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

AustralianSuper Pty Ltd increased its holdings in shares of ResMed Inc. (NYSE:RMD) by 15.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 311,406 shares of the medical equipment provider’s stock after acquiring an additional 41,226 shares during the period. AustralianSuper Pty Ltd owned about 0.21% of ResMed worth $80,343,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Golden State Wealth Management LLC lifted its position in shares of ResMed by 384.8% during the 1st quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider’s stock worth $36,000 after buying an additional 127 shares during the period. Zions Bancorporation National Association UT acquired a new position in ResMed during the first quarter worth $45,000. Groupe la Francaise bought a new position in shares of ResMed during the first quarter valued at $45,000. Harbour Investments Inc. boosted its stake in shares of ResMed by 264.2% in the 2nd quarter. Harbour Investments Inc. now owns 244 shares of the medical equipment provider’s stock valued at $63,000 after purchasing an additional 177 shares in the last quarter. Finally, Larson Financial Group LLC grew its holdings in shares of ResMed by 926.7% in the 1st quarter. Larson Financial Group LLC now owns 308 shares of the medical equipment provider’s stock worth $69,000 after purchasing an additional 278 shares during the last quarter. Institutional investors own 54.98% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on RMD. Morgan Stanley lifted their price target on shares of ResMed from $298.00 to $304.00 and gave the company an “overweight” rating in a report on Tuesday, October 21st. Wall Street Zen cut shares of ResMed from a “buy” rating to a “hold” rating in a research note on Sunday, August 10th. Royal Bank Of Canada boosted their target price on ResMed from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. William Blair raised ResMed to a “strong-buy” rating in a report on Friday, August 1st. Finally, Piper Sandler lifted their price objective on ResMed from $248.00 to $270.00 and gave the company a “neutral” rating in a research report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $295.70.

Insider Activity at ResMed

In other news, CEO Michael J. Farrell sold 8,009 shares of the firm’s 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 transaction, the chief executive officer directly owned 467,792 shares in the company, valued at $132,314,967.20. This trade represents a 1.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Michael J. Rider sold 100 shares of the company’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total value of $27,436.00. Following the completion of the sale, the general counsel owned 11,327 shares of the company’s stock, valued at $3,107,675.72. This represents a 0.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,743 shares of company stock worth $5,284,514 over the last ninety days. Company insiders own 0.65% of the company’s stock.

ResMed Stock Down 2.0%

NYSE:RMD opened at $259.87 on Monday. The company has a market cap of $37.93 billion, a price-to-earnings ratio of 27.33, a P/E/G ratio of 1.79 and a beta of 0.83. 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 fifty day moving average price is $275.26 and its two-hundred day moving average price is $259.69. ResMed Inc. has a 52-week low of $199.92 and a 52-week high of $293.81.

ResMed (NYSE:RMD) last released its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, beating the consensus estimate of $2.47 by $0.08. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period last year, the firm earned $2.08 EPS. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, analysts anticipate that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Increases Dividend

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

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.