ResMed Inc. $RMD Shares Acquired by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC increased its stake in ResMed Inc. by 63.2%, owning 15,325 shares worth approximately $3.43 million as of the end of the most recent quarter.
• Multiple institutional investors, including GAMMA Investing LLC and OVERSEA CHINESE BANKING Corp, significantly boosted their holdings in ResMed during the first quarter, enhancing market interest in the stock.
• ResMed's latest earnings report showed an EPS of $2.55, exceeding estimates, while the company also announced a dividend increase from $0.53 to $0.60 per share.

Intech Investment Management LLC raised its holdings in shares of ResMed Inc. (NYSE:RMD - Free Report) by 63.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,325 shares of the medical equipment provider's stock after purchasing an additional 5,934 shares during the quarter. Intech Investment Management LLC's holdings in ResMed were worth $3,430,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in RMD. GAMMA Investing LLC grew its position in shares of ResMed by 23,982.6% during the first 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 in the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in shares of ResMed by 1,168.5% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 590,895 shares of the medical equipment provider's stock valued at $132,272,000 after acquiring an additional 544,311 shares during the last quarter. Allianz Asset Management GmbH boosted its holdings in ResMed by 334.0% in the first quarter. Allianz Asset Management GmbH now owns 455,124 shares of the medical equipment provider's stock worth $101,880,000 after purchasing an additional 350,245 shares during the period. Vanguard Group Inc. boosted its holdings in shares of ResMed by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider's stock valued at $4,139,815,000 after buying an additional 320,240 shares during the period. Finally, Nuveen LLC bought a new stake in shares of ResMed during the 1st quarter valued at about $69,492,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on RMD shares. UBS Group raised their price target on ResMed from $285.00 to $325.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Piper Sandler boosted their price target on shares of ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a report on Friday, August 1st. William Blair upgraded shares of ResMed to a "strong-buy" rating in a research report on Friday, August 1st. CLSA upgraded shares of ResMed from a "hold" rating to an "outperform" rating in a research report on Tuesday, September 2nd. Finally, Stifel Nicolaus boosted their price objective on ResMed from $240.00 to $270.00 and gave the stock a "hold" rating in a research report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $278.36.

ResMed Stock Down 1.4%

Shares of RMD stock opened at $270.67 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. The stock has a market cap of $39.63 billion, a PE ratio of 28.46, a price-to-earnings-growth ratio of 1.83 and a beta of 0.85. The business's fifty day moving average is $274.35 and its 200-day moving average is $248.86. ResMed Inc. has a 1 year low of $199.92 and a 1 year high of $293.81.

ResMed (NYSE:RMD - Get Free Report) last issued 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 firm had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $1.33 billion. During the same period in the previous year, the business earned $2.08 earnings per share. ResMed's revenue for the quarter was up 10.2% compared to the same quarter last year. Equities analysts expect that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 14th will be paid 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 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Thursday, August 14th. ResMed's dividend payout ratio (DPR) is currently 25.24%.

Insider Buying and Selling

In other ResMed news, Director John Hernandez sold 2,575 shares of ResMed stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $287.10, for a total value of $739,282.50. Following the transaction, the director owned 4,045 shares in the company, valued at approximately $1,161,319.50. The trade was a 38.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the company's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $279.48, for a total value of $2,238,355.32. Following the completion of the transaction, the chief executive officer directly owned 455,503 shares in the company, valued at $127,303,978.44. This represents a 1.73% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,588 shares of company stock worth $5,289,241. Corporate insiders own 0.71% of the company's stock.

ResMed Company 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.

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