ResMed Inc. (NYSE:RMD) Stake Boosted by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its stake in ResMed Inc. by 4.3% in the first quarter, owning approximately 998,128 shares valued at $223.4 million.
• ResMed recently reported quarterly earnings of $2.55 per share, exceeding analysts' estimates, along with a revenue of $1.35 billion, representing a 10.2% year-over-year growth.
• The company announced an increase in its quarterly dividend from $0.53 to $0.60, marking a positive change for shareholders with a yield of 0.8%.

Charles Schwab Investment Management Inc. lifted its stake in ResMed Inc. (NYSE:RMD - Free Report) by 4.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 998,128 shares of the medical equipment provider's stock after purchasing an additional 41,108 shares during the period. Charles Schwab Investment Management Inc. owned about 0.68% of ResMed worth $223,431,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Envestnet Asset Management Inc. increased its position in shares of ResMed by 68.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 124,635 shares of the medical equipment provider's stock worth $28,503,000 after purchasing an additional 50,815 shares in the last quarter. Federated Hermes Inc. lifted its holdings in shares of ResMed by 47.3% in the 4th quarter. Federated Hermes Inc. now owns 1,137 shares of the medical equipment provider's stock valued at $260,000 after purchasing an additional 365 shares during the last quarter. Cerity Partners LLC lifted its holdings in shares of ResMed by 21.2% in the 4th quarter. Cerity Partners LLC now owns 16,589 shares of the medical equipment provider's stock valued at $3,886,000 after purchasing an additional 2,903 shares during the last quarter. Bank of Nova Scotia lifted its holdings in shares of ResMed by 5.0% in the 4th quarter. Bank of Nova Scotia now owns 18,135 shares of the medical equipment provider's stock valued at $4,147,000 after purchasing an additional 856 shares during the last quarter. Finally, Scotia Capital Inc. lifted its holdings in shares of ResMed by 37.7% in the 4th quarter. Scotia Capital Inc. now owns 10,564 shares of the medical equipment provider's stock valued at $2,416,000 after purchasing an additional 2,890 shares during the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at ResMed

In related 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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Witte Jan De sold 2,000 shares of ResMed stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $243.47, for a total transaction of $486,940.00. Following the completion of the transaction, the director owned 5,806 shares in the company, valued at approximately $1,413,586.82. This trade represents a 25.62% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,063 shares of company stock worth $7,058,835 over the last ninety days. Company insiders own 0.71% of the company's stock.

ResMed Price Performance

RMD stock traded down $0.85 on Tuesday, reaching $283.47. The company had a trading volume of 1,436,162 shares, compared to its average volume of 1,160,568. ResMed Inc. has a 1 year low of $199.92 and a 1 year high of $293.08. The company has a market cap of $41.50 billion, a P/E ratio of 29.81, a PEG ratio of 1.91 and a beta of 0.77. The company's fifty day moving average is $262.06 and its 200 day moving average is $242.29. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44.

ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the prior year, the firm earned $2.08 EPS. The firm's quarterly revenue was up 10.2% compared to the same quarter last year. On average, research analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th will be paid 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 payout ratio is presently 22.29%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Wall Street Zen downgraded ResMed from a "buy" rating to a "hold" rating in a report on Sunday. Mizuho boosted their price target on ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Stifel Nicolaus boosted their price target on ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a research report on Friday, August 1st. Royal Bank Of Canada boosted their price target on ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Finally, Piper Sandler boosted their price target on ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, ResMed has a consensus rating of "Moderate Buy" and a consensus price target 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.