iA Global Asset Management Inc. Increases Stock Holdings in ResMed Inc. (NYSE:RMD)

Key Points

• iA Global Asset Management Inc. increased its stakes in ResMed Inc. by 87.7% during the first quarter, totaling a holding of 13,459 shares worth approximately $3.01 million.
• ResMed recently announced a dividend increase to $0.60 per share, up from the previous $0.53, representing an annualized yield of 0.8%.
• Analysts have issued a consensus rating of "Moderate Buy" for ResMed with an average target price of $274.83, following positive ratings changes from several firms.

iA Global Asset Management Inc. lifted its holdings in shares of ResMed Inc. (NYSE:RMD - Free Report) by 87.7% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 13,459 shares of the medical equipment provider's stock after acquiring an additional 6,287 shares during the period. iA Global Asset Management Inc.'s holdings in ResMed were worth $3,013,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Global X Japan Co. Ltd. raised its stake in shares of ResMed by 121.4% during the 1st quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock worth $28,000 after buying an additional 68 shares during the period. Colonial Trust Co SC raised its stake in shares of ResMed by 6,250.0% during the 4th quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock worth $29,000 after buying an additional 125 shares during the period. Optiver Holding B.V. acquired a new position in shares of ResMed during the 4th quarter worth approximately $33,000. Golden State Wealth Management LLC raised its stake in shares of ResMed by 384.8% during the 1st quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock worth $36,000 after buying an additional 127 shares during the period. Finally, Itau Unibanco Holding S.A. raised its stake in shares of ResMed by 1,000.0% during the 4th quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider's stock worth $38,000 after buying an additional 150 shares during the period. Hedge funds and other institutional investors own 54.98% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on RMD shares. Morgan Stanley set a $286.00 target price on ResMed and gave the stock an "overweight" rating in a research note on Tuesday, May 20th. Royal Bank Of Canada upped their target price on ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. JPMorgan Chase & Co. upped their target price on ResMed from $286.00 to $290.00 and gave the stock an "overweight" rating in a research note on Thursday, April 24th. Stifel Nicolaus upped their target price on ResMed from $240.00 to $270.00 and gave the stock a "hold" rating in a research note on Friday, August 1st. Finally, William Blair raised ResMed to a "strong-buy" rating in a research note on Friday, August 1st. One analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, ResMed presently has a consensus rating of "Moderate Buy" and a consensus target price of $274.83.

ResMed Trading Up 1.5%

NYSE:RMD traded up $4.06 during trading hours on Friday, hitting $284.23. The company had a trading volume of 827,364 shares, compared to its average volume of 1,149,579. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11. The company has a 50-day moving average of $260.52 and a 200 day moving average of $241.85. The company has a market cap of $41.68 billion, a P/E ratio of 29.89, a P/E/G ratio of 1.88 and a beta of 0.77. ResMed Inc. has a 1 year low of $199.92 and a 1 year high of $293.08.

ResMed (NYSE:RMD - Get Free Report) last issued its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.08. The company had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%. The firm's quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the business earned $2.08 EPS. Sell-side analysts expect that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Increases Dividend

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

Insider Transactions at ResMed

In other news, Director Witte Jan De sold 2,000 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $243.47, for a total transaction of $486,940.00. Following the completion of the transaction, the director directly owned 5,806 shares in the company, valued at approximately $1,413,586.82. This represents a 25.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction on Monday, July 7th. The stock was sold at an average price of $256.72, for a total value of $2,056,070.48. Following the transaction, the chief executive officer owned 455,503 shares of the company's stock, valued at approximately $116,936,730.16. This represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,054 shares of company stock worth $4,820,479. 0.71% of the stock is currently owned by company insiders.

ResMed Company 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.