QRG Capital Management Inc. Has $5.39 Million Stock Holdings in ResMed Inc. $RMD

Key Points

• QRG Capital Management increased its stake in ResMed by 31.6% during Q4, now holding 22,360 shares worth about $5.39 million.
• Wall Street sentiment is broadly positive with a consensus rating of "Moderate Buy" and an average price target of $286.18, despite mixed recent target revisions from analysts.
• ResMed beat quarterly expectations (EPS $2.86 vs. $2.79; revenue $1.43B, up 10.8% YoY) and declared a quarterly dividend of $0.60 (annualized $2.40, ~1.1% yield).

QRG Capital Management Inc. increased its position in ResMed Inc. (NYSE:RMD - Free Report) by 31.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,360 shares of the medical equipment provider's stock after purchasing an additional 5,363 shares during the period. QRG Capital Management Inc.'s holdings in ResMed were worth $5,386,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Jones Financial Companies Lllp increased its position in shares of ResMed by 52.6% during the 1st quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider's stock valued at $645,000 after purchasing an additional 994 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in ResMed during the second quarter worth about $389,000. Brown Advisory Inc. raised its position in ResMed by 17.8% in the second quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider's stock worth $409,000 after acquiring an additional 240 shares during the period. Cresset Asset Management LLC purchased a new position in ResMed in the second quarter valued at about $206,000. Finally, Alliancebernstein L.P. grew its position in shares of ResMed by 24.2% during the 2nd quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider's stock valued at $73,808,000 after acquiring an additional 55,790 shares during the period. Institutional investors and hedge funds own 54.98% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Wells Fargo & Company dropped their price objective on ResMed from $270.00 to $227.00 and set an "equal weight" rating on the stock in a research note on Friday, May 1st. Evercore set a $255.00 price target on ResMed and gave the company an "outperform" rating in a research report on Monday, April 13th. Royal Bank Of Canada lifted their price objective on ResMed from $314.00 to $321.00 and gave the stock an "outperform" rating in a report on Friday, May 1st. JPMorgan Chase & Co. began coverage on shares of ResMed in a report on Wednesday, April 15th. They set an "overweight" rating on the stock. Finally, Citigroup reduced their target price on shares of ResMed from $345.00 to $340.00 and set a "buy" rating for the company in a research note on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $286.18.

Insiders Place Their Bets

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the firm's stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $225.50, for a total value of $1,125,470.50. Following the sale, the chief executive officer owned 466,223 shares of the company's stock, valued at $105,133,286.50. This trade represents a 1.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 2,000 shares of the business's stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total value of $450,000.00. The disclosure for this sale is available in the SEC filing. Insiders sold 18,973 shares of company stock worth $4,715,237 in the last quarter. 0.65% of the stock is currently owned by company insiders.

ResMed Trading Up 1.0%

Shares of RMD opened at $209.88 on Thursday. ResMed Inc. has a twelve month low of $198.64 and a twelve month high of $293.81. The stock has a market cap of $30.58 billion, a PE ratio of 20.24, a P/E/G ratio of 1.32 and a beta of 0.84. The company has a quick ratio of 2.33, a current ratio of 3.01 and a debt-to-equity ratio of 0.06. The business's 50-day moving average price is $231.31 and its 200-day moving average price is $245.48.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, beating the consensus estimate of $2.79 by $0.07. ResMed had a net margin of 27.44% and a return on equity of 25.35%. The company had revenue of $1.43 billion during the quarter, compared to analysts' expectations of $1.42 billion. During the same quarter in the previous year, the company earned $2.37 earnings per share. ResMed's revenue for the quarter was up 10.8% on a year-over-year basis. On average, equities analysts forecast that ResMed Inc. will post 11.13 EPS for the current fiscal year.

ResMed Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Thursday, May 14th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Thursday, May 14th. This represents a $2.40 annualized dividend and a dividend yield of 1.1%. ResMed's dividend payout ratio is presently 23.14%.

About ResMed

ResMed NYSE: RMD is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed's product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.

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