Sienna Gestion Reduces Holdings in ResMed Inc. $RMD

Key Points

• Sienna Gestion reduced its stake in ResMed Inc. by 5.6%, selling 1,569 shares and now owning 26,380 shares valued at approximately $5.74 million.
• CEO Michael J. Farrell sold 8,009 shares for $2.24 million, marking a 1.73% decrease in his ownership, while insiders collectively sold 27,063 shares worth $7.06 million in the past quarter.
• ResMed announced a quarterly dividend of $0.60 per share, an increase from the previous $0.53, which will be paid on September 18th, signaling strong financial performance and a commitment to returning value to shareholders.

Sienna Gestion decreased its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 5.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,380 shares of the medical equipment provider's stock after selling 1,569 shares during the quarter. Sienna Gestion's holdings in ResMed were worth $5,740,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC lifted its position in ResMed by 23,982.6% during the 1st quarter. GAMMA Investing LLC now owns 733,556 shares of the medical equipment provider's stock worth $164,207,000 after acquiring an additional 730,510 shares during the period. OVERSEA CHINESE BANKING Corp Ltd lifted its position in ResMed by 1,168.5% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 590,895 shares of the medical equipment provider's stock worth $132,272,000 after acquiring an additional 544,311 shares during the period. Captrust Financial Advisors lifted its position in ResMed by 813.4% during the 4th quarter. Captrust Financial Advisors now owns 443,340 shares of the medical equipment provider's stock worth $101,387,000 after acquiring an additional 394,803 shares during the period. AQR Capital Management LLC lifted its holdings in shares of ResMed by 133.6% in the 4th quarter. AQR Capital Management LLC now owns 625,054 shares of the medical equipment provider's stock valued at $142,944,000 after buying an additional 357,466 shares during the period. Finally, Allianz Asset Management GmbH lifted its holdings in shares of ResMed by 334.0% in the 1st quarter. Allianz Asset Management GmbH now owns 455,124 shares of the medical equipment provider's stock valued at $101,880,000 after buying an additional 350,245 shares during the period. Institutional investors and hedge funds own 54.98% of the company's stock.

Analyst Upgrades and Downgrades

RMD has been the subject of several analyst reports. JPMorgan Chase & Co. boosted their price objective on ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a report on Thursday, April 24th. Royal Bank Of Canada lifted their price target on ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. William Blair upgraded ResMed to a "strong-buy" rating in a research note on Friday, August 1st. Mizuho boosted their price objective on ResMed from $270.00 to $290.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Finally, UBS Group boosted their price objective on ResMed from $285.00 to $325.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $274.83.

ResMed Trading Up 0.4%

NYSE:RMD traded up $1.28 during trading hours on Monday, reaching $286.17. 550,660 shares of the stock were exchanged, compared to its average volume of 1,000,322. ResMed Inc. has a twelve month low of $199.92 and a twelve month high of $293.08. The business has a 50-day moving average of $264.17 and a two-hundred day moving average of $242.88. 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 company has a market capitalization of $41.90 billion, a price-to-earnings ratio of 30.09, a PEG ratio of 1.91 and a beta of 0.77.

ResMed (NYSE:RMD - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, topping 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 business 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 earnings per share. The company's revenue was up 10.2% on a year-over-year basis. On average, equities analysts predict that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Increases Dividend

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

Insider Transactions at ResMed

In related news, 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 owned 455,503 shares of the company's stock, valued at $127,303,978.44. This represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Witte Jan De sold 2,000 shares of the stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total value of $486,940.00. Following the completion of the transaction, the director directly owned 5,806 shares in the company, valued at $1,413,586.82. This trade represents a 25.62% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,063 shares of company stock valued at $7,058,835. 0.71% of the stock is currently owned by company insiders.

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.