ResMed Inc. $RMD Shares Bought by Quantbot Technologies LP

Key Points

• Quantbot Technologies LP increased its holdings in ResMed Inc. by 166.7% in the first quarter, acquiring a total of 10,545 shares worth approximately $2.36 million.
• ResMed announced a quarterly dividend of $0.60 per share, up from the previous $0.53, representing an annualized yield of 0.8%.
• Analysts have mixed views on ResMed's stock, with ratings ranging from "Strong Buy" to "Hold" and a consensus price target of $274.83.

Quantbot Technologies LP grew its holdings in shares of ResMed Inc. (NYSE:RMD - Free Report) by 166.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,545 shares of the medical equipment provider's stock after purchasing an additional 6,591 shares during the period. Quantbot Technologies LP's holdings in ResMed were worth $2,360,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. E Fund Management Co. Ltd. increased its position in ResMed by 2.8% during the 1st quarter. E Fund Management Co. Ltd. now owns 1,719 shares of the medical equipment provider's stock worth $385,000 after purchasing an additional 47 shares during the period. CVA Family Office LLC increased its position in ResMed by 29.8% during the 1st quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider's stock worth $47,000 after purchasing an additional 48 shares during the period. Central Pacific Bank Trust Division increased its position in ResMed by 9.7% during the 1st quarter. Central Pacific Bank Trust Division now owns 565 shares of the medical equipment provider's stock worth $126,000 after purchasing an additional 50 shares during the period. Terra Nova Asset Management LLC increased its position in ResMed by 0.7% during 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 purchasing an additional 52 shares during the period. Finally, Portside Wealth Group LLC increased its position in ResMed by 3.8% during 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 during the period. Institutional investors and hedge funds own 54.98% of the company's stock.

Insider Activity at ResMed

In related news, Director John Hernandez sold 2,575 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $287.10, for a total value of $739,282.50. Following the sale, the director owned 4,045 shares of the company's stock, valued at approximately $1,161,319.50. This represents a 38.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $279.48, for a total value of $2,238,355.32. Following the transaction, the chief executive officer directly owned 455,503 shares in the company, valued at approximately $127,303,978.44. This represents a 1.73% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,638 shares of company stock valued at $7,311,177. 0.71% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on RMD shares. 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. Wall Street Zen lowered ResMed from a "buy" rating to a "hold" rating in a research note on Sunday, August 10th. William Blair raised ResMed to a "strong-buy" rating in a research note on Friday, August 1st. Royal Bank Of Canada boosted their price target on ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Finally, KeyCorp boosted their price target on ResMed from $274.00 to $298.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $274.83.

ResMed Price Performance

RMD stock opened at $289.0290 on Thursday. ResMed Inc. has a 1 year low of $199.92 and a 1 year high of $293.08. 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's 50 day moving average price is $266.30 and its 200 day moving average price is $243.84. The firm has a market cap of $42.32 billion, a P/E ratio of 30.39, a PEG ratio of 1.92 and a beta of 0.77.

ResMed (NYSE:RMD - Get Free Report) last posted its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.47 by $0.08. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the prior year, the company earned $2.08 EPS. ResMed's revenue was up 10.2% on a year-over-year basis. On average, sell-side analysts expect that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Increases Dividend

The business 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 $0.60 dividend. 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. This is an increase from ResMed's previous quarterly dividend of $0.53. ResMed's dividend payout ratio is currently 25.24%.

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.

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