Martingale Asset Management L P Grows Stock Position in ResMed Inc. $RMD

Key Points

• Martingale Asset Management L P increased its stake in ResMed Inc. by 77.6%, holding shares valued at $3.51 million as of the latest reporting period.
• Several institutional investors significantly boosted their positions in ResMed during the first quarter, with GAMMA Investing LLC increasing its holdings by 23,982.6%.
• ResMed recently raised its quarterly dividend from $0.53 to $0.60, marking an annualized dividend of $2.40 and a dividend yield of 0.8%.

Martingale Asset Management L P increased its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 77.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,678 shares of the medical equipment provider's stock after purchasing an additional 6,851 shares during the period. Martingale Asset Management L P's holdings in ResMed were worth $3,510,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC raised its stake in 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 last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its position 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 worth $132,272,000 after buying an additional 544,311 shares in the last quarter. Captrust Financial Advisors grew its holdings in ResMed by 813.4% in the 4th 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 in the last quarter. AQR Capital Management LLC grew its holdings in ResMed by 133.6% in the 4th quarter. AQR Capital Management LLC now owns 625,054 shares of the medical equipment provider's stock valued at $142,944,000 after buying an additional 357,466 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its holdings in shares of ResMed by 334.0% in the first quarter. Allianz Asset Management GmbH now owns 455,124 shares of the medical equipment provider's stock valued at $101,880,000 after purchasing an additional 350,245 shares during the period. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RMD. Royal Bank Of Canada increased their price target 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. KeyCorp raised their target price on ResMed from $274.00 to $298.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Piper Sandler increased their price target on ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Wall Street Zen downgraded ResMed from a "buy" rating to a "hold" rating in a research report on Sunday, August 10th. Finally, UBS Group upped their target price on shares of ResMed from $285.00 to $325.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, ResMed presently has an average rating of "Moderate Buy" and a consensus target price of $274.83.

Insider Buying and Selling

In other news, Director John Hernandez sold 2,575 shares of the business's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $287.10, for a total value of $739,282.50. Following the transaction, the director owned 4,045 shares of the company's stock, valued at approximately $1,161,319.50. The trade was a 38.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the firm's stock in a transaction dated Thursday, August 7th. The shares were 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 owned 455,503 shares of the company's stock, valued at approximately $127,303,978.44. The trade was a 1.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,638 shares of company stock valued at $7,311,177 over the last quarter. 0.71% of the stock is currently owned by insiders.

ResMed Stock Up 1.8%

Shares of ResMed stock traded up $5.1380 on Friday, reaching $293.4780. 627,080 shares of the company were exchanged, compared to its average volume of 1,120,408. The stock's 50 day moving average price is $267.91 and its 200-day moving average price is $244.59. The company has a market cap of $42.97 billion, a P/E ratio of 30.86, a price-to-earnings-growth ratio of 1.97 and a beta of 0.77. ResMed Inc. has a 1-year low of $199.92 and a 1-year high of $293.81. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53.

ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.08. The business had revenue of $1.35 billion during the quarter, compared to analysts' expectations 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 period in the previous year, the company earned $2.08 EPS. As a group, equities analysts forecast that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Increases Dividend

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

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.