Russell Investments Group Ltd. Boosts Stock Position in ResMed Inc. $RMD

Key Points

• Russell Investments Group Ltd. increased its stake in ResMed Inc. by 19.2% in Q1, now holding 85,188 shares valued at approximately $19 million.
• Institutional investors own 54.98% of ResMed’s stock, with significant increases in holdings from firms like GAMMA Investing LLC and OVERSEA CHINESE BANKING Corp Ltd.
• ResMed announced a quarterly dividend increase from $0.53 to $0.60, with the next payment scheduled for September 18th.

Russell Investments Group Ltd. raised its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 19.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,188 shares of the medical equipment provider's stock after buying an additional 13,720 shares during the quarter. Russell Investments Group Ltd. owned about 0.06% of ResMed worth $19,044,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Ballentine Partners LLC boosted its holdings in shares of ResMed by 6.3% in the 1st quarter. Ballentine Partners LLC now owns 1,782 shares of the medical equipment provider's stock worth $399,000 after purchasing an additional 105 shares during the period. Golden State Wealth Management LLC boosted its holdings in shares of ResMed by 384.8% in the 1st quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock worth $36,000 after purchasing an additional 127 shares during the period. Exchange Traded Concepts LLC boosted its holdings in shares of ResMed by 393.0% in the 1st quarter. Exchange Traded Concepts LLC now owns 2,529 shares of the medical equipment provider's stock worth $566,000 after purchasing an additional 2,016 shares during the period. MML Investors Services LLC boosted its holdings in shares of ResMed by 31.9% in the 4th quarter. MML Investors Services LLC now owns 11,468 shares of the medical equipment provider's stock worth $2,623,000 after purchasing an additional 2,771 shares during the period. Finally, Private Advisor Group LLC boosted its holdings in shares of ResMed by 18.3% in the 1st quarter. Private Advisor Group LLC now owns 3,244 shares of the medical equipment provider's stock worth $726,000 after purchasing an additional 501 shares during the period. Hedge funds and other institutional investors own 54.98% of the company's stock.

Insider Transactions at ResMed

In other news, Director John Hernandez sold 2,575 shares of the business's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $287.10, for a total value of $739,282.50. Following the completion of the transaction, the director directly owned 4,045 shares of the company's stock, valued at approximately $1,161,319.50. The trade was a 38.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the business's stock in a transaction 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 owned 455,503 shares in the company, valued at approximately $127,303,978.44. This trade represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 27,638 shares of company stock valued at $7,311,177. Corporate insiders own 0.71% of the company's stock.

ResMed Stock Down 0.2%

NYSE RMD traded down $0.6550 on Thursday, reaching $288.4050. 437,331 shares of the stock traded hands, compared to its average volume of 996,347. 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 company has a fifty day moving average price of $266.30 and a 200-day moving average price of $243.84. The company has a market cap of $42.23 billion, a price-to-earnings ratio of 30.35, a PEG ratio of 1.92 and a beta of 0.77. ResMed Inc. has a 12 month low of $199.92 and a 12 month high of $293.08.

ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, topping the consensus estimate of $2.47 by $0.08. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The business's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the previous year, the company 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. Stockholders of record on Thursday, August 14th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Wednesday, August 13th. This is a positive change from ResMed's previous quarterly dividend of $0.53. ResMed's dividend payout ratio is presently 25.24%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Stifel Nicolaus lifted their target price on ResMed from $240.00 to $270.00 and gave the stock a "hold" rating in a report on Friday, August 1st. Mizuho raised their price target on ResMed from $270.00 to $290.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Piper Sandler raised their price target on ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. 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 note on Friday, August 1st. Finally, Morgan Stanley set a $286.00 price target on ResMed and gave the stock an "overweight" rating in a research note on Tuesday, May 20th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, ResMed presently has a consensus rating of "Moderate Buy" and a consensus 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.