Gulf International Bank UK Ltd Sells 3,191 Shares of ResMed Inc. $RMD

Key Points

• Gulf International Bank UK Ltd has reduced its stake in ResMed Inc. by 27.8%, now owning 8,305 shares valued at approximately $1.86 million after selling 3,191 shares.
• ResMed reported earnings of $2.55 per share for the last quarter, exceeding analyst expectations, with a 10.2% year-over-year revenue increase to $1.35 billion.
• The company has announced a quarterly dividend increase to $0.60 per share, reflecting a boost from the previous dividend of $0.53, with a yield of 0.8%.

Gulf International Bank UK Ltd cut its stake in ResMed Inc. (NYSE:RMD - Free Report) by 27.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,305 shares of the medical equipment provider's stock after selling 3,191 shares during the period. Gulf International Bank UK Ltd's holdings in ResMed were worth $1,859,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Federated Hermes Inc. increased its stake in shares of ResMed by 47.3% during the fourth quarter. Federated Hermes Inc. now owns 1,137 shares of the medical equipment provider's stock worth $260,000 after acquiring an additional 365 shares during the period. Mariner LLC boosted its stake in shares of ResMed by 4.1% during the fourth quarter. Mariner LLC now owns 73,550 shares of the medical equipment provider's stock valued at $16,821,000 after acquiring an additional 2,890 shares during the last quarter. XTX Topco Ltd raised its stake in ResMed by 51.1% during the fourth quarter. XTX Topco Ltd now owns 1,866 shares of the medical equipment provider's stock worth $427,000 after purchasing an additional 631 shares during the period. Guggenheim Capital LLC boosted its holdings in ResMed by 51.7% in the fourth quarter. Guggenheim Capital LLC now owns 6,032 shares of the medical equipment provider's stock valued at $1,379,000 after acquiring an additional 2,056 shares during the last quarter. Finally, Jump Financial LLC increased its position in ResMed by 24.2% during the 4th quarter. Jump Financial LLC now owns 7,978 shares of the medical equipment provider's stock worth $1,824,000 after purchasing an additional 1,552 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company's stock.

Insiders Place Their Bets

In other news, CEO Michael J. Farrell sold 8,009 shares of the firm's stock in a transaction that occurred on 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 sale, the chief executive officer owned 455,503 shares in the company, valued at $127,303,978.44. This trade represents a 1.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Peter C. Farrell sold 945 shares of the stock in a transaction 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 sale, the director owned 68,273 shares in the company, valued at approximately $17,443,068.77. This represents a 1.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,063 shares of company stock worth $6,571,895 over the last quarter. Company insiders own 0.71% of the company's stock.

ResMed Price Performance

ResMed stock traded down $1.2050 during midday trading on Tuesday, reaching $284.9150. The company's stock had a trading volume of 198,648 shares, compared to its average volume of 995,110. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11. The stock has a market cap of $41.71 billion, a PE ratio of 29.97, a price-to-earnings-growth ratio of 1.91 and a beta of 0.77. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $293.08. The business has a 50-day moving average price of $264.88 and a 200-day moving average price of $243.23.

ResMed (NYSE:RMD - Get Free Report) last posted its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 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 last year, the company earned $2.08 earnings per share. The business's quarterly revenue was up 10.2% on a year-over-year basis. On average, sell-side analysts predict that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Increases Dividend

The firm 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 $0.60 dividend. This is a boost from ResMed's previous quarterly dividend of $0.53. 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. ResMed's dividend payout ratio is currently 25.24%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Mizuho lifted their price objective on shares of ResMed from $270.00 to $290.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. William Blair raised ResMed to a "strong-buy" rating in a research note on Friday, August 1st. Wall Street Zen cut shares of ResMed from a "buy" rating to a "hold" rating in a research report on Sunday, August 10th. Morgan Stanley set a $286.00 target price on shares of ResMed and gave the company an "overweight" rating in a research note on Tuesday, May 20th. Finally, Stifel Nicolaus raised their price target on shares of ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $274.83.

About ResMed

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.