Legal & General Group Plc Has $262.29 Million Position in ResMed Inc. $RMD

Key Points

• Legal & General trimmed its stake in ResMed by 1.4% to 958,210 shares valued at $262.29 million, representing about 0.66% of the company; institutional investors own roughly 54.98% of ResMed.
• ResMed beat quarterly estimates with EPS of $2.81 vs. $2.68 and revenue of $1.42 billion vs. $1.40 billion (revenue +11% YoY), and announced a $0.60 quarterly dividend (annualized $2.40, ~1.0% yield).
• Analysts have a consensus rating of “Moderate Buy” with an average price target of $299.27, and several firms recently raised their targets.

Legal & General Group Plc cut its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 1.4% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 958,210 shares of the medical equipment provider's stock after selling 13,257 shares during the period. Legal & General Group Plc owned about 0.66% of ResMed worth $262,291,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. SJS Investment Consulting Inc. boosted its stake in shares of ResMed by 1,433.3% during the 3rd quarter. SJS Investment Consulting Inc. now owns 92 shares of the medical equipment provider's stock valued at $25,000 after buying an additional 86 shares during the period. WFA of San Diego LLC acquired a new position in shares of ResMed in the second quarter worth $26,000. Westside Investment Management Inc. raised its holdings in shares of ResMed by 100.0% during the third quarter. Westside Investment Management Inc. now owns 132 shares of the medical equipment provider's stock worth $36,000 after acquiring an additional 66 shares in the last quarter. GoalVest Advisory LLC purchased a new stake in shares of ResMed during the third quarter worth $37,000. Finally, IMA Advisory Services Inc. boosted its position in ResMed by 52.7% during the third quarter. IMA Advisory Services Inc. now owns 139 shares of the medical equipment provider's stock valued at $38,000 after purchasing an additional 48 shares during the last quarter. Institutional investors and hedge funds own 54.98% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. UBS Group reaffirmed a "buy" rating and issued a $345.00 target price on shares of ResMed in a research report on Friday, December 12th. Royal Bank Of Canada lifted their price target on ResMed from $311.00 to $314.00 and gave the company an "outperform" rating in a report on Friday, January 30th. Stifel Nicolaus boosted their price target on ResMed from $260.00 to $265.00 and gave the company a "hold" rating in a research note on Friday, January 30th. Wells Fargo & Company increased their price objective on ResMed from $265.00 to $270.00 and gave the stock an "equal weight" rating in a report on Friday, January 30th. Finally, Piper Sandler lifted their target price on shares of ResMed from $270.00 to $275.00 and gave the company a "neutral" rating in a research note on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, ResMed currently has an average rating of "Moderate Buy" and a consensus price target of $299.27.

ResMed Price Performance

NYSE RMD opened at $240.09 on Thursday. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.81. The stock's 50-day moving average is $255.49 and its two-hundred day moving average is $259.12. The firm has a market cap of $34.98 billion, a P/E ratio of 23.75, a price-to-earnings-growth ratio of 1.64 and a beta of 0.88. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.06 and a quick ratio of 2.32.

ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings results on Thursday, January 29th. The medical equipment provider reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.68 by $0.13. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.40 billion. ResMed had a return on equity of 25.20% and a net margin of 27.53%.The firm's revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.43 EPS. On average, analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders of record on Thursday, February 12th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, February 12th. This represents a $2.40 dividend on an annualized basis and a yield of 1.0%. ResMed's dividend payout ratio is presently 23.74%.

Insider Activity at ResMed

In related news, Director Peter C. Farrell sold 2,000 shares of the company's stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $260.22, for a total transaction of $520,440.00. Following the completion of the sale, the director directly owned 62,773 shares of the company's stock, valued at approximately $16,334,790.06. This represents a 3.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael J. Farrell sold 4,991 shares of the company's stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $248.46, for a total transaction of $1,240,063.86. Following the sale, the chief executive officer directly owned 466,223 shares of the company's stock, valued at approximately $115,837,766.58. This represents a 1.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 21,073 shares of company stock worth $5,405,198. Corporate insiders own 0.65% of the company's stock.

ResMed Profile

ResMed NYSE: RMD is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed's product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.

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