ResMed Inc. (NYSE:RMD) Stock Holdings Boosted by Nutshell Asset Management Ltd

Key Points

• Nutshell Asset Management Ltd increased its holdings in ResMed Inc. by 44.2%, owning 14,050 shares valued at approximately $3.15 million at the end of the quarter.
• Multiple analysts recently raised their price targets for ResMed, with UBS Group setting a new target of $325 and a consensus rating of Moderate Buy.
• ResMed declared an increase in its quarterly dividend to $0.60 per share, reflecting an annualized dividend of $2.40 and a yield of 0.9%.

Nutshell Asset Management Ltd lifted its position in ResMed Inc. (NYSE:RMD - Free Report) by 44.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,050 shares of the medical equipment provider's stock after buying an additional 4,304 shares during the period. ResMed makes up 1.6% of Nutshell Asset Management Ltd's holdings, making the stock its 21st largest position. Nutshell Asset Management Ltd's holdings in ResMed were worth $3,145,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Global X Japan Co. Ltd. raised its position in ResMed by 121.4% in the first quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock worth $28,000 after acquiring an additional 68 shares in the last quarter. Colonial Trust Co SC grew its stake in shares of ResMed by 6,250.0% in the 4th quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock worth $29,000 after purchasing an additional 125 shares during the last quarter. Optiver Holding B.V. bought a new stake in shares of ResMed in the 4th quarter worth approximately $33,000. Golden State Wealth Management LLC lifted its stake in ResMed by 384.8% during the first quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock valued at $36,000 after purchasing an additional 127 shares during the last quarter. Finally, Itau Unibanco Holding S.A. lifted its stake in ResMed by 1,000.0% during the fourth quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider's stock valued at $38,000 after purchasing an additional 150 shares during the last quarter. Institutional investors own 54.98% of the company's stock.

Analyst Ratings Changes

RMD has been the topic of several recent research reports. Piper Sandler lifted their price target on shares of ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Stifel Nicolaus raised their price objective on ResMed from $240.00 to $270.00 and gave the stock a "hold" rating in a research note on Friday, August 1st. JPMorgan Chase & Co. boosted their target price on ResMed from $286.00 to $290.00 and gave the stock an "overweight" rating in a research report on Thursday, April 24th. William Blair raised ResMed to a "strong-buy" rating in a report on Friday, August 1st. Finally, UBS Group increased their price target on ResMed from $285.00 to $325.00 and gave the company a "buy" rating in a research report on Friday, August 1st. One 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's stock. Based on data from MarketBeat.com, ResMed has a consensus rating of "Moderate Buy" and a consensus target price of $274.83.

ResMed Trading Down 0.2%

Shares of NYSE RMD opened at $279.86 on Friday. 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 Inc. has a one year low of $199.92 and a one year high of $293.08. The business has a 50-day moving average price of $259.04 and a two-hundred day moving average price of $241.33. The firm has a market capitalization of $41.03 billion, a PE ratio of 29.43, a PEG ratio of 1.89 and a beta of 0.77.

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, topping the consensus estimate of $2.47 by $0.08. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The business had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.33 billion. During the same period last year, the company posted $2.08 earnings per share. The firm's quarterly revenue was up 10.2% compared to the same quarter last year. As a group, analysts predict that ResMed Inc. will post 9.47 earnings per share 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 issued a dividend of $0.60 per share. The ex-dividend date is Wednesday, August 13th. This represents a $2.40 annualized dividend and a dividend yield of 0.9%. This is an increase from ResMed's previous quarterly dividend of $0.53. ResMed's dividend payout ratio is presently 25.24%.

Insider Activity

In related news, 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 transaction of $241,438.05. Following the completion of the sale, the director directly owned 68,273 shares in the company, valued at approximately $17,443,068.77. This trade represents a 1.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Witte Jan De sold 2,000 shares of the business's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total value of $486,940.00. Following the completion of the transaction, the director owned 5,806 shares in the company, valued at $1,413,586.82. This trade represents a 25.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,054 shares of company stock worth $4,820,479 in the last ninety days. Corporate insiders own 0.71% of the company's stock.

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.

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