Swedbank AB Purchases 324,428 Shares of ResMed Inc. $RMD

Key Points

• Swedbank AB significantly increased its stake in ResMed Inc. by purchasing an additional 324,428 shares, bringing its total ownership to approximately 0.27%, valued at $88.94 million.
• The company reported a 10.2% increase in revenue year-over-year, totaling $1.35 billion, with an earnings per share (EPS) of $2.55, surpassing analyst expectations.
• ResMed has raised its quarterly dividend from $0.53 to $0.60 per share, reflecting a stronger payout ratio of 25.24% and an annualized dividend yield of 0.9%.

Swedbank AB increased its position in ResMed Inc. (NYSE:RMD - Free Report) by 445.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 397,319 shares of the medical equipment provider's stock after purchasing an additional 324,428 shares during the period. Swedbank AB owned approximately 0.27% of ResMed worth $88,940,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Ballentine Partners LLC lifted its holdings in shares of ResMed by 6.3% in the 1st quarter. Ballentine Partners LLC now owns 1,782 shares of the medical equipment provider's stock worth $399,000 after purchasing an additional 105 shares in the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of ResMed by 384.8% in the 1st 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. Exchange Traded Concepts LLC lifted its holdings in shares of ResMed by 393.0% in the 1st quarter. Exchange Traded Concepts LLC now owns 2,529 shares of the medical equipment provider's stock worth $566,000 after purchasing an additional 2,016 shares in the last quarter. Private Advisor Group LLC lifted its holdings in shares of ResMed by 18.3% in the 1st quarter. Private Advisor Group LLC now owns 3,244 shares of the medical equipment provider's stock worth $726,000 after purchasing an additional 501 shares in the last quarter. Finally, OneDigital Investment Advisors LLC lifted its holdings in shares of ResMed by 34.7% in the 1st quarter. OneDigital Investment Advisors LLC now owns 1,239 shares of the medical equipment provider's stock worth $277,000 after purchasing an additional 319 shares in the last quarter. 54.98% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director John Hernandez sold 2,575 shares of the firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $287.10, for a total transaction of $739,282.50. Following the completion of the sale, the director directly owned 4,045 shares of the company's stock, valued at $1,161,319.50. This trade represents a 38.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Peter C. Farrell sold 945 shares of the firm's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total value of $241,438.05. Following the sale, the director directly owned 68,273 shares of the company's stock, valued at approximately $17,443,068.77. This represents 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 ninety days. 0.71% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Wall Street Zen cut ResMed from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. Royal Bank Of Canada increased their price target on ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Stifel Nicolaus increased their price target on ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a research report on Friday, August 1st. CLSA raised ResMed from a "hold" rating to an "outperform" rating in a research report on Tuesday, September 2nd. Finally, UBS Group increased their price target on ResMed from $285.00 to $325.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $278.36.

ResMed Trading Down 1.4%

NYSE RMD opened at $270.67 on Friday. ResMed Inc. has a 12 month low of $199.92 and a 12 month high of $293.81. The firm has a market capitalization of $39.63 billion, a P/E ratio of 28.46, a PEG ratio of 1.83 and a beta of 0.85. The business has a fifty day simple moving average of $274.35 and a 200 day simple moving average of $248.76. 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 (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 firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same period last year, the firm posted $2.08 EPS. The business's revenue was up 10.2% compared to the same quarter last year. On average, analysts predict 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 given a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $2.40 annualized dividend and a dividend yield of 0.9%. This is a boost from ResMed's previous quarterly dividend of $0.53. ResMed's payout ratio is 25.24%.

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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