National Bank of Canada FI Raises Stock Position in ResMed Inc. (NYSE:RMD)

Key Points

• National Bank of Canada FI significantly increased its holdings in ResMed Inc. by 135.0%, owning approximately 0.06% of the company worth about $20 million as of the end of the 1st quarter.
• Multiple analysts raised their price targets for ResMed, with estimates ranging up to $325.00, indicating strong growth expectations for the stock.
• ResMed plans to increase its quarterly dividend to $0.60 per share, reflecting positive financial results with a 10.2% year-over-year revenue increase.

National Bank of Canada FI grew its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 135.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 89,574 shares of the medical equipment provider's stock after purchasing an additional 51,453 shares during the quarter. National Bank of Canada FI owned approximately 0.06% of ResMed worth $20,052,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Global X Japan Co. Ltd. increased its holdings in shares of 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 in the last quarter. Colonial Trust Co SC grew its stake in ResMed by 6,250.0% in the 4th quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock valued at $29,000 after acquiring an additional 125 shares during the period. Optiver Holding B.V. acquired a new stake in ResMed in the 4th quarter valued at $33,000. Golden State Wealth Management LLC grew its stake in ResMed by 384.8% in the 1st quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock valued at $36,000 after acquiring an additional 127 shares during the period. Finally, Itau Unibanco Holding S.A. grew its stake in ResMed by 1,000.0% in the 4th quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider's stock valued at $38,000 after acquiring an additional 150 shares during the period. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Trading Down 0.4%

Shares of NYSE RMD traded down $1.25 during trading on Friday, hitting $283.47. 187,824 shares of the company were exchanged, compared to its average volume of 997,635. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $293.08. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. The company has a fifty day moving average price of $263.52 and a 200-day moving average price of $242.81. The firm has a market capitalization of $41.50 billion, a PE ratio of 29.83, a P/E/G ratio of 1.94 and a beta of 0.77.

ResMed (NYSE:RMD - Get Free Report) last posted its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, beating analysts' consensus estimates of $2.47 by $0.08. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The company had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $1.33 billion. During the same quarter in the prior year, the company posted $2.08 earnings per share. ResMed's revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, equities research analysts expect that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th will be given a $0.60 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This is an increase from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a yield of 0.8%. ResMed's dividend payout ratio is currently 22.29%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Wall Street Zen cut shares of ResMed from a "buy" rating to a "hold" rating in a research note on Sunday, August 10th. Stifel Nicolaus lifted their price target on shares of ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a research note on Friday, August 1st. William Blair raised shares of ResMed to a "strong-buy" rating in a research note on Friday, August 1st. JPMorgan Chase & Co. lifted their price target on shares of ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a research note on Thursday, April 24th. Finally, Piper Sandler lifted their price target 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. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $274.83.

Insider Buying and Selling at ResMed

In other ResMed news, Director Peter C. Farrell sold 945 shares of the company's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total value of $241,438.05. Following the transaction, the director owned 68,273 shares of the company's stock, valued at $17,443,068.77. This represents a 1.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the company'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 transaction, the chief executive officer directly owned 455,503 shares in the company, valued at $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 27,063 shares of company stock valued at $7,058,835 over the last 90 days. 0.71% of the stock is owned by insiders.

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.