Martin Currie Ltd. Acquires 26,053 Shares of ResMed Inc. $RMD

Key Points

• Martin Currie Ltd. increased its stake in ResMed Inc. by 22.7%, owning approximately $31.55 million worth of stock, making it the 27th largest position in their portfolio.
• ResMed's recent earnings report beat consensus estimates with earnings per share of $2.55, and revenue increased 10.2% year-over-year, reaching $1.35 billion.
• The company announced a quarterly dividend increase to $0.60 per share, with the upcoming payout representing a yield of 0.8% and reflecting a positive change from its previous dividend of $0.53.

Martin Currie Ltd. lifted its position in ResMed Inc. (NYSE:RMD - Free Report) by 22.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 140,934 shares of the medical equipment provider's stock after buying an additional 26,053 shares during the quarter. ResMed comprises approximately 1.3% of Martin Currie Ltd.'s holdings, making the stock its 27th largest position. Martin Currie Ltd. owned 0.10% of ResMed worth $31,548,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Global X Japan Co. Ltd. raised its stake in ResMed by 121.4% during the 1st quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock valued at $28,000 after purchasing an additional 68 shares during the last quarter. Colonial Trust Co SC raised its stake in ResMed by 6,250.0% during the 4th quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock valued at $29,000 after purchasing an additional 125 shares during the last quarter. Optiver Holding B.V. acquired a new position in ResMed during the 4th quarter valued at $33,000. Golden State Wealth Management LLC raised its stake in 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 during the last quarter. Finally, Itau Unibanco Holding S.A. raised its stake in ResMed by 1,000.0% during the 4th quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider's stock valued at $38,000 after purchasing an additional 150 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

ResMed Price Performance

NYSE:RMD traded up $2.9890 during mid-day trading on Wednesday, reaching $289.0290. 812,492 shares of the company were exchanged, compared to its average volume of 1,154,322. The stock has a market cap of $42.32 billion, a PE ratio of 30.39, a PEG ratio of 1.92 and a beta of 0.77. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11. ResMed Inc. has a 12 month low of $199.92 and a 12 month high of $293.08. The company has a fifty day moving average of $266.30 and a 200 day moving average of $243.84.

ResMed (NYSE:RMD - Get Free Report) last issued its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.08. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The company's revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.08 EPS. On average, research analysts anticipate that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 14th will be given a $0.60 dividend. The ex-dividend date is Wednesday, August 13th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.8%. This is a positive change from ResMed's previous quarterly dividend of $0.53. ResMed's dividend payout ratio is 25.24%.

Analyst Upgrades and Downgrades

Several research firms recently commented on RMD. Royal Bank Of Canada upped their target price on shares of ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Piper Sandler upped their target price on shares of ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. UBS Group increased their price objective on shares of ResMed from $285.00 to $325.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Mizuho increased their price objective on shares of ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Finally, Morgan Stanley set a $286.00 price objective on shares of ResMed and gave the company an "overweight" rating in a research note on Tuesday, May 20th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, ResMed currently has an average rating of "Moderate Buy" and a consensus target price of $274.83.

Insiders Place Their Bets

In other ResMed news, Director Peter C. Farrell sold 945 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total transaction of $241,438.05. Following the sale, the director directly owned 68,273 shares in the company, valued at approximately $17,443,068.77. This trade represents a 1.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the firm's stock in a transaction that occurred 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 sale, the chief executive officer owned 455,503 shares in the company, valued at $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. In the last three months, insiders have sold 27,638 shares of company stock worth $7,311,177. Company insiders own 0.71% of the company's stock.

ResMed Company Profile

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.