LGT Fund Management Co Ltd. Sells 120 Shares of ResMed Inc. $RMD

LGT Fund Management Co Ltd. decreased its stake in ResMed Inc. (NYSE:RMD) by 9.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,130 shares of the medical equipment provider’s stock after selling 120 shares during the period. LGT Fund Management Co Ltd.’s holdings in ResMed were worth $292,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Global X Japan Co. Ltd. raised its position in 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 acquiring an additional 68 shares during the period. Golden State Wealth Management LLC raised its position 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 purchasing an additional 127 shares during the period. Zions Bancorporation National Association UT bought a new stake in shares of ResMed in the first quarter valued at approximately $45,000. Groupe la Francaise bought a new stake in shares of ResMed in the first quarter valued at approximately $45,000. Finally, CVA Family Office LLC raised its position in shares of ResMed by 29.8% in the first quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider’s stock valued at $47,000 after purchasing an additional 48 shares during the period. Institutional investors own 54.98% of the company’s stock.

ResMed Price Performance

Shares of ResMed stock opened at $278.48 on Friday. ResMed Inc. has a 52-week low of $199.92 and a 52-week high of $293.81. The stock has a market capitalization of $40.77 billion, a price-to-earnings ratio of 29.28, a price-to-earnings-growth ratio of 1.87 and a beta of 0.83. The company has a fifty day moving average of $278.16 and a 200-day moving average of $253.68. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44.

ResMed (NYSE:RMD) last announced its quarterly earnings data 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. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the prior year, the company earned $2.08 EPS. The firm’s revenue was up 10.2% on a year-over-year basis. Equities research analysts expect that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Thursday, August 14th. This is an increase from ResMed’s previous quarterly dividend of $0.53. ResMed’s dividend payout ratio is currently 25.24%.

Wall Street Analysts Forecast Growth

RMD has been the topic of several research reports. William Blair raised shares of ResMed to a “strong-buy” rating in a research report on Friday, August 1st. Royal Bank Of Canada boosted their price target on shares of ResMed from $294.00 to $300.00 and gave the company an “outperform” rating in a research report on Friday, August 1st. Stifel Nicolaus boosted their price target on shares of ResMed from $240.00 to $270.00 and gave the company a “hold” rating in a research report on Friday, August 1st. Piper Sandler boosted their price target on shares of ResMed from $248.00 to $270.00 and gave the company a “neutral” rating in a research report on Friday, August 1st. Finally, Citigroup started coverage on shares of ResMed in a research report on Thursday, September 18th. They issued a “buy” rating and a $330.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $294.20.

Insider Buying and Selling at ResMed

In other news, CEO Michael J. Farrell sold 8,009 shares of the firm’s stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $279.48, for a total value of $2,238,355.32. Following the completion of the sale, the chief executive officer directly owned 455,503 shares of the company’s stock, valued at approximately $127,303,978.44. This trade represents a 1.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John Hernandez sold 2,575 shares of the firm’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $287.10, for a total transaction of $739,282.50. Following the completion of the sale, the director directly owned 4,045 shares of the company’s stock, valued at approximately $1,161,319.50. This represents a 38.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,743 shares of company stock valued at $5,075,239 in the last quarter. Company insiders own 0.71% of the company’s stock.

ResMed 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.