Resona Asset Management Co. Ltd. Has $10.32 Million Position in ResMed Inc. (NYSE:RMD)

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in ResMed Inc. by 7.1% to a total of 46,232 shares, valued at approximately $10.32 million.
• ResMed's earnings report showed an EPS of $2.55, exceeding the consensus estimate of $2.47, with revenue of $1.35 billion, an increase of 10.2% year-over-year.
• The company announced a dividend increase to $0.60 per share, up from $0.53, with a payment date set for September 18th.

Resona Asset Management Co. Ltd. increased its position in ResMed Inc. (NYSE:RMD - Free Report) by 7.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 46,232 shares of the medical equipment provider's stock after purchasing an additional 3,082 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in ResMed were worth $10,322,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. HighTower Advisors LLC raised its stake in ResMed by 20.2% during the first quarter. HighTower Advisors LLC now owns 39,674 shares of the medical equipment provider's stock worth $8,881,000 after acquiring an additional 6,664 shares in the last quarter. Public Sector Pension Investment Board raised its stake in ResMed by 8.2% during the first quarter. Public Sector Pension Investment Board now owns 20,095 shares of the medical equipment provider's stock worth $4,498,000 after acquiring an additional 1,529 shares in the last quarter. Motley Fool Asset Management LLC raised its stake in ResMed by 9.7% during the first quarter. Motley Fool Asset Management LLC now owns 8,604 shares of the medical equipment provider's stock worth $1,926,000 after acquiring an additional 762 shares in the last quarter. Meridian Wealth Management LLC acquired a new position in ResMed during the first quarter worth $303,000. Finally, Nuveen LLC acquired a new position in ResMed during the first quarter worth $69,492,000. 54.98% of the stock is owned by institutional investors.

ResMed Stock Up 0.0%

Shares of NYSE:RMD traded up $0.10 during trading on Friday, hitting $284.82. 1,014,567 shares of the company's stock traded hands, compared to its average volume of 1,182,802. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $293.08. 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 company has a market cap of $41.70 billion, a price-to-earnings ratio of 29.95, a price-to-earnings-growth ratio of 1.91 and a beta of 0.77. The company has a 50-day moving average price of $264.17 and a 200-day moving average price of $242.98.

ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings data 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 business had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%. ResMed's revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.08 EPS. As a group, research analysts forecast that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th will be given a dividend of $0.60 per share. This is a positive change from ResMed's previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $2.40 annualized dividend and a dividend yield of 0.8%. ResMed's payout ratio is presently 25.24%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on RMD. Stifel Nicolaus raised their target price on ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a research note on Friday, August 1st. KeyCorp raised their target price on ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. William Blair upgraded ResMed to a "strong-buy" rating in a research note on Friday, August 1st. UBS Group raised their target price on ResMed from $285.00 to $325.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Finally, Morgan Stanley set a $286.00 target price on ResMed and gave the company an "overweight" rating in a research note on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, ResMed has an average rating of "Moderate Buy" and a consensus target price of $274.83.

Insiders Place Their Bets

In other ResMed news, Director Peter C. Farrell sold 945 shares of the business's 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 transaction, the director owned 68,273 shares of the company's stock, valued at $17,443,068.77. The trade was a 1.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $279.48, for a total value of $2,238,355.32. Following the transaction, the chief executive officer directly owned 455,503 shares in the company, valued at $127,303,978.44. This trade represents a 1.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,063 shares of company stock valued at $7,058,835 in the last 90 days. 0.71% of the stock is currently owned by insiders.

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.