ResMed Inc. (NYSE:RMD) Shares Acquired by Prudential PLC

Key Points

• Prudential PLC has significantly increased its stake in ResMed Inc. by 198.6%, now holding 56,712 shares valued at approximately $12.7 million.
• ResMed recently reported quarterly earnings with EPS of $2.55, exceeding expectations, and announced a dividend increase to $0.60 per share, reflecting strong financial performance.
• Research analysts have upgraded their target prices for ResMed, with estimates ranging from $270 to $325, indicating a generally favorable outlook for the stock.

Prudential PLC grew its position in ResMed Inc. (NYSE:RMD - Free Report) by 198.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 56,712 shares of the medical equipment provider's stock after acquiring an additional 37,717 shares during the period. Prudential PLC's holdings in ResMed were worth $12,695,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of RMD. Federated Hermes Inc. raised its position in shares of ResMed by 47.3% in the fourth quarter. Federated Hermes Inc. now owns 1,137 shares of the medical equipment provider's stock worth $260,000 after acquiring an additional 365 shares during the period. Sterling Capital Management LLC raised its position in shares of ResMed by 45.0% during the 4th quarter. Sterling Capital Management LLC now owns 6,923 shares of the medical equipment provider's stock worth $1,583,000 after purchasing an additional 2,150 shares during the last quarter. Sagespring Wealth Partners LLC acquired a new position in shares of ResMed during the 4th quarter worth about $350,000. Mariner LLC raised its position in shares of ResMed by 4.1% during the 4th quarter. Mariner LLC now owns 73,550 shares of the medical equipment provider's stock worth $16,821,000 after purchasing an additional 2,890 shares during the last quarter. Finally, XTX Topco Ltd raised its position in shares of ResMed by 51.1% during the 4th quarter. XTX Topco Ltd now owns 1,866 shares of the medical equipment provider's stock worth $427,000 after purchasing an additional 631 shares during the last quarter. Institutional investors and hedge funds own 54.98% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of ResMed from $286.00 to $290.00 and gave the stock an "overweight" rating in a research report on Thursday, April 24th. Morgan Stanley set a $286.00 price target on shares of ResMed and gave the stock an "overweight" rating in a research report on Tuesday, May 20th. Wall Street Zen downgraded shares of ResMed from a "buy" rating to a "hold" rating in a research report on Sunday, August 10th. KeyCorp increased their price objective on shares of ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Finally, Piper Sandler increased their price objective on shares of ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a report on Friday, August 1st. One research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $274.83.

Insiders Place Their Bets

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 455,503 shares in the company, valued at $127,303,978.44. This represents a 1.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Peter C. Farrell sold 945 shares of the stock in a transaction that occurred 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 sale, the director owned 68,273 shares in the company, valued at approximately $17,443,068.77. This trade represents a 1.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 27,063 shares of company stock worth $7,058,835 in the last ninety days. 0.71% of the stock is owned by corporate insiders.

ResMed Trading Up 0.0%

Shares of NYSE:RMD traded up $0.10 during mid-day trading on Friday, reaching $284.82. 1,014,567 shares of the company were exchanged, compared to its average volume of 1,182,802. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. The firm has a market cap of $41.70 billion, a price-to-earnings ratio of 29.95, a P/E/G ratio of 1.91 and a beta of 0.77. The firm's 50-day simple moving average is $264.17 and its 200 day simple moving average is $243.05. ResMed Inc. has a 1 year low of $199.92 and a 1 year high of $293.08.

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

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th will be issued a dividend of $0.60 per share. This is a boost from ResMed's previous quarterly dividend of $0.53. The ex-dividend date 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 (DPR) is currently 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.