Thrivent Financial for Lutherans Buys 11,481 Shares of ResMed Inc. $RMD

Key Points

• Thrivent Financial for Lutherans more than doubled its ResMed stake in Q4, buying 11,481 additional shares and bringing its total holdings to 22,408 shares worth about $5.43 million.
• ResMed reported better-than-expected quarterly results, with EPS of $2.86 versus $2.79 expected and revenue of $1.43 billion, up 10.8% year over year.
• The company also announced a quarterly dividend of $0.60 per share, payable June 18, which equates to an annualized yield of about 1.1%.

Thrivent Financial for Lutherans lifted its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 105.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,408 shares of the medical equipment provider's stock after acquiring an additional 11,481 shares during the quarter. Thrivent Financial for Lutherans' holdings in ResMed were worth $5,433,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Landscape Capital Management L.L.C. raised its position in shares of ResMed by 123.2% during the third quarter. Landscape Capital Management L.L.C. now owns 49,017 shares of the medical equipment provider's stock worth $13,417,000 after acquiring an additional 27,060 shares during the last quarter. Nordea Investment Management AB raised its position in shares of ResMed by 37.2% during the fourth quarter. Nordea Investment Management AB now owns 1,084,996 shares of the medical equipment provider's stock worth $262,027,000 after acquiring an additional 294,124 shares during the last quarter. WCM Investment Management LLC bought a new position in shares of ResMed during the third quarter worth about $3,110,000. Russell Investments Group Ltd. raised its position in shares of ResMed by 20.2% during the third quarter. Russell Investments Group Ltd. now owns 112,755 shares of the medical equipment provider's stock worth $30,847,000 after acquiring an additional 18,966 shares during the last quarter. Finally, Allianz Asset Management GmbH raised its position in shares of ResMed by 44.8% during the third quarter. Allianz Asset Management GmbH now owns 357,421 shares of the medical equipment provider's stock worth $97,837,000 after acquiring an additional 110,647 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors.

Insider Activity at ResMed

In other news, CEO Michael J. Farrell sold 4,991 shares of the business's stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $207.82, for a total transaction of $1,037,229.62. Following the completion of the sale, the chief executive officer owned 466,223 shares in the company, valued at $96,890,463.86. The trade was a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 that occurred on Wednesday, April 1st. The shares were sold at an average price of $225.00, for a total value of $450,000.00. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 18,973 shares of company stock valued at $4,386,031. Corporate insiders own 0.65% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RMD. Citigroup lowered their target price on ResMed from $345.00 to $340.00 and set a "buy" rating for the company in a report on Thursday, April 9th. Piper Sandler lifted their target price on ResMed from $270.00 to $275.00 and gave the stock a "neutral" rating in a report on Friday, January 30th. Stifel Nicolaus lifted their target price on ResMed from $260.00 to $265.00 and gave the stock a "hold" rating in a report on Friday, January 30th. Wall Street Zen downgraded ResMed from a "buy" rating to a "hold" rating in a report on Saturday, March 14th. Finally, Evercore set a $255.00 target price on ResMed and gave the stock an "outperform" rating in a report on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, ResMed has a consensus rating of "Moderate Buy" and an average price target of $286.18.

ResMed Trading Down 0.5%

NYSE RMD opened at $208.86 on Friday. The company has a market cap of $30.43 billion, a price-to-earnings ratio of 20.14, a P/E/G ratio of 1.34 and a beta of 0.84. ResMed Inc. has a 52 week low of $198.61 and a 52 week high of $293.81. The business has a 50 day moving average price of $220.37 and a 200-day moving average price of $241.15. The company has a quick ratio of 2.33, a current ratio of 3.01 and a debt-to-equity ratio of 0.06.

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

ResMed Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Thursday, May 14th will be issued a dividend of $0.60 per share. The ex-dividend date is Thursday, May 14th. This represents a $2.40 annualized dividend and a dividend yield of 1.1%. ResMed's payout ratio is currently 23.14%.

About ResMed

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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