Mawer Investment Management Ltd. Sells 6,763 Shares of ResMed Inc. (NYSE:RMD)

Key Points

• Mawer Investment Management Ltd. reduced its position in ResMed Inc. by 7.7%, now owning approximately 80,680 shares worth $18.06 million as of the end of the first quarter.
• Several institutional investors have increased their stakes in ResMed, with CVA Family Office LLC raising its stake by 29.8%, indicating continued interest from major investors.
• ResMed stock is rated as a "Moderate Buy" by analysts, with a consensus price target of $263.00, reflecting positive outlook despite mixed price objectives from different firms.

Mawer Investment Management Ltd. cut its stake in ResMed Inc. (NYSE:RMD - Free Report) by 7.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 80,680 shares of the medical equipment provider's stock after selling 6,763 shares during the quarter. Mawer Investment Management Ltd. owned approximately 0.06% of ResMed worth $18,060,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ballentine Partners LLC raised its holdings in ResMed by 6.3% in the 1st quarter. Ballentine Partners LLC now owns 1,782 shares of the medical equipment provider's stock valued at $399,000 after acquiring an additional 105 shares during the last quarter. Golden State Wealth Management LLC grew its stake in shares of ResMed by 384.8% in the first quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock worth $36,000 after acquiring an additional 127 shares in the last quarter. Exchange Traded Concepts LLC grew its stake in shares of ResMed by 393.0% in the first quarter. Exchange Traded Concepts LLC now owns 2,529 shares of the medical equipment provider's stock worth $566,000 after acquiring an additional 2,016 shares in the last quarter. MML Investors Services LLC grew its stake in shares of ResMed by 31.9% in the fourth quarter. MML Investors Services LLC now owns 11,468 shares of the medical equipment provider's stock worth $2,623,000 after acquiring an additional 2,771 shares in the last quarter. Finally, Private Advisor Group LLC lifted its position in shares of ResMed by 18.3% during the 1st quarter. Private Advisor Group LLC now owns 3,244 shares of the medical equipment provider's stock worth $726,000 after purchasing an additional 501 shares during the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RMD has been the subject of a number of research reports. Stifel Nicolaus boosted their price target on shares of ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a research report on Friday. JPMorgan Chase & Co. boosted their price target on shares of ResMed from $286.00 to $290.00 and gave the stock an "overweight" rating in a research note on Thursday, April 24th. UBS Group upped their target price on shares of ResMed from $285.00 to $325.00 and gave the stock a "buy" rating in a research report on Friday. Mizuho upped their target price on shares of ResMed from $270.00 to $290.00 and gave the stock an "outperform" rating in a research report on Friday. Finally, 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 report on Friday. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $274.83.

Insider Activity at ResMed

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $256.72, for a total value of $2,056,070.48. Following the completion of the sale, the chief executive officer directly owned 455,503 shares in the company, valued at $116,936,730.16. The trade was a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of the business's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $242.25, for a total transaction of $484,500.00. Following the completion of the sale, the director owned 71,218 shares of the company's stock, valued at $17,252,560.50. The trade was a 2.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,013 shares of company stock valued at $7,238,913. Corporate insiders own 0.71% of the company's stock.

ResMed Stock Performance

Shares of NYSE RMD traded up $6.34 during midday trading on Friday, hitting $278.28. The company's stock had a trading volume of 1,219,081 shares, compared to its average volume of 992,647. The firm has a market cap of $40.80 billion, a P/E ratio of 31.24, a P/E/G ratio of 1.72 and a beta of 0.77. The firm's fifty day moving average price is $255.87 and its 200-day moving average price is $239.97. ResMed Inc. has a 1-year low of $199.92 and a 1-year high of $281.90. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.49 and a current ratio of 3.41.

ResMed (NYSE:RMD - Get Free Report) last released its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, topping analysts' consensus estimates of $2.47 by $0.08. ResMed had a net margin of 26.15% and a return on equity of 25.67%. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the previous year, the firm earned $2.08 EPS. The business's revenue for the quarter was up 10.2% on a year-over-year basis. On average, sell-side analysts forecast that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 14th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Wednesday, August 13th. This is a boost from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a yield of 0.9%. ResMed's payout ratio is presently 23.79%.

ResMed 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.