UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Purchases 22,789 Shares of ResMed Inc. $RMD

Key Points

• UBS Asset Management increased its stake in ResMed Inc. by 2.4%, acquiring an additional 22,789 shares, bringing its total ownership to approximately $218.79 million.
• ResMed reported a quarterly earnings per share (EPS) of $2.55, exceeding analysts' expectations and marking a 10.2% revenue increase compared to the previous year.
• The company announced a quarterly dividend of $0.60, a raise from the previous $0.53, with an annualized yield of 0.9%.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in ResMed Inc. (NYSE:RMD - Free Report) by 2.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 977,401 shares of the medical equipment provider's stock after buying an additional 22,789 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned about 0.67% of ResMed worth $218,791,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Global X Japan Co. Ltd. raised its stake in shares of ResMed by 121.4% in the 1st quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock valued at $28,000 after buying an additional 68 shares in the last quarter. Golden State Wealth Management LLC raised its stake 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 valued at $36,000 after buying an additional 127 shares in the last quarter. Zions Bancorporation National Association UT acquired a new position in shares of ResMed in the 1st quarter valued at $45,000. Groupe la Francaise acquired a new position in shares of ResMed in the 1st quarter valued at $45,000. Finally, CVA Family Office LLC raised its stake in shares of ResMed by 29.8% in the 1st quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider's stock valued at $47,000 after buying an additional 48 shares in the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

ResMed Trading Up 0.5%

Shares of NYSE RMD traded up $1.25 during mid-day trading on Monday, hitting $271.39. The company's stock had a trading volume of 940,941 shares, compared to its average volume of 1,001,103. The stock has a market cap of $39.74 billion, a price-to-earnings ratio of 28.54, a price-to-earnings-growth ratio of 1.80 and a beta of 0.85. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. ResMed Inc. has a one year low of $199.92 and a one year high of $293.81. The company's fifty day simple moving average is $274.35 and its 200-day simple moving average is $248.99.

ResMed (NYSE:RMD - Get Free Report) last issued 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. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The company's revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.08 EPS. On average, sell-side analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 14th will be given a $0.60 dividend. The ex-dividend date is Thursday, August 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. This is a positive change from ResMed's previous quarterly dividend of $0.53. ResMed's dividend payout ratio is 25.24%.

Insider Activity at ResMed

In related news, Director Peter C. Farrell sold 945 shares of the stock in a transaction that occurred 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 in the company, valued at $17,443,068.77. This trade represents a 1.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $279.48, for a total transaction of $2,238,355.32. Following the completion of the sale, the chief executive officer owned 455,503 shares in the company, valued at $127,303,978.44. This represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,588 shares of company stock worth $5,289,241 in the last ninety days. Company insiders own 0.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on RMD shares. Morgan Stanley set a $286.00 price objective on shares of ResMed and gave the company an "overweight" rating in a research note on Tuesday, May 20th. Piper Sandler increased their price objective on shares of ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. UBS Group upped their target price on shares of ResMed from $285.00 to $325.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Wall Street Zen lowered shares of ResMed from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. Finally, CLSA raised shares of ResMed from a "hold" rating to an "outperform" rating in a report on Tuesday, September 2nd. Two 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 issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $278.36.

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.