Invesco Ltd. Sells 30,978 Shares of ResMed Inc. (NYSE:RMD)

Key Points

• Invesco Ltd. reduced its stake in ResMed Inc. by 1.3% in the first quarter, now owning 2,294,031 shares valued at approximately $513.5 million.
• Multiple large investors increased their positions in ResMed, with GAMMA Investing LLC raising its holdings by an astounding 23,982.6% during the same quarter.
• ResMed recently announced an increase in its quarterly dividend from $0.53 to $0.60, with a dividend yield of 0.8%, reflecting its robust financial performance.

Invesco Ltd. reduced its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 1.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,294,031 shares of the medical equipment provider's stock after selling 30,978 shares during the quarter. Invesco Ltd. owned about 1.56% of ResMed worth $513,519,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in RMD. Envestnet Asset Management Inc. grew its position in ResMed by 68.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 124,635 shares of the medical equipment provider's stock worth $28,503,000 after buying an additional 50,815 shares in the last quarter. Federated Hermes Inc. grew its position in ResMed by 47.3% during the fourth quarter. Federated Hermes Inc. now owns 1,137 shares of the medical equipment provider's stock worth $260,000 after buying an additional 365 shares in the last quarter. Cerity Partners LLC grew its position in ResMed by 21.2% during the fourth quarter. Cerity Partners LLC now owns 16,589 shares of the medical equipment provider's stock worth $3,886,000 after buying an additional 2,903 shares in the last quarter. Bank of Nova Scotia grew its position in ResMed by 5.0% during the fourth quarter. Bank of Nova Scotia now owns 18,135 shares of the medical equipment provider's stock worth $4,147,000 after buying an additional 856 shares in the last quarter. Finally, Scotia Capital Inc. grew its position in ResMed by 37.7% during the fourth quarter. Scotia Capital Inc. now owns 10,564 shares of the medical equipment provider's stock worth $2,416,000 after buying an additional 2,890 shares in the last quarter. 54.98% of the stock is owned by institutional investors and hedge funds.

ResMed Price Performance

Shares of NYSE:RMD traded down $0.85 during trading on Tuesday, reaching $283.47. The stock had a trading volume of 1,436,162 shares, compared to its average volume of 1,160,568. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $293.08. The business's 50-day moving average price is $262.06 and its 200 day moving average price is $242.29. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. The stock has a market capitalization of $41.50 billion, a PE ratio of 29.81, a P/E/G ratio of 1.91 and a beta of 0.77.

ResMed (NYSE:RMD - Get Free Report) last posted its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.33 billion. During the same quarter in the previous year, the company posted $2.08 earnings per share. ResMed's quarterly revenue was up 10.2% compared to the same quarter last year. As a group, equities analysts predict that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.8%. This is an increase from ResMed's previous quarterly dividend of $0.53. The ex-dividend date is Wednesday, August 13th. ResMed's dividend payout ratio is presently 22.29%.

Insider Activity

In related news, Director Peter C. Farrell sold 945 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the director owned 68,273 shares in the company, valued at $17,443,068.77. The trade was a 1.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Michael J. Farrell sold 8,009 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $279.48, for a total transaction of $2,238,355.32. Following the completion of the transaction, the chief executive officer owned 455,503 shares of the company's stock, valued at $127,303,978.44. This trade represents a 1.73% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,063 shares of company stock worth $7,058,835. Insiders own 0.71% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on RMD shares. Wall Street Zen downgraded ResMed from a "buy" rating to a "hold" rating in a research report on Sunday. Piper Sandler lifted their price objective on ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a report on Friday, August 1st. JPMorgan Chase & Co. lifted their price objective on ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a report on Thursday, April 24th. Morgan Stanley set a $286.00 price objective on ResMed and gave the company an "overweight" rating in a report on Tuesday, May 20th. Finally, Royal Bank Of Canada lifted their price objective on ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, August 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price 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.