ResMed Inc. $RMD Shares Bought by Northern Trust Corp

Key Points

• Northern Trust Corp increased its stake in ResMed Inc. by 2.5%, owning 1,744,541 shares valued at approximately $390.5 million as of its latest SEC filing.
• ResMed recently declared a quarterly dividend of $0.60 per share, an increase from the previous $0.53, highlighting the company's ongoing commitment to returning value to shareholders.
• A mix of analysts maintain a "Moderate Buy" consensus rating for ResMed, with price targets ranging up to $325.00 following recent reports and earnings that exceeded expectations.

Northern Trust Corp grew its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 2.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,744,541 shares of the medical equipment provider's stock after buying an additional 41,951 shares during the period. Northern Trust Corp owned approximately 1.19% of ResMed worth $390,516,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of RMD. GAMMA Investing LLC increased its position in ResMed by 23,982.6% during the first quarter. GAMMA Investing LLC now owns 733,556 shares of the medical equipment provider's stock valued at $164,207,000 after acquiring an additional 730,510 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased 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 valued at $132,272,000 after acquiring an additional 544,311 shares during the last quarter. Captrust Financial Advisors increased its position in ResMed by 813.4% during the fourth quarter. Captrust Financial Advisors now owns 443,340 shares of the medical equipment provider's stock valued at $101,387,000 after acquiring an additional 394,803 shares during the last quarter. AQR Capital Management LLC increased its position in ResMed by 133.6% during the fourth quarter. AQR Capital Management LLC now owns 625,054 shares of the medical equipment provider's stock valued at $142,944,000 after acquiring an additional 357,466 shares during the last quarter. Finally, Allianz Asset Management GmbH increased its position in ResMed by 334.0% during 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 acquiring an additional 350,245 shares during the last quarter. Institutional investors own 54.98% of the company's stock.

ResMed Stock Up 1.8%

NYSE RMD traded up $5.1380 on Friday, reaching $293.4780. 627,080 shares of the stock traded hands, compared to its average volume of 1,142,254. 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 $267.91 and a 200-day moving average price of $244.52. The company has a market cap of $42.97 billion, a price-to-earnings ratio of 30.86, a PEG ratio of 1.94 and a beta of 0.77. ResMed Inc. has a 12 month low of $199.92 and a 12 month high of $293.81.

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 for the quarter, beating analysts' consensus estimates of $2.47 by $0.08. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.ResMed's revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.08 EPS. As a group, research analysts forecast that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The company 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 dividend of $0.60 per share. This is a boost from ResMed's previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $2.40 dividend on an annualized basis and a yield of 0.8%. ResMed's dividend payout ratio is presently 25.24%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on RMD. Morgan Stanley set a $286.00 price objective on shares of ResMed and gave the company an "overweight" rating in a research report on Tuesday, May 20th. Piper Sandler boosted their price objective on shares of ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Mizuho increased their target price on ResMed from $270.00 to $290.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. JPMorgan Chase & Co. increased their target price on ResMed from $286.00 to $290.00 and gave the stock an "overweight" rating in a research note on Thursday, April 24th. Finally, Royal Bank Of Canada increased their target price on ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus 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 on Wednesday, July 2nd. The stock was sold at an average price of $255.49, for a total transaction of $241,438.05. Following the completion of the sale, the director owned 68,273 shares in the company, 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 Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael J. Farrell sold 8,009 shares of the company's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $279.48, for a total value of $2,238,355.32. Following the sale, the chief executive officer owned 455,503 shares of the company's stock, valued at approximately $127,303,978.44. This represents a 1.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,638 shares of company stock valued at $7,311,177 in the last ninety days. Corporate 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.