Mirae Asset Global Investments Co. Ltd. Acquires 5,517 Shares of ResMed Inc. (NYSE:RMD)

Mirae Asset Global Investments Co. Ltd. boosted its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 13.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 45,231 shares of the medical equipment provider's stock after acquiring an additional 5,517 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in ResMed were worth $7,781,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RMD. Morgan Stanley increased its stake in ResMed by 102.4% in the 3rd quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider's stock worth $344,481,000 after purchasing an additional 1,178,547 shares in the last quarter. Norges Bank purchased a new position in ResMed in the 4th quarter worth about $244,477,000. LGT Capital Partners LTD. purchased a new position in ResMed in the 4th quarter worth about $117,621,000. abrdn plc increased its stake in ResMed by 79.2% in the 3rd quarter. abrdn plc now owns 901,485 shares of the medical equipment provider's stock worth $133,303,000 after purchasing an additional 398,302 shares in the last quarter. Finally, Hsbc Holdings PLC increased its stake in ResMed by 109.9% in the 3rd quarter. Hsbc Holdings PLC now owns 490,214 shares of the medical equipment provider's stock worth $72,785,000 after purchasing an additional 256,624 shares in the last quarter. 54.98% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on RMD shares. Needham & Company LLC lifted their target price on ResMed from $215.00 to $224.00 and gave the company a "buy" rating in a research note on Monday, April 1st. Oppenheimer lifted their target price on ResMed from $185.00 to $205.00 and gave the company an "outperform" rating in a research note on Tuesday, January 30th. JPMorgan Chase & Co. lifted their target price on ResMed from $160.00 to $195.00 and gave the company an "overweight" rating in a research note on Tuesday, January 9th. Royal Bank of Canada lifted their target price on ResMed from $181.00 to $182.00 and gave the company a "sector perform" rating in a research note on Thursday, January 25th. Finally, Mizuho reaffirmed a "buy" rating and set a $215.00 target price on shares of ResMed in a research note on Wednesday, March 27th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, ResMed currently has an average rating of "Moderate Buy" and a consensus price target of $199.20.

ResMed Stock Performance

RMD traded down $3.65 on Friday, hitting $185.86. The company had a trading volume of 659,893 shares, compared to its average volume of 993,606. The company's fifty day moving average price is $186.89 and its 200 day moving average price is $169.64. ResMed Inc. has a 1-year low of $132.24 and a 1-year high of $243.52. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.11 and a quick ratio of 1.89. The stock has a market cap of $27.34 billion, a price-to-earnings ratio of 30.72, a price-to-earnings-growth ratio of 2.30 and a beta of 0.67.

ResMed (NYSE:RMD - Get Free Report) last posted its earnings results on Wednesday, January 24th. The medical equipment provider reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.81 by $0.07. ResMed had a return on equity of 23.86% and a net margin of 19.77%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the previous year, the company earned $1.66 EPS. The company's revenue for the quarter was up 12.5% on a year-over-year basis. Equities analysts predict that ResMed Inc. will post 7.45 earnings per share for the current fiscal year.

ResMed Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Thursday, February 8th were issued a $0.48 dividend. The ex-dividend date of this dividend was Wednesday, February 7th. This represents a $1.92 annualized dividend and a yield of 1.03%. ResMed's dividend payout ratio (DPR) is currently 31.74%.

Insider Buying and Selling

In related news, General Counsel Michael J. Rider sold 200 shares of the business's stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $173.25, for a total value of $34,650.00. Following the completion of the sale, the general counsel now directly owns 6,688 shares in the company, valued at approximately $1,158,696. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Peter C. Farrell sold 10,935 shares of the company's stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $182.66, for a total transaction of $1,997,387.10. Following the completion of the transaction, the director now directly owns 157,404 shares in the company, valued at $28,751,414.64. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Michael J. Rider sold 200 shares of the company's stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $173.25, for a total value of $34,650.00. Following the transaction, the general counsel now owns 6,688 shares of the company's stock, valued at $1,158,696. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,216 shares of company stock worth $2,046,617. 1.21% of the stock is currently owned by insiders.

ResMed Company Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.