Oxbow Advisors LLC Grows Stock Holdings in ResMed Inc. $RMD

Key Points

• Oxbow Advisors LLC increased its holdings in ResMed Inc. by 116.8% during the second quarter, now owning 27,286 shares valued at approximately $7.04 million.
• Additional hedge funds like ICW Investment Advisors LLC and Johnson Investment Counsel Inc. also adjusted their positions in ResMed, contributing to an overall institutional ownership of 54.98%.
• ResMed recently increased its quarterly dividend to $0.60, up from $0.53, reflecting a positive change in its annualized dividend yield to 0.9%.

Oxbow Advisors LLC grew its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 116.8% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,286 shares of the medical equipment provider's stock after buying an additional 14,701 shares during the period. ResMed makes up 0.8% of Oxbow Advisors LLC's portfolio, making the stock its 28th largest holding. Oxbow Advisors LLC's holdings in ResMed were worth $7,040,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in RMD. ICW Investment Advisors LLC grew its position in shares of ResMed by 0.4% in the first quarter. ICW Investment Advisors LLC now owns 11,394 shares of the medical equipment provider's stock valued at $2,551,000 after purchasing an additional 41 shares during the period. Johnson Investment Counsel Inc. grew its holdings in shares of ResMed by 2.8% during the second quarter. Johnson Investment Counsel Inc. now owns 1,665 shares of the medical equipment provider's stock worth $430,000 after buying an additional 45 shares in the last quarter. Smartleaf Asset Management LLC raised its position in shares of ResMed by 3.9% in the first quarter. Smartleaf Asset Management LLC now owns 1,222 shares of the medical equipment provider's stock valued at $269,000 after buying an additional 46 shares during the last quarter. E Fund Management Co. Ltd. boosted its holdings in shares of ResMed by 2.8% during the 1st quarter. E Fund Management Co. Ltd. now owns 1,719 shares of the medical equipment provider's stock worth $385,000 after purchasing an additional 47 shares during the last quarter. Finally, V Square Quantitative Management LLC boosted its holdings in ResMed by 3.0% in the 2nd quarter. V Square Quantitative Management LLC now owns 1,747 shares of the medical equipment provider's stock valued at $451,000 after purchasing an additional 51 shares during the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at ResMed

In related news, General Counsel Michael J. Rider sold 100 shares of the company's stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total value of $27,436.00. Following the sale, the general counsel directly owned 11,327 shares of the company's stock, valued at $3,107,675.72. This represents a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $282.85, for a total transaction of $2,265,345.65. Following the completion of the transaction, the chief executive officer directly owned 467,792 shares of the company's stock, valued at approximately $132,314,967.20. This represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,743 shares of company stock worth $5,284,514. Company insiders own 0.65% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Piper Sandler raised their price objective on ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Weiss Ratings reiterated a "buy (b-)" rating on shares of ResMed in a report on Wednesday, October 8th. Citigroup began coverage on shares of ResMed in a report on Thursday, September 18th. They set a "buy" rating and a $330.00 target price on the stock. Royal Bank Of Canada upped their price objective on ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Finally, William Blair upgraded shares of ResMed to a "strong-buy" rating in a report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $292.91.

ResMed Trading Up 0.1%

Shares of ResMed stock opened at $270.05 on Friday. The company has a 50-day moving average of $277.46 and a two-hundred day moving average of $256.81. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $293.81. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11. The stock has a market cap of $39.41 billion, a PE ratio of 28.40, a price-to-earnings-growth ratio of 1.80 and a beta of 0.83.

ResMed (NYSE:RMD - Get Free Report) last posted its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.08. The company had revenue of $1.35 billion for 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% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.08 earnings per share. On average, research analysts anticipate that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th were issued a $0.60 dividend. This is a positive change from ResMed's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, August 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. ResMed's dividend payout ratio (DPR) is 25.24%.

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.

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