Inspire Investing LLC Boosts Holdings in ResMed Inc. $RMD

Key Points

• Inspire Investing LLC increased its stake in ResMed Inc. by 29.3% in Q1, owning 28,578 shares valued at approximately $6.4 million.
• ResMed announced a quarterly dividend increase from $0.53 to $0.60 per share, representing an annual yield of 0.9%.
• ResMed's quarterly earnings surpassed expectations, reporting $2.55 earnings per share and a year-over-year revenue growth of 10.2%.

Inspire Investing LLC increased its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 29.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 28,578 shares of the medical equipment provider's stock after buying an additional 6,472 shares during the quarter. ResMed accounts for about 0.8% of Inspire Investing LLC's investment portfolio, making the stock its 20th largest position. Inspire Investing LLC's holdings in ResMed were worth $6,397,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ballentine Partners LLC boosted its holdings in shares of ResMed by 6.3% in the first quarter. Ballentine Partners LLC now owns 1,782 shares of the medical equipment provider's stock worth $399,000 after buying an additional 105 shares during the last quarter. Golden State Wealth Management LLC lifted its holdings in ResMed by 384.8% during the first 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. Exchange Traded Concepts LLC lifted its holdings in ResMed by 393.0% during the first quarter. Exchange Traded Concepts LLC now owns 2,529 shares of the medical equipment provider's stock valued at $566,000 after purchasing an additional 2,016 shares in the last quarter. Private Advisor Group LLC lifted its holdings in ResMed by 18.3% during the first quarter. Private Advisor Group LLC now owns 3,244 shares of the medical equipment provider's stock valued at $726,000 after purchasing an additional 501 shares in the last quarter. Finally, OneDigital Investment Advisors LLC lifted its holdings in ResMed by 34.7% during the first quarter. OneDigital Investment Advisors LLC now owns 1,239 shares of the medical equipment provider's stock valued at $277,000 after purchasing an additional 319 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company's stock.

ResMed Trading Up 1.7%

Shares of RMD opened at $274.94 on Friday. The company's fifty day moving average is $274.07 and its 200 day moving average is $248.52. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.81. The stock has a market capitalization of $40.25 billion, a PE ratio of 28.91, a P/E/G ratio of 1.81 and a beta of 0.85. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44.

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

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 14th will be given a $0.60 dividend. This is a boost from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 annualized dividend and a yield of 0.9%. The ex-dividend date is Thursday, August 14th. ResMed's dividend payout ratio (DPR) is presently 25.24%.

Insider Buying and Selling

In related 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 value of $241,438.05. Following the sale, the director owned 68,273 shares in the company, valued at approximately $17,443,068.77. The trade was a 1.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John Hernandez sold 2,575 shares of the business's stock in a transaction 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 owned 4,045 shares in the company, valued at $1,161,319.50. This represents a 38.90% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,588 shares of company stock worth $5,289,241. Insiders own 0.71% of the company's stock.

Analyst Upgrades and Downgrades

RMD has been the topic of several analyst reports. Piper Sandler lifted 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. CLSA raised shares of ResMed from a "hold" rating to an "outperform" rating in a report on Tuesday, September 2nd. William Blair raised shares of ResMed to a "strong-buy" rating in a report on Friday, August 1st. Royal Bank Of Canada lifted their price target on shares of ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Finally, KeyCorp lifted their price objective on shares of ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, ResMed has a consensus rating of "Moderate Buy" and an average target price of $278.36.

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.

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