ResMed Inc. $RMD Shares Bought by Nordea Investment Management AB

Key Points

• Nordea Investment Management AB increased its stake in ResMed Inc. by 4.4%, owning 764,243 shares worth approximately $195.88 million as of the latest SEC filing.
• ResMed's stock has received multiple upgrades from analysts, with price targets now ranging from $270.00 to $330.00, reflecting a generally favorable outlook.
• The company announced a dividend increase from $0.53 to $0.60 per share, representing an annual yield of 0.9% and a payout ratio of 25.24%.

Nordea Investment Management AB grew its holdings in shares of ResMed Inc. (NYSE:RMD - Free Report) by 4.4% in the second quarter, according to its most recent filing with the SEC. The firm owned 764,243 shares of the medical equipment provider's stock after acquiring an additional 32,025 shares during the quarter. Nordea Investment Management AB owned about 0.52% of ResMed worth $195,883,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in ResMed by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider's stock worth $4,139,815,000 after acquiring an additional 320,240 shares during the period. Northern Trust Corp raised its stake in shares of ResMed by 2.5% in the 1st quarter. Northern Trust Corp now owns 1,744,541 shares of the medical equipment provider's stock worth $390,516,000 after buying an additional 41,951 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of ResMed by 4.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 998,128 shares of the medical equipment provider's stock worth $223,431,000 after buying an additional 41,108 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of ResMed by 2.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 977,401 shares of the medical equipment provider's stock worth $218,791,000 after buying an additional 22,789 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of ResMed by 6.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 793,760 shares of the medical equipment provider's stock worth $177,652,000 after buying an additional 51,348 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Piper Sandler boosted 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. Mizuho boosted their price objective on ResMed from $270.00 to $290.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Royal Bank Of Canada boosted their price objective on ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. William Blair raised ResMed to a "strong-buy" rating in a research note on Friday, August 1st. Finally, Citigroup assumed coverage on ResMed in a research note on Thursday, September 18th. They issued a "buy" rating and a $330.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $292.91.

Insider Activity at ResMed

In related news, CEO Michael J. Farrell sold 8,009 shares of the company's stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $282.85, for a total transaction of $2,265,345.65. Following the transaction, the chief executive officer directly owned 467,792 shares of the company's stock, valued at approximately $132,314,967.20. The trade was a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Hernandez sold 2,575 shares of the company's stock in a transaction 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 directly owned 4,045 shares in the company, valued at $1,161,319.50. The trade was a 38.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,743 shares of company stock valued at $5,284,514. Company insiders own 0.65% of the company's stock.

ResMed Stock Down 0.8%

Shares of ResMed stock opened at $267.96 on Friday. The stock's fifty day moving average is $277.13 and its 200-day moving average is $257.12. The firm has a market capitalization of $39.11 billion, a PE ratio of 28.18, a price-to-earnings-growth ratio of 1.80 and a beta of 0.83. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $293.81.

ResMed (NYSE:RMD - Get Free Report) last announced its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.47 by $0.08. The company had revenue of $1.35 billion for 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%.ResMed's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.08 earnings per share. Equities analysts anticipate 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 was paid on Thursday, September 18th. Investors of record on Thursday, August 14th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Thursday, August 14th. This is a positive change from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 annualized dividend and a yield of 0.9%. ResMed's payout ratio is presently 25.24%.

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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