ResMed Inc. $RMD Holdings Raised by BNP Paribas Financial Markets

Key Points

• BNP Paribas Financial Markets increased its stake in ResMed Inc. by 13% during the first quarter, owning approximately 0.21% of the company, valued at $69.4 million as per recent SEC filings.
• Analysts' ratings for ResMed show a consensus of Moderate Buy with a target price averaging $274.83, while different firms have adjusted their price targets, with UBS raising it to $325.
• ResMed announced a quarterly dividend of $0.60 per share, increasing from the previous $0.53, indicating a strong commitment to returning value to shareholders.

BNP Paribas Financial Markets raised its stake in ResMed Inc. (NYSE:RMD - Free Report) by 13.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 310,018 shares of the medical equipment provider's stock after acquiring an additional 35,601 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.21% of ResMed worth $69,398,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RMD. Vanguard Group Inc. lifted its stake in shares of ResMed by 1.8% during 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 in the last quarter. Northern Trust Corp boosted its holdings in ResMed by 2.5% during the 1st quarter. Northern Trust Corp now owns 1,744,541 shares of the medical equipment provider's stock valued at $390,516,000 after acquiring an additional 41,951 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in 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 acquiring an additional 41,108 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in ResMed by 28.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 954,612 shares of the medical equipment provider's stock worth $218,310,000 after acquiring an additional 212,201 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in 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 acquiring an additional 51,348 shares during the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

ResMed Price Performance

Shares of RMD stock traded down $2.18 during mid-day trading on Wednesday, reaching $268.81. The stock had a trading volume of 1,804,367 shares, compared to its average volume of 1,004,482. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $293.81. The company has a market cap of $39.36 billion, a P/E ratio of 28.27, a price-to-earnings-growth ratio of 1.83 and a beta of 0.85. The business has a 50-day simple moving average of $271.75 and a 200 day simple moving average of $246.71. 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 earnings results 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 firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The firm's revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.08 EPS. On average, sell-side 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 will be paid on Thursday, September 18th. Shareholders 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 0.9%. The ex-dividend date of this dividend is Thursday, August 14th. This is a positive change from ResMed's previous quarterly dividend of $0.53. ResMed's dividend payout ratio is 25.24%.

Insiders Place Their Bets

In other news, Director Peter C. Farrell sold 945 shares of ResMed stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $255.49, for a total value of $241,438.05. Following the transaction, the director directly owned 68,273 shares of the company's stock, valued at $17,443,068.77. The trade was a 1.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction dated 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,597 shares of company stock valued at $7,301,182. Insiders own 0.71% of the company's stock.

Analyst Upgrades and Downgrades

RMD has been the subject of several recent analyst reports. Wall Street Zen cut shares of ResMed from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. William Blair upgraded shares of ResMed to a "strong-buy" rating in a research report on Friday, August 1st. Stifel Nicolaus boosted their target price on shares of ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a research report on Friday, August 1st. UBS Group upped their price target on shares of ResMed from $285.00 to $325.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, Mizuho upped their target price on shares of ResMed from $270.00 to $290.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, ResMed has a consensus rating of "Moderate Buy" and a consensus target price of $274.83.

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.