ResMed Inc. (NYSE:RMD) is LGT Capital Partners LTD.'s 5th Largest Position

Key Points

• LGT Capital Partners LTD. has reduced its stake in ResMed Inc. by 7.5%, selling 37,993 shares, and now holds 467,843 shares, making it the fund's 5th largest holding.
• ResMed announced a quarterly dividend increase to $0.60 per share, up from $0.53, with a yield of 0.9% and a payout ratio of 22.29% as of the recent quarter.
• Multiple analysts have raised their target prices for ResMed, with Royal Bank Of Canada setting a new target of $300, reflecting positive sentiment and potential growth for the stock.

LGT Capital Partners LTD. lessened its position in ResMed Inc. (NYSE:RMD - Free Report) by 7.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 467,843 shares of the medical equipment provider's stock after selling 37,993 shares during the period. ResMed comprises 4.7% of LGT Capital Partners LTD.'s portfolio, making the stock its 5th largest holding. LGT Capital Partners LTD. owned about 0.32% of ResMed worth $104,727,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RMD. CVA Family Office LLC lifted its holdings 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 worth $47,000 after acquiring an additional 48 shares during the last quarter. Central Pacific Bank Trust Division grew its position 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 worth $126,000 after buying an additional 50 shares during the last quarter. Terra Nova Asset Management LLC grew its position 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 worth $1,780,000 after buying an additional 52 shares during the last quarter. Faithward Advisors LLC boosted its stake in ResMed by 4.3% in the 4th quarter. Faithward Advisors LLC now owns 1,279 shares of the medical equipment provider's stock worth $292,000 after purchasing an additional 53 shares in the last quarter. Finally, Portside Wealth Group LLC boosted its stake in ResMed by 3.8% in the 1st quarter. Portside Wealth Group LLC now owns 1,457 shares of the medical equipment provider's stock worth $326,000 after purchasing an additional 54 shares in the last quarter. Institutional investors own 54.98% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. KeyCorp boosted their target price on shares of ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a research note on Friday. Piper Sandler upped their price objective on shares of ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a report on Friday. Morgan Stanley set a $286.00 price objective on shares of ResMed and gave the company an "overweight" rating in a report on Tuesday, May 20th. Wall Street Zen raised shares of ResMed from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, William Blair raised shares of ResMed to a "strong-buy" rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $274.83.

ResMed Stock Performance

RMD traded down $9.04 during trading on Tuesday, reaching $282.40. 629,859 shares of the company were exchanged, compared to its average volume of 997,777. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $293.08. The stock has a market cap of $41.41 billion, a P/E ratio of 29.63, a PEG ratio of 1.72 and a beta of 0.77. The firm has a 50 day moving average of $257.55 and a 200 day moving average of $240.75. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11.

ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.08. The business 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 company's revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.08 earnings per share. On average, sell-side analysts forecast that ResMed Inc. will post 9.47 EPS for the current fiscal 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 is a positive change 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 (DPR) is currently 25.24%.

Insider Activity

In other ResMed news, Director Peter C. Farrell sold 945 shares of the business's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $255.49, for a total transaction of $241,438.05. Following the sale, the director 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the business's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $256.72, for a total value of $2,056,070.48. Following the sale, the chief executive officer owned 455,503 shares in the company, valued at approximately $116,936,730.16. The trade was a 1.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,063 shares of company stock valued at $7,253,008 over the last three months. Insiders own 0.71% of the company's stock.

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.