Mitsubishi UFJ Asset Management Co. Ltd. Buys 27,664 Shares of ResMed Inc. (NYSE:RMD)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in ResMed Inc. by 11.7% during the first quarter, owning 264,625 shares valued at approximately $59 million.
• ResMed's quarterly earnings report indicated a 10.2% year-over-year revenue increase, reaching $1.35 billion, with earnings per share of $2.55, surpassing analysts' expectations.
• The company recently announced a dividend increase to $0.60 per share, representing an annual yield of 0.8% and reflecting a commitment to returning value to shareholders.

Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 11.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 264,625 shares of the medical equipment provider's stock after purchasing an additional 27,664 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.18% of ResMed worth $59,236,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CVA Family Office LLC lifted its stake in shares of ResMed by 29.8% in the 1st quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider's stock valued at $47,000 after purchasing an additional 48 shares during the last quarter. Central Pacific Bank Trust Division lifted its stake in shares of ResMed by 9.7% in the 1st quarter. Central Pacific Bank Trust Division now owns 565 shares of the medical equipment provider's stock valued at $126,000 after purchasing an additional 50 shares during the last quarter. Terra Nova Asset Management LLC lifted its stake in shares of ResMed by 0.7% in the 1st quarter. Terra Nova Asset Management LLC now owns 7,950 shares of the medical equipment provider's stock valued at $1,780,000 after purchasing an additional 52 shares during the last quarter. Portside Wealth Group LLC lifted its stake in shares of ResMed by 3.8% in the 1st quarter. Portside Wealth Group LLC now owns 1,457 shares of the medical equipment provider's stock valued at $326,000 after purchasing an additional 54 shares during the last quarter. Finally, Angeles Wealth Management LLC lifted its stake in shares of ResMed by 5.3% in the 1st quarter. Angeles Wealth Management LLC now owns 1,182 shares of the medical equipment provider's stock valued at $265,000 after purchasing an additional 59 shares during the last quarter. Institutional investors own 54.98% of the company's stock.

Insider Buying and Selling at ResMed

In other ResMed news, Director Peter C. Farrell sold 945 shares of ResMed stock in a transaction 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 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $279.48, for a total transaction of $2,238,355.32. Following the completion of the transaction, the chief executive officer directly owned 455,503 shares of the company's stock, valued at approximately $127,303,978.44. This trade represents a 1.73% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,063 shares of company stock worth $7,058,835. Insiders own 0.71% of the company's stock.

Wall Street Analysts Forecast Growth

RMD has been the subject of a number of research analyst reports. Royal Bank Of Canada upped their price objective on shares of ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Stifel Nicolaus upped their price objective on shares of ResMed from $240.00 to $270.00 and gave the stock a "hold" rating in a research note on Friday, August 1st. JPMorgan Chase & Co. increased their price target on shares of ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a research note on Thursday, April 24th. 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. Finally, Mizuho increased their price target on shares of ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a research note 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 MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $274.83.

ResMed Stock Down 0.3%

Shares of NYSE:RMD traded down $0.85 during midday trading on Tuesday, reaching $283.47. 1,436,162 shares of the company were exchanged, compared to its average volume of 1,004,907. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.08. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11. The stock has a fifty day simple moving average of $261.33 and a two-hundred day simple moving average of $242.01. The firm has a market cap of $41.57 billion, a PE ratio of 29.81, a P/E/G ratio of 1.91 and a beta of 0.77.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, topping analysts' consensus estimates of $2.47 by $0.08. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period last year, the business posted $2.08 earnings per share. The firm's quarterly revenue was up 10.2% on a year-over-year basis. As a group, sell-side analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Increases Dividend

The firm also recently declared 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. This represents a $2.40 annualized dividend and a yield of 0.8%. The ex-dividend date is Wednesday, August 13th. This is an increase from ResMed's previous quarterly dividend of $0.53. ResMed's dividend payout ratio (DPR) is presently 22.29%.

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.