MetLife Investment Management LLC Lowers Stock Position in ResMed Inc. $RMD

MetLife Investment Management LLC lessened its holdings in ResMed Inc. (NYSE:RMD) by 1.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 39,845 shares of the medical equipment provider’s stock after selling 733 shares during the quarter. MetLife Investment Management LLC’s holdings in ResMed were worth $8,919,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of ResMed by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider’s stock worth $4,139,815,000 after acquiring an additional 320,240 shares in the last quarter. Northern Trust Corp boosted its stake in shares of ResMed by 2.5% during the 1st quarter. Northern Trust Corp now owns 1,744,541 shares of the medical equipment provider’s stock worth $390,516,000 after acquiring an additional 41,951 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of ResMed by 4.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 998,128 shares of the medical equipment provider’s stock worth $223,431,000 after acquiring an additional 41,108 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of ResMed by 28.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 954,612 shares of the medical equipment provider’s stock worth $218,310,000 after acquiring an additional 212,201 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of ResMed by 6.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 793,760 shares of the medical equipment provider’s stock worth $177,652,000 after acquiring an additional 51,348 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

ResMed Price Performance

RMD stock opened at $285.31 on Wednesday. ResMed Inc. has a 1 year low of $199.92 and a 1 year high of $293.81. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. The stock’s 50 day moving average price is $269.30 and its 200 day moving average price is $245.22. The firm has a market cap of $41.77 billion, a P/E ratio of 30.00, a PEG ratio of 1.91 and a beta of 0.77.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 25.62% and a net margin of 27.22%.ResMed’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.08 EPS. On average, sell-side analysts expect that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th will be issued a $0.60 dividend. This is a boost from ResMed’s previous quarterly dividend of $0.53. The ex-dividend date is Wednesday, August 13th. This represents a $2.40 annualized dividend and a yield of 0.8%. ResMed’s payout ratio is presently 25.24%.

Analysts Set New Price Targets

RMD has been the topic of several research analyst reports. UBS Group boosted their price target on ResMed from $285.00 to $325.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. Wall Street Zen lowered ResMed from a “buy” rating to a “hold” rating in a research note on Sunday, August 10th. William Blair raised ResMed to a “strong-buy” rating in a research note on Friday, August 1st. Morgan Stanley set a $286.00 price target on ResMed and gave the stock an “overweight” rating in a research note on Tuesday, May 20th. Finally, Piper Sandler boosted their price target on ResMed from $248.00 to $270.00 and gave the stock a “neutral” rating in a research note on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, ResMed currently has an average rating of “Moderate Buy” and a consensus target price of $274.83.

Insider Buying and Selling at ResMed

In other ResMed news, Director John Hernandez sold 2,575 shares of the business’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $287.10, for a total value of $739,282.50. Following the completion of the transaction, the director directly owned 4,045 shares in the company, valued at approximately $1,161,319.50. The trade was a 38.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Peter C. Farrell sold 945 shares of the business’s stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total value of $241,438.05. Following the completion of the transaction, the director owned 68,273 shares of the company’s stock, valued at $17,443,068.77. This trade represents a 1.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 27,638 shares of company stock worth $7,311,177. Insiders own 0.71% of the company’s stock.

ResMed Company Profile

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.