OVERSEA CHINESE BANKING Corp Ltd lifted its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 17.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 54,495 shares of the medical equipment provider's stock after acquiring an additional 7,911 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in ResMed were worth $12,101,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its stake 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 worth $164,207,000 after purchasing an additional 730,510 shares during the last quarter. Invesco Ltd. lifted its position in shares of ResMed by 32.2% in the 4th quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider's stock worth $531,706,000 after purchasing an additional 566,046 shares during the period. Captrust Financial Advisors lifted its stake in shares of ResMed by 813.4% in the 4th quarter. Captrust Financial Advisors now owns 443,340 shares of the medical equipment provider's stock valued at $101,387,000 after purchasing an additional 394,803 shares during the period. AQR Capital Management LLC grew its holdings in ResMed by 133.6% in the fourth quarter. AQR Capital Management LLC now owns 625,054 shares of the medical equipment provider's stock worth $142,944,000 after purchasing an additional 357,466 shares during the period. Finally, Allianz Asset Management GmbH grew its holdings in shares of 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 buying an additional 350,245 shares during the last quarter. Institutional investors own 54.98% of the company's stock.
Wall Street Analyst Weigh In
RMD has been the subject of several analyst reports. JPMorgan Chase & Co. upped their price objective on ResMed from $286.00 to $290.00 and gave the stock an "overweight" rating in a research note on Thursday, April 24th. Royal Bank Of Canada boosted their target price on shares of ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a report on Friday. UBS Group raised their target price on shares of ResMed from $285.00 to $325.00 and gave the stock a "buy" rating in a report on Friday. Stifel Nicolaus boosted their target price on shares of ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a research note on Friday. Finally, Mizuho lifted their price objective on ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $274.83.
Read Our Latest Research Report on RMD
ResMed Trading Up 4.3%
Shares of NYSE RMD traded up $12.10 during midday trading on Monday, reaching $291.30. 1,581,283 shares of the stock were exchanged, compared to its average volume of 1,034,621. ResMed Inc. has a twelve month low of $199.92 and a twelve month high of $293.08. The company has a 50 day simple moving average of $256.59 and a 200 day simple moving average of $240.39. The stock has a market capitalization of $42.71 billion, a P/E ratio of 30.63, a PEG ratio of 1.72 and a beta of 0.77. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44.
ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.08. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The business had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.33 billion. During the same period in the previous year, the company earned $2.08 EPS. The company's revenue for the quarter was up 10.2% on a year-over-year basis. As a group, equities analysts expect that ResMed Inc. will post 9.47 earnings per share for the current year.
ResMed Increases Dividend
The firm also recently disclosed 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 is Wednesday, August 13th. This is a positive change from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 annualized dividend and a yield of 0.8%. ResMed's dividend payout ratio (DPR) is currently 22.29%.
Insiders Place Their Bets
In other ResMed news, Director Witte Jan De sold 2,000 shares of the firm's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total transaction of $486,940.00. Following the sale, the director directly owned 5,806 shares of the company's stock, valued at $1,413,586.82. This trade represents a 25.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $242.25, for a total transaction of $484,500.00. Following the sale, the director owned 71,218 shares of the company's stock, valued at approximately $17,252,560.50. This trade represents a 2.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,013 shares of company stock worth $7,238,913. 0.71% of the stock is owned by corporate insiders.
About ResMed
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Free Report)
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.
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