Korea Investment CORP Sells 23,700 Shares of ResMed Inc. $RMD

Key Points

• Korea Investment CORP has decreased its holdings in ResMed Inc. by 18.6%, selling 23,700 shares and bringing its ownership to approximately 0.07% of the company.
• ResMed recently reported a quarterly earnings of $2.55 per share, surpassing analysts' expectations, with a 10.2% increase in revenue year-over-year.
• The company has announced a quarterly dividend increase to $0.60 per share, reflecting a boost from the previous quarterly payment of $0.53.

Korea Investment CORP lowered its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 18.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 103,926 shares of the medical equipment provider's stock after selling 23,700 shares during the period. Korea Investment CORP owned approximately 0.07% of ResMed worth $23,264,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Global X Japan Co. Ltd. increased its position in shares of ResMed by 121.4% during the first quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock valued at $28,000 after acquiring an additional 68 shares in the last quarter. Colonial Trust Co SC increased its position in shares of ResMed by 6,250.0% during the fourth quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock valued at $29,000 after acquiring an additional 125 shares in the last quarter. Optiver Holding B.V. bought a new stake in shares of ResMed during the fourth quarter valued at approximately $33,000. Golden State Wealth Management LLC increased its position in shares of 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 acquiring an additional 127 shares in the last quarter. Finally, Itau Unibanco Holding S.A. boosted its holdings in ResMed by 1,000.0% in the fourth quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider's stock worth $38,000 after purchasing an additional 150 shares during the last quarter. Institutional investors own 54.98% of the company's stock.

ResMed Stock Up 1.0%

RMD opened at $289.0290 on Thursday. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11. ResMed Inc. has a 1-year low of $199.92 and a 1-year high of $293.08. The company has a market capitalization of $42.32 billion, a PE ratio of 30.39, a PEG ratio of 1.92 and a beta of 0.77. The firm's 50 day simple moving average is $266.30 and its two-hundred day simple moving average is $243.84.

ResMed (NYSE:RMD - Get Free Report) last released 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 business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period last year, the firm earned $2.08 earnings per share. The company's quarterly revenue was up 10.2% on a year-over-year basis. As a group, equities analysts forecast that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Increases Dividend

The company also recently disclosed 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 a boost from ResMed's previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Wednesday, August 13th. ResMed's dividend payout ratio is currently 25.24%.

Insider Transactions at ResMed

In other news, Director Peter C. Farrell sold 945 shares of the 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 completion of the sale, the director directly owned 68,273 shares of the company's stock, valued at $17,443,068.77. This represents a 1.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the 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 completion of the sale, the chief executive officer directly owned 455,503 shares of the company's stock, valued at approximately $127,303,978.44. This trade represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,638 shares of company stock valued at $7,311,177 over the last three months. Corporate insiders own 0.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RMD. JPMorgan Chase & Co. raised their target price on shares of ResMed from $286.00 to $290.00 and gave the stock an "overweight" rating in a report on Thursday, April 24th. KeyCorp raised their target price on shares of ResMed from $274.00 to $298.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. UBS Group raised their target price on shares of ResMed from $285.00 to $325.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Royal Bank Of Canada raised their target price on shares of ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Finally, Wall Street Zen cut shares of ResMed from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target 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.

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