Mirae Asset Global Investments Co. Ltd. Boosts Position in ResMed Inc. $RMD

Key Points

• Mirae Asset Global Investments raised its stake in ResMed by 23.6% during Q4 to 23,810 shares (an increase of 4,541 shares) worth $5.735 million.
• Other large institutions also increased holdings—most notably Nordea, which added 294,124 shares to hold 1,084,996 shares (~$262.0M)—and institutional investors now own 54.98% of the company.
• ResMed recently beat quarterly expectations with $2.81 EPS (vs. $2.68 est.) and $1.42B revenue (up 11% YoY); the company has a market cap of $32.92B, a P/E of 22.35, pays a $0.60 quarterly dividend (1.1% yield), and carries a consensus analyst rating of Moderate Buy (target $295.17).

Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of ResMed Inc. (NYSE:RMD - Free Report) by 23.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 23,810 shares of the medical equipment provider's stock after buying an additional 4,541 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in ResMed were worth $5,735,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Landscape Capital Management L.L.C. increased its stake in shares of ResMed by 123.2% during the third quarter. Landscape Capital Management L.L.C. now owns 49,017 shares of the medical equipment provider's stock valued at $13,417,000 after buying an additional 27,060 shares during the period. Nordea Investment Management AB increased its stake in shares of ResMed by 37.2% during the fourth quarter. Nordea Investment Management AB now owns 1,084,996 shares of the medical equipment provider's stock valued at $262,027,000 after buying an additional 294,124 shares during the period. Allianz Asset Management GmbH increased its stake in shares of ResMed by 44.8% during the third quarter. Allianz Asset Management GmbH now owns 357,421 shares of the medical equipment provider's stock valued at $97,837,000 after buying an additional 110,647 shares during the period. WCM Investment Management LLC purchased a new position in shares of ResMed during the third quarter valued at approximately $3,110,000. Finally, Russell Investments Group Ltd. increased its stake in shares of ResMed by 20.2% during the third quarter. Russell Investments Group Ltd. now owns 112,755 shares of the medical equipment provider's stock valued at $30,847,000 after buying an additional 18,966 shares during the period. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Trading Down 0.9%

NYSE RMD opened at $226.00 on Tuesday. The company has a quick ratio of 2.32, a current ratio of 3.06 and a debt-to-equity ratio of 0.06. ResMed Inc. has a twelve month low of $209.31 and a twelve month high of $293.81. The firm has a market capitalization of $32.92 billion, a PE ratio of 22.35, a P/E/G ratio of 1.50 and a beta of 0.93. The stock's 50 day moving average is $239.29 and its 200 day moving average is $249.66.

ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings results on Friday, January 30th. The medical equipment provider reported $2.81 earnings per share for the quarter, beating the consensus estimate of $2.68 by $0.13. ResMed had a return on equity of 25.20% and a net margin of 27.53%.The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period in the previous year, the company posted $2.43 earnings per share. The firm's revenue was up 11.0% on a year-over-year basis. Research analysts forecast that ResMed Inc. will post 11.04 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Thursday, February 12th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Thursday, February 12th. ResMed's payout ratio is 23.74%.

Insider Buying and Selling at ResMed

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of the business's stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total value of $450,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael J. Farrell sold 4,991 shares of the business's stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of $225.50, for a total value of $1,125,470.50. Following the completion of the sale, the chief executive officer directly owned 466,223 shares in the company, valued at $105,133,286.50. This trade represents a 1.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 21,023 shares of company stock worth $5,230,857 over the last three months. Corporate insiders own 0.65% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RMD. KeyCorp reissued an "overweight" rating and set a $302.00 target price on shares of ResMed in a research note on Friday, January 30th. 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 research report on Friday, January 30th. JPMorgan Chase & Co. initiated coverage on ResMed in a research report on Wednesday, April 15th. They set an "overweight" rating on the stock. Evercore set a $255.00 price target on ResMed and gave the company an "outperform" rating in a research report on Monday, April 13th. Finally, Wells Fargo & Company lifted their price target on ResMed from $265.00 to $270.00 and gave the company an "equal weight" rating in a research report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $295.17.

ResMed Company 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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