Mediolanum International Funds Ltd Purchases 14,985 Shares of ResMed Inc. (NYSE:RMD)

Key Points

• Mediolanum International Funds Ltd increased its stake in ResMed Inc. by 48.3%, owning 45,997 shares valued at approximately $10.1 million.
• ResMed's shares opened at $275.29 with a market cap of $40.36 billion, having seen a 7.9% year-over-year revenue increase in its latest quarterly earnings.
• Analysts have a consensus rating of "Moderate Buy" for ResMed, with a target price of $263.00, and various brokerages have recently set updated price targets between $274.00 and $290.00.

Mediolanum International Funds Ltd lifted its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 48.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,997 shares of the medical equipment provider's stock after purchasing an additional 14,985 shares during the quarter. Mediolanum International Funds Ltd's holdings in ResMed were worth $10,117,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in RMD. Global X Japan Co. Ltd. raised its position in ResMed by 121.4% during the first quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock worth $28,000 after acquiring an additional 68 shares in the last quarter. Colonial Trust Co SC grew its stake in ResMed by 6,250.0% during the fourth quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock worth $29,000 after buying an additional 125 shares in the last quarter. Optiver Holding B.V. acquired a new stake in ResMed during the fourth quarter worth about $33,000. Golden State Wealth Management LLC grew its stake in ResMed by 384.8% during the first quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock worth $36,000 after buying an additional 127 shares in the last quarter. Finally, Itau Unibanco Holding S.A. lifted its holdings in shares of ResMed by 1,000.0% in the fourth quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider's stock worth $38,000 after acquiring an additional 150 shares during the last quarter. Institutional investors own 54.98% of the company's stock.

Insider Transactions at ResMed

In related news, Director Peter C. Farrell sold 945 shares of the company's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total transaction of $241,438.05. Following the completion of the sale, the director directly owned 68,273 shares in the company, valued at $17,443,068.77. This represents a 1.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the company's stock in a transaction on Monday, July 7th. The stock was sold at an average price of $256.72, for a total transaction of $2,056,070.48. Following the completion of the transaction, the chief executive officer owned 455,503 shares of the company's stock, valued at $116,936,730.16. This trade represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,013 shares of company stock worth $7,238,913. 0.71% of the stock is currently owned by insiders.

ResMed Price Performance

NYSE:RMD traded down $0.73 during mid-day trading on Wednesday, hitting $276.97. 606,656 shares of the stock traded hands, compared to its average volume of 980,181. The company has a quick ratio of 2.49, a current ratio of 3.41 and a debt-to-equity ratio of 0.12. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $278.10. The company has a market cap of $40.61 billion, a PE ratio of 31.09, a price-to-earnings-growth ratio of 1.70 and a beta of 0.77. The business's 50-day moving average price is $254.71 and its 200 day moving average price is $239.43.

Analysts Set New Price Targets

A number of research firms have recently commented on RMD. Mizuho increased their target price on shares of ResMed from $250.00 to $270.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. KeyCorp set a $274.00 price objective on shares of ResMed in a research note on Thursday, April 24th. Piper Sandler lowered their price objective on shares of ResMed from $260.00 to $248.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. Wall Street Zen lowered shares of ResMed from a "buy" rating to a "hold" rating in a research note on Saturday, May 24th. Finally, Morgan Stanley set a $286.00 price target on shares of 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 one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $263.00.

ResMed Company 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.