Qtron Investments LLC Buys Shares of 2,882 ResMed Inc. $RMD

Key Points

• Qtron Investments LLC acquired 2,882 shares of ResMed Inc., valued at approximately $645,000, as part of a new investment in the medical equipment provider during the first quarter.
• ResMed reported earnings of $2.55 per share for the last quarter, exceeding analysts' expectations, and saw a revenue increase of 10.2% year-over-year.
• The company announced a quarterly dividend increase to $0.60, reflecting a positive change from the previous dividend of $0.53, with an ex-dividend date of August 13th.

Qtron Investments LLC purchased a new position in ResMed Inc. (NYSE:RMD - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 2,882 shares of the medical equipment provider's stock, valued at approximately $645,000.

A number of other hedge funds have also recently added to or reduced their stakes in RMD. Aviso Financial Inc. grew its position in ResMed by 2.5% during the first quarter. Aviso Financial Inc. now owns 189,218 shares of the medical equipment provider's stock worth $42,356,000 after buying an additional 4,630 shares in the last quarter. Northern Trust Corp boosted its position in ResMed by 2.5% in the first quarter. Northern Trust Corp now owns 1,744,541 shares of the medical equipment provider's stock valued at $390,516,000 after buying an additional 41,951 shares in the last quarter. Brooklyn Investment Group boosted its holdings in shares of ResMed by 19.9% in the 1st quarter. Brooklyn Investment Group now owns 1,092 shares of the medical equipment provider's stock worth $244,000 after acquiring an additional 181 shares in the last quarter. Northwest & Ethical Investments L.P. boosted its stake in ResMed by 42.0% in the first quarter. Northwest & Ethical Investments L.P. now owns 18,777 shares of the medical equipment provider's stock worth $4,203,000 after purchasing an additional 5,551 shares in the last quarter. Finally, Raymond James Financial Inc. lifted its position in shares of ResMed by 2.6% during the first quarter. Raymond James Financial Inc. now owns 42,870 shares of the medical equipment provider's stock worth $9,597,000 after purchasing an additional 1,075 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company's stock.

ResMed Stock Up 0.4%

Shares of ResMed stock opened at $286.17 on Tuesday. ResMed Inc. has a one year low of $199.92 and a one year high of $293.08. 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 stock's 50-day moving average is $264.88 and its 200 day moving average is $243.23. The firm has a market cap of $41.90 billion, a price-to-earnings ratio of 30.09, a PEG ratio of 1.91 and a beta of 0.77.

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

ResMed Increases Dividend

The business 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. 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%. The ex-dividend date of this dividend is Wednesday, August 13th. ResMed's payout ratio is presently 25.24%.

Insider Activity

In related news, Director Peter C. Farrell sold 945 shares of ResMed stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total value of $241,438.05. Following the sale, the director owned 68,273 shares of the company's stock, valued at approximately $17,443,068.77. The trade was a 1.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the business's 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 completion of the sale, the chief executive officer directly owned 455,503 shares in the company, valued at approximately $127,303,978.44. This trade represents a 1.73% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,063 shares of company stock worth $6,571,895. Insiders own 0.71% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. William Blair upgraded shares of ResMed to a "strong-buy" rating in a research report on Friday, August 1st. Stifel Nicolaus raised their target price on shares of ResMed from $240.00 to $270.00 and gave the stock a "hold" rating in a report on Friday, August 1st. Mizuho boosted their target price on ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Piper Sandler upped their target price on ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Finally, Morgan Stanley set a $286.00 price objective on ResMed and gave the company an "overweight" rating in a research note on Tuesday, May 20th. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, ResMed has a consensus rating of "Moderate Buy" and an average target price of $274.83.

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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