Zurcher Kantonalbank Zurich Cantonalbank Boosts Stake in ResMed Inc. (NYSE:RMD)

Key Points

• Zurcher Kantonalbank increased its holdings in ResMed Inc. by 28.8%, acquiring an additional 19,170 shares, bringing its total ownership to approximately $19.17 million.
• ResMed's shares are trading around $278.07, with a market capitalization of $40.77 billion and a 12-month stock price range of $199.92 to $278.10.
• Recent analyst ratings for ResMed show a mix, with one sell, four holds, ten buys, and a raised average price target to $263.00 among analysts.

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 28.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 85,646 shares of the medical equipment provider's stock after buying an additional 19,170 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.06% of ResMed worth $19,172,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Global X Japan Co. Ltd. grew its stake in shares of ResMed by 121.4% in the first quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock worth $28,000 after purchasing an additional 68 shares in the last quarter. Colonial Trust Co SC grew its stake in shares of ResMed by 6,250.0% in the fourth quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock worth $29,000 after purchasing an additional 125 shares in the last quarter. Optiver Holding B.V. bought a new position in shares of ResMed in the fourth quarter worth $33,000. Golden State Wealth Management LLC grew its stake in shares of ResMed by 384.8% in the first quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock worth $36,000 after purchasing an additional 127 shares in the last quarter. Finally, Itau Unibanco Holding S.A. grew its stake in shares of ResMed by 1,000.0% in the fourth quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider's stock worth $38,000 after purchasing an additional 150 shares in the last quarter. 54.98% of the stock is currently owned by institutional investors.

ResMed Stock Up 2.2%

RMD stock traded up $5.94 during trading on Friday, reaching $277.88. 922,856 shares of the stock were exchanged, compared to its average volume of 990,945. The company has a current ratio of 3.41, a quick ratio of 2.49 and a debt-to-equity ratio of 0.12. The firm's 50 day moving average is $255.87 and its 200 day moving average is $239.97. The firm has a market cap of $40.75 billion, a P/E ratio of 31.22, a price-to-earnings-growth ratio of 1.72 and a beta of 0.77. ResMed Inc. has a twelve month low of $199.92 and a twelve month high of $281.90.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, beating analysts' consensus estimates of $2.47 by $0.08. ResMed had a return on equity of 25.67% and a net margin of 26.15%. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period last year, the business posted $2.08 earnings per share. ResMed's revenue was up 10.2% on a year-over-year basis. As a group, research analysts forecast that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 14th will be issued a dividend of $0.60 per share. The ex-dividend date is Wednesday, August 13th. This represents a $2.40 dividend on an annualized basis and a yield of 0.9%. This is a boost from ResMed's previous quarterly dividend of $0.53. ResMed's dividend payout ratio (DPR) is presently 23.79%.

Insider Activity at ResMed

In other ResMed news, Director Witte Jan De sold 2,000 shares of the firm's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total value of $486,940.00. Following the completion of the sale, the director owned 5,806 shares of the company's stock, valued at $1,413,586.82. This trade represents a 25.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $256.72, for a total transaction of $2,056,070.48. Following the sale, the chief executive officer directly owned 455,503 shares of the company's stock, valued at $116,936,730.16. This represents a 1.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,013 shares of company stock worth $7,238,913 in the last 90 days. Company insiders own 0.71% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on RMD. Mizuho raised their target price on ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a research note on Friday. Royal Bank Of Canada upped their target price on ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a report on Friday. Stifel Nicolaus upped their target price on ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a report on Friday. UBS Group increased their price objective on ResMed from $285.00 to $325.00 and gave the stock a "buy" rating in a research note on Friday. Finally, KeyCorp increased their price objective on ResMed from $274.00 to $298.00 and gave the stock an "overweight" rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $274.83.

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.