Novem Group Increases Stake in ResMed Inc. (NYSE:RMD)

Novem Group raised its position in ResMed Inc. (NYSE:RMD - Free Report) by 32.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,705 shares of the medical equipment provider's stock after buying an additional 1,152 shares during the period. Novem Group's holdings in ResMed were worth $1,053,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Global X Japan Co. Ltd. lifted its holdings in ResMed by 121.4% during the 1st quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock worth $28,000 after buying an additional 68 shares in the last quarter. Colonial Trust Co SC lifted its holdings in shares of 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 buying an additional 125 shares during the period. Optiver Holding B.V. acquired a new position in ResMed during the fourth quarter worth about $33,000. Golden State Wealth Management LLC lifted its position in shares of ResMed by 384.8% during 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 last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ResMed

In related news, CEO Michael J. Farrell sold 8,009 shares of the business's stock in a transaction on Monday, April 7th. The stock was sold at an average price of $209.85, for a total transaction of $1,680,688.65. Following the transaction, the chief executive officer directly owned 455,472 shares in the company, valued at $95,580,799.20. The trade was a 1.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Peter C. Farrell sold 2,000 shares of the business's stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $242.25, for a total value of $484,500.00. Following the sale, the director owned 71,218 shares in the company, valued at approximately $17,252,560.50. The trade was a 2.73% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 29,013 shares of company stock valued at $6,863,532. Insiders own 0.71% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Mizuho set a $265.00 price objective on shares of ResMed in a research note on Wednesday, April 16th. JPMorgan Chase & Co. boosted their price target on shares of ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a report on Thursday, April 24th. Piper Sandler cut their price objective on shares of ResMed from $260.00 to $248.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. Wall Street Zen downgraded ResMed from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Finally, Citigroup raised shares of ResMed from a "neutral" rating to a "buy" rating in a research report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $259.33.

ResMed Price Performance

NYSE:RMD traded up $1.08 during mid-day trading on Thursday, hitting $256.96. 391,893 shares of the stock traded hands, compared to its average volume of 969,821. The business's 50-day moving average price is $247.59 and its 200 day moving average price is $235.70. ResMed Inc. has a 12-month low of $188.56 and a 12-month high of $263.05. The company has a market cap of $37.68 billion, a PE ratio of 28.18, a price-to-earnings-growth ratio of 1.60 and a beta of 0.77. The company has a quick ratio of 2.49, a current ratio of 3.41 and a debt-to-equity ratio of 0.12.

ResMed (NYSE:RMD - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.01. The firm had revenue of $1.29 billion for the quarter, compared to analysts' expectations of $1.28 billion. ResMed had a return on equity of 25.67% and a net margin of 26.15%. The business's revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.13 earnings per share. On average, analysts expect that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Thursday, May 8th were paid a $0.53 dividend. The ex-dividend date was Thursday, May 8th. This represents a $2.12 dividend on an annualized basis and a yield of 0.83%. 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.