LPL Financial LLC Grows Stock Position in ResMed Inc. (NYSE:RMD)

LPL Financial LLC increased its holdings in shares of ResMed Inc. (NYSE:RMD - Free Report) by 29.6% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 69,112 shares of the medical equipment provider's stock after purchasing an additional 15,770 shares during the period. LPL Financial LLC's holdings in ResMed were worth $15,471,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of RMD. Invesco Ltd. grew its stake in ResMed by 32.2% in the 4th quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider's stock valued at $531,706,000 after buying an additional 566,046 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of ResMed by 20.6% during the fourth quarter. Northern Trust Corp now owns 1,702,590 shares of the medical equipment provider's stock worth $389,365,000 after acquiring an additional 290,664 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of ResMed by 28.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 954,612 shares of the medical equipment provider's stock worth $218,310,000 after acquiring an additional 212,201 shares during the period. Los Angeles Capital Management LLC grew its position in shares of ResMed by 15.6% in the first quarter. Los Angeles Capital Management LLC now owns 773,159 shares of the medical equipment provider's stock valued at $173,072,000 after purchasing an additional 104,251 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of ResMed by 9.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 742,412 shares of the medical equipment provider's stock worth $169,789,000 after purchasing an additional 65,999 shares during the period. Institutional investors and hedge funds own 54.98% of the company's stock.

ResMed Stock Up 1.5%

NYSE RMD traded up $4.06 during trading hours on Friday, reaching $284.23. 827,364 shares of the company's stock traded hands, compared to its average volume of 1,003,692. ResMed Inc. has a 52-week low of $199.92 and a 52-week 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 firm has a 50-day simple moving average of $260.52 and a 200 day simple moving average of $241.85. The firm has a market cap of $41.68 billion, a PE ratio of 29.89, a PEG ratio of 1.89 and a beta of 0.77.

ResMed (NYSE:RMD - Get Free Report) last released its quarterly 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 firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period last year, the business posted $2.08 EPS. The company's revenue for the quarter was up 10.2% on a year-over-year basis. Sell-side analysts anticipate that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th will be paid a dividend of $0.60 per share. This is an increase from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a dividend 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 other news, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $256.72, for a total value of $2,056,070.48. Following the transaction, the chief executive officer owned 455,503 shares of the company's stock, valued at $116,936,730.16. The trade was a 1.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter C. Farrell sold 945 shares of the company's 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 completion of the sale, the director owned 68,273 shares in the company, valued at approximately $17,443,068.77. This represents a 1.37% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,054 shares of company stock valued at $4,820,479. 0.71% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RMD. UBS Group increased their price target on ResMed from $285.00 to $325.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Morgan Stanley set a $286.00 target price on ResMed and gave the stock an "overweight" rating in a report on Tuesday, May 20th. Royal Bank Of Canada raised their price target on ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Piper Sandler upped their price objective on shares of ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Finally, Wall Street Zen raised ResMed from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $274.83.

About ResMed

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.