Westpac Banking Corp Has $5.43 Million Position in ResMed Inc. $RMD

Key Points

• Westpac Banking Corp significantly increased its stake in ResMed during the fourth quarter, boosting holdings by 1,762.4% to 22,535 shares worth about $5.43 million.
• ResMed reported strong quarterly results, with earnings of $2.86 per share beating estimates and revenue of $1.43 billion slightly above expectations, while sales rose 10.8% year over year.
• The company also announced a quarterly dividend of $0.60 per share, even as analysts maintained a generally positive outlook with an average rating of Moderate Buy.

Westpac Banking Corp lifted its holdings in shares of ResMed Inc. (NYSE:RMD - Free Report) by 1,762.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,535 shares of the medical equipment provider's stock after purchasing an additional 21,325 shares during the quarter. Westpac Banking Corp's holdings in ResMed were worth $5,428,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Imprint Wealth LLC acquired a new stake in ResMed in the 3rd quarter valued at approximately $26,000. WFA of San Diego LLC acquired a new stake in ResMed in the 2nd quarter valued at approximately $26,000. International Assets Investment Management LLC acquired a new stake in ResMed in the 4th quarter valued at approximately $25,000. ORG Partners LLC raised its position in ResMed by 181.6% in the 4th quarter. ORG Partners LLC now owns 107 shares of the medical equipment provider's stock valued at $26,000 after buying an additional 69 shares during the last quarter. Finally, Sunbelt Securities Inc. acquired a new stake in ResMed in the 3rd quarter valued at approximately $31,000. Institutional investors and hedge funds own 54.98% of the company's stock.

ResMed Stock Down 1.8%

NYSE:RMD opened at $183.01 on Wednesday. The firm has a market capitalization of $26.55 billion, a price-to-earnings ratio of 17.65, a price-to-earnings-growth ratio of 1.19 and a beta of 0.80. ResMed Inc. has a twelve month low of $180.26 and a twelve month high of $293.81. The stock's 50 day moving average price is $216.11 and its two-hundred day moving average price is $238.80. 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 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. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The business's quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.37 EPS. Equities research analysts expect that ResMed Inc. will post 11.13 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Thursday, May 14th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, May 14th. This represents a $2.40 annualized dividend and a dividend yield of 1.3%. ResMed's payout ratio is 23.14%.

Insider Activity at ResMed

In other news, Director Peter C. Farrell sold 2,000 shares of ResMed 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 filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $251.03, for a total value of $1,252,890.73. Following the transaction, the chief executive officer owned 466,223 shares of the company's stock, valued at $117,035,959.69. This represents a 1.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 16,973 shares of company stock valued at $3,865,591 over the last quarter. 0.65% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on RMD. Royal Bank Of Canada lifted their target price on ResMed from $314.00 to $321.00 and gave the company an "outperform" rating in a research report on Friday, May 1st. Wells Fargo & Company dropped their target price on ResMed from $270.00 to $227.00 and set an "equal weight" rating on the stock in a research report on Friday, May 1st. Robert W. Baird set a $225.00 target price on ResMed in a research report on Friday, May 1st. Weiss Ratings lowered ResMed from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, May 22nd. Finally, JPMorgan Chase & Co. began coverage on ResMed in a research report on Wednesday, April 15th. They issued an "overweight" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, ResMed currently has an average rating of "Moderate Buy" and an average target price of $286.18.

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.

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