ResMed Inc. $RMD Shares Sold by Zurich Insurance Group Ltd FI

Key Points

• Zurich Insurance Group Ltd FI significantly reduced its stake in ResMed Inc. by 97.3%, selling 329,029 shares and retaining only 9,000 shares valued at approximately $2 million.
• The company recently reported earnings per share of $2.55 for the last quarter, surpassing estimates, with a year-over-year revenue increase of 10.2%.
• ResMed's board also announced an increase in its quarterly dividend from $0.53 to $0.60 per share, reflecting a positive adjustment in shareholder returns.

Zurich Insurance Group Ltd FI lessened its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 97.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,000 shares of the medical equipment provider's stock after selling 329,029 shares during the quarter. Zurich Insurance Group Ltd FI's holdings in ResMed were worth $2,015,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. MBB Public Markets I LLC acquired a new position in ResMed in the 1st quarter worth approximately $302,000. United Services Automobile Association acquired a new position in ResMed in the 1st quarter worth approximately $757,000. Great Lakes Advisors LLC increased its holdings in ResMed by 5.0% in the 1st quarter. Great Lakes Advisors LLC now owns 1,668 shares of the medical equipment provider's stock worth $373,000 after buying an additional 80 shares during the period. Goldman Sachs Group Inc. increased its holdings in ResMed by 8.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 739,007 shares of the medical equipment provider's stock worth $165,427,000 after buying an additional 58,155 shares during the period. Finally, Jones Financial Companies Lllp lifted its holdings in ResMed by 52.6% in the first quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider's stock valued at $645,000 after acquiring an additional 994 shares during the period. Institutional investors and hedge funds own 54.98% of the company's stock.

Insider Transactions at ResMed

In other news, Director John Hernandez sold 2,575 shares of ResMed 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 directly owned 4,045 shares of the company's stock, valued at $1,161,319.50. The trade was a 38.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Peter C. Farrell sold 945 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $255.49, for a total value of $241,438.05. Following the sale, the director owned 68,273 shares of the company's stock, valued at $17,443,068.77. The trade was a 1.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,588 shares of company stock valued at $5,289,241 in the last three months. 0.71% of the stock is currently owned by company insiders.

ResMed Trading Up 0.0%

Shares of RMD stock opened at $279.53 on Wednesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. The company has a market cap of $40.93 billion, a price-to-earnings ratio of 29.39, a PEG ratio of 1.87 and a beta of 0.85. The stock has a 50 day simple moving average of $273.43 and a 200-day simple moving average of $248.06. 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 announced its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.08. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The business's quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the company posted $2.08 EPS. On average, equities research analysts expect that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend 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 currently 25.24%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on RMD shares. William Blair raised ResMed to a "strong-buy" rating in a report on Friday, August 1st. Piper Sandler boosted their price target on ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a report on Friday, August 1st. CLSA raised ResMed from a "hold" rating to an "outperform" rating in a report on Tuesday, September 2nd. Stifel Nicolaus boosted their price target on ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a report on Friday, August 1st. Finally, Wall Street Zen downgraded ResMed from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, ResMed presently has a consensus rating of "Moderate Buy" and an average price target of $278.36.

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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