ResMed Inc. $RMD Stock Holdings Lessened by Versor Investments LP

Key Points

• Versor Investments LP has reduced its stake in ResMed Inc. by 75.5%, now holding 1,802 shares valued at $403,000 following a sell-off of 5,558 shares in the first quarter.
• Several hedge funds have increased their investments in ResMed, with Global X Japan Co. Ltd. raising its position by 121.4% and Colonial Trust Co SC lifting theirs by a staggering 6,250.0%.
• ResMed announced a quarterly dividend increase to $0.60 per share, reflecting an annualized yield of 0.8%, up from the previous $0.53 per share.

Versor Investments LP trimmed its stake in ResMed Inc. (NYSE:RMD - Free Report) by 75.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,802 shares of the medical equipment provider's stock after selling 5,558 shares during the quarter. Versor Investments LP's holdings in ResMed were worth $403,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Global X Japan Co. Ltd. lifted its position in shares of ResMed by 121.4% in the first quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock worth $28,000 after purchasing an additional 68 shares in the last quarter. Colonial Trust Co SC lifted its position in shares of ResMed by 6,250.0% in the fourth quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock worth $29,000 after purchasing an additional 125 shares in the last quarter. Optiver Holding B.V. purchased a new stake in shares of ResMed in the fourth quarter worth approximately $33,000. Golden State Wealth Management LLC lifted its position in shares of ResMed by 384.8% in the first quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock worth $36,000 after purchasing an additional 127 shares in the last quarter. Finally, Itau Unibanco Holding S.A. lifted its position in shares of ResMed by 1,000.0% in the fourth quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider's stock worth $38,000 after purchasing an additional 150 shares in the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Stifel Nicolaus increased their price target on shares of ResMed from $240.00 to $270.00 and gave the stock a "hold" rating in a research report on Friday, August 1st. William Blair raised shares of ResMed to a "strong-buy" rating in a research report on Friday, August 1st. JPMorgan Chase & Co. raised their price objective on shares of ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a research report on Thursday, April 24th. Piper Sandler raised their price objective on shares of ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Finally, Mizuho raised their price objective on shares of ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $274.83.

ResMed Trading Up 1.0%

Shares of RMD stock opened at $289.0290 on Thursday. ResMed Inc. has a 12 month low of $199.92 and a 12 month high of $293.08. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11. The business's 50 day moving average is $266.30 and its two-hundred day moving average is $243.84. The company has a market cap of $42.32 billion, a PE ratio of 30.39, a price-to-earnings-growth ratio of 1.92 and a beta of 0.77.

ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, beating the consensus estimate of $2.47 by $0.08. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter last year, the company posted $2.08 earnings per share. The company's revenue for the quarter was up 10.2% compared to the same quarter last year. Equities analysts predict that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.8%. This is a boost from ResMed's previous quarterly dividend of $0.53. The ex-dividend date is Wednesday, August 13th. ResMed's dividend payout ratio is 25.24%.

Insider Buying and Selling at ResMed

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $279.48, for a total transaction of $2,238,355.32. Following the transaction, the chief executive officer owned 455,503 shares in the company, valued at $127,303,978.44. This trade represents a 1.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John Hernandez sold 2,575 shares of the stock in a transaction that occurred 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 owned 4,045 shares in the company, valued at approximately $1,161,319.50. This trade represents a 38.90% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,638 shares of company stock worth $7,311,177 over the last 90 days. Insiders own 0.71% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.