Los Angeles Capital Management LLC increased its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 15.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 773,159 shares of the medical equipment provider's stock after acquiring an additional 104,251 shares during the quarter. ResMed comprises approximately 0.8% of Los Angeles Capital Management LLC's portfolio, making the stock its 27th biggest position. Los Angeles Capital Management LLC owned 0.53% of ResMed worth $173,072,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its stake in shares of ResMed by 23,982.6% in the 1st quarter. GAMMA Investing LLC now owns 733,556 shares of the medical equipment provider's stock valued at $164,207,000 after purchasing an additional 730,510 shares during the period. Invesco Ltd. lifted its stake in shares of ResMed by 32.2% in the 4th quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider's stock valued at $531,706,000 after purchasing an additional 566,046 shares during the period. OVERSEA CHINESE BANKING Corp Ltd raised its stake in ResMed by 1,168.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 590,895 shares of the medical equipment provider's stock valued at $132,272,000 after buying an additional 544,311 shares during the last quarter. Norges Bank purchased a new position in ResMed during the fourth quarter valued at $118,605,000. Finally, Captrust Financial Advisors raised its stake in ResMed by 813.4% during the fourth quarter. Captrust Financial Advisors now owns 443,340 shares of the medical equipment provider's stock valued at $101,387,000 after buying an additional 394,803 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company's stock.
ResMed Trading Up 0.5%
NYSE:RMD traded up $1.22 during trading hours on Friday, reaching $257.64. 894,150 shares of the company were exchanged, compared to its average volume of 970,763. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.41 and a quick ratio of 2.49. The firm has a market cap of $37.78 billion, a price-to-earnings ratio of 28.92, a PEG ratio of 1.61 and a beta of 0.77. ResMed Inc. has a 52-week low of $196.43 and a 52-week high of $263.05. The stock has a 50 day simple moving average of $251.53 and a 200 day simple moving average of $237.58.
ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.01. ResMed had a net margin of 26.15% and a return on equity of 25.67%. The firm had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the previous year, the firm posted $2.13 EPS. The firm's quarterly revenue was up 7.9% on a year-over-year basis. As a group, analysts predict that ResMed Inc. will post 9.47 EPS for the current year.
ResMed Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Thursday, May 8th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.82%. The ex-dividend date of this dividend was Thursday, May 8th. ResMed's dividend payout ratio (DPR) is presently 23.79%.
Insider Activity
In related news, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $251.21, for a total value of $2,011,940.89. Following the sale, the chief executive officer directly owned 455,503 shares in the company, valued at $114,426,908.63. This trade represents a 1.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Witte Jan De sold 2,000 shares of the business's stock in a transaction dated 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 owned 5,806 shares in the company, valued at $1,413,586.82. This trade represents a 25.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 29,013 shares of company stock valued at $7,238,913. Company insiders own 0.71% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts have commented on RMD shares. UBS Group reduced their target price on ResMed from $290.00 to $285.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Piper Sandler cut their price objective on ResMed from $260.00 to $248.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. KeyCorp set a $274.00 price objective on ResMed in a report on Thursday, April 24th. JPMorgan Chase & Co. lifted their price objective on ResMed from $286.00 to $290.00 and gave the stock an "overweight" rating in a report on Thursday, April 24th. Finally, Mizuho lifted their price objective on ResMed from $250.00 to $270.00 and gave the stock an "outperform" rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $263.00.
Check Out Our Latest Analysis on ResMed
ResMed Profile
(
Free Report)
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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