Neuberger Berman Group LLC Has $7.05 Million Holdings in ResMed Inc. $RMD

Key Points

• Neuberger Berman Group LLC increased its stake in ResMed Inc. by 18.2%, amassing 31,485 shares valued at approximately $7 million.
• The company recently announced a quarterly dividend increase from $0.53 to $0.60 per share, representing an annualized yield of 0.8%.
• ResMed's earnings per share for the last quarter was reported at $2.55, exceeding estimates and marking a 10.2% revenue increase year-over-year.

Neuberger Berman Group LLC increased its stake in ResMed Inc. (NYSE:RMD - Free Report) by 18.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 31,485 shares of the medical equipment provider's stock after purchasing an additional 4,855 shares during the period. Neuberger Berman Group LLC's holdings in ResMed were worth $7,048,000 as of its most recent filing with the SEC.

Several other large investors have also bought and sold shares of the business. Vanguard Group Inc. boosted its stake in ResMed by 1.8% in the first quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider's stock valued at $4,139,815,000 after buying an additional 320,240 shares in the last quarter. Northern Trust Corp boosted its stake in ResMed by 20.6% in the fourth quarter. Northern Trust Corp now owns 1,702,590 shares of the medical equipment provider's stock valued at $389,365,000 after buying an additional 290,664 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in ResMed by 4.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 998,128 shares of the medical equipment provider's stock valued at $223,431,000 after purchasing an additional 41,108 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in ResMed by 28.6% in 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 valued at $218,310,000 after purchasing an additional 212,201 shares during the last quarter. Finally, Los Angeles Capital Management LLC raised its position in 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. 54.98% of the stock is owned by institutional investors and hedge funds.

ResMed Trading Up 1.0%

Shares of RMD traded up $2.9890 during mid-day trading on Wednesday, reaching $289.0290. 812,492 shares of the company were exchanged, compared to its average volume of 1,154,322. 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 quick ratio of 2.53 and a current ratio of 3.44. The stock has a market capitalization of $42.32 billion, a PE ratio of 30.39, a PEG ratio of 1.92 and a beta of 0.77. The business has a 50 day simple moving average of $266.30 and a two-hundred day simple moving average of $243.84.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $1.33 billion. During the same period last year, the company earned $2.08 earnings per share. The firm's revenue was up 10.2% compared to the same quarter last year. On average, analysts predict that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th will be issued a $0.60 dividend. The ex-dividend date is Wednesday, August 13th. 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 yield of 0.8%. ResMed's dividend payout ratio is presently 25.24%.

Insiders Place Their Bets

In other ResMed news, Director Peter C. Farrell sold 945 shares of ResMed stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $255.49, for a total value of $241,438.05. Following the completion of the sale, the director directly owned 68,273 shares in the company, valued at approximately $17,443,068.77. The trade was a 1.37% decrease in their ownership of the stock. The sale 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 ResMed 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 completion of the sale, the chief executive officer owned 455,503 shares of the company's stock, valued at approximately $127,303,978.44. The trade was a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,638 shares of company stock worth $7,311,177. 0.71% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have commented on RMD. UBS Group increased their target price on ResMed from $285.00 to $325.00 and gave the company a "buy" rating in a research report on Friday, August 1st. KeyCorp increased their target price on ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Royal Bank Of Canada increased their target price on ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Piper Sandler increased their target price on ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a research report 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 report on Tuesday, May 20th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $274.83.

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.