ResMed Inc. $RMD Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its ResMed stake by 29.9% in the first quarter, selling 24,099 shares and ending with 56,570 shares worth about $12.7 million.
• ResMed’s latest earnings beat expectations, with quarterly EPS of $2.86 versus $2.79 expected and revenue of $1.43 billion, up 10.8% year over year.
• Analyst sentiment remains constructive overall: the stock has a Moderate Buy consensus and an average price target of $270.82, even though several firms have recently trimmed their targets.

Assenagon Asset Management S.A. decreased its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 29.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 56,570 shares of the medical equipment provider's stock after selling 24,099 shares during the period. Assenagon Asset Management S.A.'s holdings in ResMed were worth $12,699,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the business. First Trust Advisors LP lifted its stake in ResMed by 240.9% during the fourth quarter. First Trust Advisors LP now owns 1,517,592 shares of the medical equipment provider's stock worth $365,542,000 after purchasing an additional 1,072,394 shares during the last quarter. Norges Bank bought a new position in ResMed in the 4th quarter worth approximately $249,068,000. Deutsche Bank AG increased its holdings in shares of ResMed by 126.0% during the fourth quarter. Deutsche Bank AG now owns 1,413,477 shares of the medical equipment provider's stock valued at $340,464,000 after purchasing an additional 787,949 shares during the period. Morgan Stanley increased its stake in ResMed by 25.0% during the 4th quarter. Morgan Stanley now owns 2,891,697 shares of the medical equipment provider's stock valued at $696,523,000 after buying an additional 578,559 shares during the period. Finally, Swedbank AB increased its stake in shares of ResMed by 103.1% during the fourth quarter. Swedbank AB now owns 1,102,476 shares of the medical equipment provider's stock valued at $265,553,000 after acquiring an additional 559,765 shares during the period. 54.98% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RMD has been the topic of a number of research reports. JPMorgan Chase & Co. started coverage on shares of ResMed in a report on Wednesday, April 15th. They issued an "overweight" rating on the stock. Robert W. Baird set a $225.00 price objective on ResMed in a research report on Friday, May 1st. Evercore set a $255.00 price target on shares of ResMed and gave the company an "outperform" rating in a report on Monday, April 13th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $230.00 price objective (down from $286.00) on shares of ResMed in a research note on Wednesday, June 17th. Finally, Citigroup dropped their price target on shares of ResMed from $340.00 to $270.00 and set a "buy" rating on the stock in a research report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $270.82.

ResMed Stock Up 1.0%

RMD opened at $200.49 on Friday. The firm's 50-day simple moving average is $203.31 and its 200-day simple moving average is $231.18. ResMed Inc. has a twelve month low of $180.26 and a twelve month high of $293.81. The firm has a market cap of $29.08 billion, a price-to-earnings ratio of 19.33, a PEG ratio of 1.28 and a beta of 0.80. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.33 and a current ratio of 3.01.

ResMed (NYSE:RMD - Get Free Report) last announced its earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share for the quarter, topping analysts' consensus estimates of $2.79 by $0.07. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. ResMed had a net margin of 27.44% and a return on equity of 25.35%. The company's revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.37 earnings per share. Equities research analysts anticipate that ResMed Inc. will post 11.13 EPS for the current fiscal year.

ResMed Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, May 14th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Thursday, May 14th. ResMed's dividend payout ratio is 23.14%.

Insider Buying and Selling

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $193.96, for a total value of $968,054.36. Following the sale, the chief executive officer owned 466,256 shares of the company's stock, valued at $90,435,013.76. This trade represents a 1.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 2,000 shares of the business's stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total transaction of $450,000.00. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 16,973 shares of company stock valued at $3,580,754. 0.65% of the stock is owned by company insiders.

ResMed Profile

ResMed NYSE: RMD is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed's product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.

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