United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund Purchases 7,020 Shares of ResMed Inc. $RMD

Key Points

• United Super Pty Ltd boosted its ResMed stake by 206.5% in the fourth quarter, buying 7,020 additional shares and bringing its total holding to 10,420 shares worth about $2.51 million.
• Insider selling continued at ResMed, including sales by Director Peter C. Farrell and CEO Michael J. Farrell; insiders have sold 18,973 shares worth $4.39 million over the past 90 days.
• ResMed reported better-than-expected quarterly results, with EPS of $2.86 versus $2.79 expected and revenue of $1.43 billion, while also announcing a quarterly dividend of $0.60 per share.

United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund lifted its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 206.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,420 shares of the medical equipment provider's stock after acquiring an additional 7,020 shares during the quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund's holdings in ResMed were worth $2,510,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in RMD. Jones Financial Companies Lllp grew its stake in shares of ResMed by 52.6% during the 1st quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider's stock valued at $645,000 after acquiring an additional 994 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in shares of ResMed during the 2nd quarter valued at approximately $389,000. Brown Advisory Inc. grew its stake in shares of ResMed by 17.8% during the 2nd quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider's stock valued at $409,000 after acquiring an additional 240 shares during the period. Cresset Asset Management LLC bought a new position in shares of ResMed during the 2nd quarter valued at approximately $206,000. Finally, Alliancebernstein L.P. grew its stake in shares of ResMed by 24.2% during the 2nd quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider's stock valued at $73,808,000 after acquiring an additional 55,790 shares during the period. 54.98% of the stock is currently owned by institutional investors.

Insider Activity at ResMed

In other news, Director Peter C. Farrell sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total transaction of $450,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael J. Farrell sold 4,991 shares of the company'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 value of $1,037,229.62. Following the sale, the chief executive officer directly owned 466,223 shares in the company, valued at $96,890,463.86. This trade represents a 1.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 18,973 shares of company stock worth $4,386,031 over the last ninety days. Insiders own 0.65% of the company's stock.

Analyst Upgrades and Downgrades

RMD has been the subject of a number of recent research reports. Robert W. Baird set a $225.00 price objective on ResMed in a research note on Friday, May 1st. Piper Sandler boosted their price objective on ResMed from $270.00 to $275.00 and gave the company a "neutral" rating in a research note on Friday, January 30th. Royal Bank Of Canada boosted their price objective on ResMed from $314.00 to $321.00 and gave the company an "outperform" rating in a research note on Friday, May 1st. Citigroup dropped their price target on ResMed from $345.00 to $340.00 and set a "buy" rating for the company in a research note on Thursday, April 9th. Finally, Stifel Nicolaus upped their price target on ResMed from $260.00 to $265.00 and gave the stock a "hold" rating in a research note on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $286.18.

ResMed Trading Down 6.3%

RMD stock opened at $190.58 on Friday. ResMed Inc. has a 1-year low of $190.38 and a 1-year high of $293.81. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.01 and a quick ratio of 2.33. The company has a market capitalization of $27.64 billion, a price-to-earnings ratio of 18.38, a PEG ratio of 1.30 and a beta of 0.84. The business has a 50 day simple moving average of $216.93 and a two-hundred day simple moving average of $239.34.

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

ResMed Announces Dividend

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. This represents a $2.40 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Thursday, May 14th. ResMed's dividend payout ratio is 23.14%.

ResMed Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.