AustralianSuper Pty Ltd Acquires 41,226 Shares of ResMed Inc. $RMD

AustralianSuper Pty Ltd lifted its holdings in shares of ResMed Inc. (NYSE:RMD) by 15.3% during the second quarter, HoldingsChannel reports. The firm owned 311,406 shares of the medical equipment provider’s stock after acquiring an additional 41,226 shares during the quarter. AustralianSuper Pty Ltd’s holdings in ResMed were worth $80,343,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of RMD. GAMMA Investing LLC increased its stake in ResMed by 7.6% during the 1st quarter. GAMMA Investing LLC now owns 3,277 shares of the medical equipment provider’s stock worth $734,000 after purchasing an additional 231 shares in the last quarter. Golden State Wealth Management LLC boosted its holdings 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 valued at $36,000 after buying an additional 127 shares during the period. Robeco Institutional Asset Management B.V. boosted its holdings in shares of ResMed by 6.9% in the first quarter. Robeco Institutional Asset Management B.V. now owns 77,442 shares of the medical equipment provider’s stock valued at $17,335,000 after buying an additional 4,983 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of ResMed by 20.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,415 shares of the medical equipment provider’s stock worth $3,390,000 after acquiring an additional 2,585 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of ResMed by 9.9% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 365,190 shares of the medical equipment provider’s stock worth $81,748,000 after acquiring an additional 32,994 shares during the period. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on RMD. Wall Street Zen cut shares of ResMed from a “buy” rating to a “hold” rating in a research report on Sunday, August 10th. Stifel Nicolaus boosted their price target on ResMed from $240.00 to $270.00 and gave the company a “hold” rating in a report on Friday, August 1st. Piper Sandler increased their price objective on ResMed from $248.00 to $270.00 and gave the stock a “neutral” rating in a report on Friday, August 1st. Weiss Ratings reissued a “buy (b-)” rating on shares of ResMed in a research report on Saturday. Finally, Citigroup assumed coverage on ResMed in a research note on Thursday, September 18th. They issued a “buy” rating and a $330.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $295.70.

ResMed Stock Down 2.0%

NYSE:RMD opened at $259.87 on Monday. ResMed Inc. has a twelve month low of $199.92 and a twelve month high of $293.81. The firm has a market capitalization of $37.93 billion, a price-to-earnings ratio of 27.33, a price-to-earnings-growth ratio of 1.79 and a beta of 0.83. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11. The stock’s 50 day moving average price is $275.26 and its two-hundred day moving average price is $259.69.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.08. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.08 earnings per share. Equities research analysts expect that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th were paid a $0.60 dividend. This is a positive change from ResMed’s previous quarterly dividend of $0.53. This represents a $2.40 annualized dividend and a yield of 0.9%. The ex-dividend date was Thursday, August 14th. ResMed’s dividend payout ratio is currently 25.24%.

Insider Activity

In related news, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $282.85, for a total value of $2,265,345.65. Following the sale, the chief executive officer owned 467,792 shares in the company, valued at approximately $132,314,967.20. This represents a 1.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Hernandez sold 2,575 shares of the firm’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $287.10, for a total value of $739,282.50. Following the sale, the director directly owned 4,045 shares of the company’s stock, valued at $1,161,319.50. This represents a 38.90% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,743 shares of company stock valued at $5,284,514 over the last three months. Insiders own 0.65% of the company’s stock.

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.