Fjarde AP Fonden Fourth Swedish National Pension Fund Cuts Holdings in ResMed Inc. $RMD

Key Points

• Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its stake in ResMed Inc. by 4.7%, now holding 28,392 shares valued at approximately $6.36 million.
• ResMed recently announced an increase in its quarterly dividend to $0.60 per share, up from $0.53, indicating confidence in its financial stability.
• Analysts have rated ResMed with a mix of ratings, with an average target price of $274.83, reflecting a generally positive outlook despite some recent downgrades.

Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its position in ResMed Inc. (NYSE:RMD - Free Report) by 4.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,392 shares of the medical equipment provider's stock after selling 1,400 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in ResMed were worth $6,356,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of RMD. GAMMA Investing LLC boosted its stake in shares of ResMed by 23,982.6% in the 1st quarter. GAMMA Investing LLC now owns 733,556 shares of the medical equipment provider's stock worth $164,207,000 after buying an additional 730,510 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in ResMed by 1,168.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 590,895 shares of the medical equipment provider's stock valued at $132,272,000 after buying an additional 544,311 shares during the last quarter. Captrust Financial Advisors raised its position in ResMed by 813.4% in the fourth quarter. Captrust Financial Advisors now owns 443,340 shares of the medical equipment provider's stock worth $101,387,000 after acquiring an additional 394,803 shares during the period. AQR Capital Management LLC boosted its stake in shares of ResMed by 133.6% during the 4th quarter. AQR Capital Management LLC now owns 625,054 shares of the medical equipment provider's stock worth $142,944,000 after acquiring an additional 357,466 shares during the last quarter. Finally, Allianz Asset Management GmbH boosted its stake in shares of ResMed by 334.0% during the 1st quarter. Allianz Asset Management GmbH now owns 455,124 shares of the medical equipment provider's stock worth $101,880,000 after acquiring an additional 350,245 shares during the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Morgan Stanley set a $286.00 price objective on ResMed and gave the stock an "overweight" rating in a research note on Tuesday, May 20th. William Blair upgraded ResMed to a "strong-buy" rating in a research report on Friday, August 1st. Piper Sandler raised their price objective on ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. Stifel Nicolaus lifted their price objective on ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a research report on Friday, August 1st. Finally, Mizuho lifted their price objective on ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $274.83.

ResMed Price Performance

NYSE:RMD traded down $0.3080 on Tuesday, reaching $285.8120. 1,144,077 shares of the company's stock traded hands, compared to its average volume of 1,001,109. 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 50-day simple moving average of $265.54 and a 200-day simple moving average of $243.52. The firm has a market cap of $41.85 billion, a PE ratio of 30.05, a P/E/G ratio of 1.91 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 posted its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, beating analysts' consensus estimates of $2.47 by $0.08. The business had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The business's quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the firm earned $2.08 earnings per share. Equities research 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 issued a dividend of $0.60 per share. This is a boost 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%. The ex-dividend date of this dividend is Wednesday, August 13th. ResMed's payout ratio is 25.24%.

Insider Buying and Selling at ResMed

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of the firm's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $279.48, for a total transaction of $2,238,355.32. Following the sale, the chief executive officer directly owned 455,503 shares of the company's stock, valued at $127,303,978.44. This trade represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Peter C. Farrell sold 945 shares of the firm's stock in a transaction dated 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. This represents a 1.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 27,638 shares of company stock valued at $7,311,177 over the last ninety days. 0.71% of the stock is currently owned by company insiders.

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.