Jupiter Asset Management Ltd. Boosts Stock Position in ResMed Inc. (NYSE:RMD)

Key Points

• Jupiter Asset Management Ltd. increased its stake in ResMed Inc. by 160.2% in Q1, acquiring an additional 88,236 shares, bringing its total holdings to 143,328 shares worth approximately $32 million.
• ResMed recently announced a quarterly dividend of $0.60 per share, reflecting an increase from its previous $0.53 dividend, with a payout ratio of 22.29%.
• Shares of ResMed have seen upward movements, with a stock price opening at $278.78 and a market cap of $40.88 billion, alongside positive analysts' estimates predicting significant earnings growth.

Jupiter Asset Management Ltd. increased its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 160.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 143,328 shares of the medical equipment provider's stock after buying an additional 88,236 shares during the period. Jupiter Asset Management Ltd. owned 0.10% of ResMed worth $32,084,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Ballentine Partners LLC raised its position in shares of ResMed by 6.3% during the first quarter. Ballentine Partners LLC now owns 1,782 shares of the medical equipment provider's stock worth $399,000 after acquiring an additional 105 shares during the last quarter. Golden State Wealth Management LLC lifted its holdings 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 valued at $36,000 after purchasing an additional 127 shares in the last quarter. Exchange Traded Concepts LLC lifted its stake in ResMed by 393.0% in the first quarter. Exchange Traded Concepts LLC now owns 2,529 shares of the medical equipment provider's stock valued at $566,000 after buying an additional 2,016 shares in the last quarter. MML Investors Services LLC raised its holdings in shares of ResMed by 31.9% during the fourth quarter. MML Investors Services LLC now owns 11,468 shares of the medical equipment provider's stock worth $2,623,000 after acquiring an additional 2,771 shares during the period. Finally, Private Advisor Group LLC boosted its stake in ResMed by 18.3% in the 1st quarter. Private Advisor Group LLC now owns 3,244 shares of the medical equipment provider's stock worth $726,000 after purchasing an additional 501 shares during the period. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on RMD shares. Royal Bank Of Canada raised their price target on shares of ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday. Wall Street Zen raised ResMed from a "hold" rating to a "buy" rating in a research report on Saturday. Stifel Nicolaus increased their price target on ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a research report on Friday. JPMorgan Chase & Co. raised their target price on shares of ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a research note on Thursday, April 24th. Finally, Mizuho increased their price target on shares of ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a research note on Friday. One research analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, ResMed presently has an average rating of "Moderate Buy" and a consensus target price of $274.83.

Insider Buying and Selling at ResMed

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $242.25, for a total transaction of $484,500.00. Following the completion of the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Witte Jan De sold 2,000 shares of the company's stock in a transaction that occurred 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 sale, the director directly owned 5,806 shares in the company, valued at $1,413,586.82. This trade represents a 25.62% decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,013 shares of company stock worth $7,238,913 in the last quarter. 0.71% of the stock is currently owned by company insiders.

ResMed Trading Up 4.3%

Shares of RMD stock traded up $12.10 during mid-day trading on Monday, hitting $291.30. The company's stock had a trading volume of 1,581,283 shares, compared to its average volume of 1,034,621. The company has a market cap of $42.71 billion, a PE ratio of 30.63, a P/E/G ratio of 1.72 and a beta of 0.77. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. The company's fifty day simple moving average is $256.59 and its 200-day simple moving average is $240.39. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $293.08.

ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 EPS 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 during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter last year, the firm posted $2.08 EPS. The company's quarterly revenue was up 10.2% on a year-over-year basis. As a group, equities research analysts expect that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Increases Dividend

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

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.