Vanguard Group Inc. raised its stake in ResMed Inc. (NYSE:RMD - Free Report) by 1.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,493,702 shares of the medical equipment provider's stock after purchasing an additional 320,240 shares during the period. Vanguard Group Inc. owned 12.61% of ResMed worth $4,139,815,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CVA Family Office LLC lifted its position in ResMed by 29.8% in the first quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider's stock valued at $47,000 after acquiring an additional 48 shares during the last quarter. Central Pacific Bank Trust Division increased its position in shares of ResMed by 9.7% during the first quarter. Central Pacific Bank Trust Division now owns 565 shares of the medical equipment provider's stock worth $126,000 after purchasing an additional 50 shares in the last quarter. Terra Nova Asset Management LLC lifted its holdings 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 holdings 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 boosted its position 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 period. Institutional investors and hedge funds own 54.98% of the company's stock.
ResMed Stock Performance
Shares of RMD opened at $279.86 on Friday. The stock has a market capitalization of $41.04 billion, a PE ratio of 29.43, a price-to-earnings-growth ratio of 1.89 and a beta of 0.77. The business's fifty day moving average price is $259.04 and its 200 day moving average price is $241.33. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. 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 posted 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 net margin of 27.22% and a return on equity of 25.62%. The company 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 firm posted $2.08 EPS. The company's revenue for the quarter was up 10.2% on a year-over-year basis. Equities research analysts forecast that ResMed Inc. will post 9.47 EPS for the current 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 issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.9%. This is a boost from ResMed's previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Wednesday, August 13th. ResMed's dividend payout ratio is currently 22.29%.
Insider Activity
In related news, CEO Michael J. Farrell sold 8,009 shares of the company's stock in a transaction on Monday, July 7th. The stock was sold at an average price of $256.72, for a total transaction of $2,056,070.48. Following the completion of the transaction, the chief executive officer directly owned 455,503 shares in the company, valued at $116,936,730.16. This represents a 1.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Peter C. Farrell sold 945 shares of the firm's 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 completion of the sale, the director owned 68,273 shares in the company, valued at $17,443,068.77. The trade was a 1.37% decrease in their ownership of the stock. 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 insiders.
Analysts Set New Price Targets
RMD has been the subject of a number of analyst reports. JPMorgan Chase & Co. increased their target price on ResMed from $286.00 to $290.00 and gave the stock an "overweight" rating in a research note on Thursday, April 24th. Piper Sandler increased their price objective on ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Mizuho boosted their target price on shares of ResMed from $270.00 to $290.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. UBS Group upped their price target on shares of ResMed from $285.00 to $325.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Finally, William Blair upgraded shares of ResMed to a "strong-buy" rating in a report on Friday, August 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $274.83.
Check Out Our Latest Analysis on ResMed
ResMed Profile
(
Free Report)
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.
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