Y Intercept Hong Kong Ltd Acquires 6,426 Shares of ResMed Inc. $RMD

Key Points

• Y Intercept Hong Kong Ltd boosted its ResMed stake by 46.5% in the first quarter, buying 6,426 shares and bringing its total holdings to 20,251 shares worth about $4.55 million.
• ResMed reported solid quarterly results, with earnings of $2.86 per share versus $2.79 expected and revenue of $1.43 billion, while revenue rose 10.8% year over year.
• Analysts remain broadly positive, with a Moderate Buy consensus and an average price target of $270.82, though some firms recently trimmed targets and one insider sale was disclosed.

Y Intercept Hong Kong Ltd increased its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 46.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,251 shares of the medical equipment provider's stock after acquiring an additional 6,426 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in ResMed were worth $4,546,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Landscape Capital Management L.L.C. raised its holdings in ResMed by 123.2% in 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 purchasing an additional 27,060 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in shares of ResMed by 17.6% during the 4th quarter. Hsbc Holdings PLC now owns 328,785 shares of the medical equipment provider's stock valued at $79,321,000 after buying an additional 49,253 shares in the last quarter. Nordea Investment Management AB boosted its holdings in shares of ResMed by 37.2% during the 4th quarter. Nordea Investment Management AB now owns 1,084,996 shares of the medical equipment provider's stock valued at $262,027,000 after buying an additional 294,124 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of ResMed by 20.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 112,755 shares of the medical equipment provider's stock worth $30,847,000 after buying an additional 18,966 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in shares of ResMed by 13.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 979,087 shares of the medical equipment provider's stock worth $235,833,000 after buying an additional 118,296 shares during the period. Institutional investors own 54.98% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Morgan Stanley reiterated an "equal weight" rating and issued a $230.00 price target (down from $286.00) on shares of ResMed in a research note on Wednesday, June 17th. The Goldman Sachs Group restated a "buy" rating on shares of ResMed in a report on Wednesday. KeyCorp decreased their target price on shares of ResMed from $290.00 to $266.00 and set an "overweight" rating for the company in a research note on Monday, June 22nd. JPMorgan Chase & Co. initiated coverage on shares of ResMed in a report on Wednesday, April 15th. They set an "overweight" rating for the company. Finally, Weiss Ratings cut ResMed from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $270.82.

ResMed Stock Performance

Shares of RMD opened at $209.37 on Monday. The business's fifty day simple moving average is $201.15 and its two-hundred day simple moving average is $229.34. The company has a current ratio of 3.01, a quick ratio of 2.33 and a debt-to-equity ratio of 0.06. ResMed Inc. has a 12 month low of $180.26 and a 12 month high of $293.81. The company has a market cap of $30.37 billion, a price-to-earnings ratio of 20.19, a P/E/G ratio of 1.23 and a beta of 0.78.

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 during the quarter, compared to analysts' expectations of $1.42 billion. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The company's revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.37 earnings per share. Research analysts anticipate that ResMed Inc. will post 11.13 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, May 14th were paid a dividend of $0.60 per share. The ex-dividend date was Thursday, May 14th. This represents a $2.40 annualized dividend and a yield of 1.1%. ResMed's dividend payout ratio is currently 23.14%.

Insider Activity

In other news, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $193.96, for a total value of $968,054.36. Following the completion of the sale, the chief executive officer directly owned 466,256 shares in the company, valued at $90,435,013.76. The trade was a 1.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 14,973 shares of company stock worth $3,130,754. Company insiders own 0.65% of the company's stock.

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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