KLP Kapitalforvaltning AS Boosts Stake in ResMed Inc. $RMD

Key Points

• KLP Kapitalforvaltning AS increased its stake in ResMed Inc. by 2.2%, owning a total of 91,250 shares worth approximately $23.5 million after acquiring an additional 2,000 shares in the last quarter.
• ResMed recently reported a quarterly earnings per share of $2.55, exceeding consensus estimates, with revenues increasing by 10.2% year-over-year.
• The company has announced an increase in its quarterly dividend to $0.60 per share, marking an annualized dividend yield of 0.8%.

KLP Kapitalforvaltning AS increased its position in ResMed Inc. (NYSE:RMD - Free Report) by 2.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 91,250 shares of the medical equipment provider's stock after buying an additional 2,000 shares during the period. KLP Kapitalforvaltning AS owned 0.06% of ResMed worth $23,542,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Ballentine Partners LLC lifted its position 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 in the last quarter. Inspire Investing LLC lifted its position in shares of ResMed by 29.3% in the first quarter. Inspire Investing LLC now owns 28,578 shares of the medical equipment provider's stock worth $6,397,000 after buying an additional 6,472 shares in the last quarter. Intech Investment Management LLC lifted its position in shares of ResMed by 63.2% in the first quarter. Intech Investment Management LLC now owns 15,325 shares of the medical equipment provider's stock worth $3,430,000 after buying an additional 5,934 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of ResMed by 8.5% in the first quarter. Goldman Sachs Group Inc. now owns 739,007 shares of the medical equipment provider's stock worth $165,427,000 after buying an additional 58,155 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in ResMed by 2.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 977,401 shares of the medical equipment provider's stock valued at $218,791,000 after purchasing an additional 22,789 shares during the period. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

ResMed Trading Up 0.7%

Shares of NYSE RMD opened at $283.40 on Wednesday. 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 business's 50 day moving average price is $278.43 and its 200-day moving average price is $254.54. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.81. The company has a market cap of $41.36 billion, a price-to-earnings ratio of 29.80, a PEG ratio of 1.89 and a beta of 0.83.

ResMed (NYSE:RMD - Get Free Report) last issued 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. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The company's revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the business posted $2.08 earnings per share. On average, sell-side analysts expect that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.8%. The ex-dividend date was Thursday, August 14th. This is an increase from ResMed's previous quarterly dividend of $0.53. ResMed's dividend payout ratio (DPR) is 25.24%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. KeyCorp upped their price objective on ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Royal Bank Of Canada upped their price objective on ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. UBS Group upgraded ResMed to a "strong-buy" rating in a research report on Tuesday, September 16th. Citigroup assumed coverage on ResMed in a research report on Thursday, September 18th. They set a "buy" rating and a $330.00 price objective on the stock. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of ResMed in a research report on Saturday, September 27th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $294.20.

Insiders Place Their Bets

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of the firm's stock in a transaction 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 transaction, the chief executive officer directly owned 455,503 shares in the company, valued at $127,303,978.44. This trade represents a 1.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Michael J. Rider sold 100 shares of the firm's stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $274.36, for a total value of $27,436.00. Following the transaction, the general counsel owned 11,327 shares in the company, valued at $3,107,675.72. The trade was a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,734 shares of company stock worth $3,019,169 in the last ninety days. 0.71% of the stock is owned by company insiders.

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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