.24%.

Analysts Set New Price Targets

RMD has been the subject of several analyst reports. UBS Group raised their price target on shares of ResMed from $285.00 to $325.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Royal Bank Of Canada raised their price target on shares of ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. William Blair raised shares of ResMed to a "strong-buy" rating in a research report on Friday, August 1st. Mizuho lifted their target price on shares of ResMed from $270.00 to $290.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Finally, Morgan Stanley set a $286.00 target price on shares of ResMed and gave the stock an "overweight" rating in a research report on Tuesday, May 20th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $274.83.

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.