ResMed Inc. $RMD Shares Newly Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of ResMed Inc. (NYSE:RMD) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 35,805 shares of the medical equipment provider’s stock, valued at approximately $7,916,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RMD. BlackRock Inc. purchased a new position in ResMed during the second quarter worth about $2,400,375,000. State Street Corp grew its stake in shares of ResMed by 0.6% in the 2nd quarter. State Street Corp now owns 6,680,735 shares of the medical equipment provider’s stock valued at $1,301,942,000 after buying an additional 37,567 shares during the period. Bank of New York Mellon Corp grew its stake in shares of ResMed by 0.7% in the 1st quarter. Bank of New York Mellon Corp now owns 4,925,386 shares of the medical equipment provider’s stock valued at $1,105,651,000 after buying an additional 34,732 shares during the period. First Trust Advisors LP increased its holdings in shares of ResMed by 1.3% during the 1st quarter. First Trust Advisors LP now owns 1,537,825 shares of the medical equipment provider’s stock worth $345,211,000 after buying an additional 20,233 shares during the last quarter. Finally, Deutsche Bank AG acquired a new stake in shares of ResMed during the 2nd quarter worth approximately $257,692,000. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at ResMed

In other news, General Counsel Michael J. Rider sold 400 shares of the firm’s stock in a transaction on Friday, October 23rd. The stock was sold at an average price of $255.00, for a total transaction of $102,000.00. Following the completion of the transaction, the general counsel directly owned 12,318 shares in the company, valued at $3,141,090. This trade represents a 3.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction on Wednesday, October 7th. The shares were sold at an average price of $226.33, for a total value of $1,129,613.03. Following the completion of the sale, the chief executive officer directly owned 479,803 shares of the company’s stock, valued at $108,593,812.99. The trade was a 1.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 16,343 shares of company stock valued at $3,596,098 over the last quarter. 0.58% of the stock is owned by company insiders.

ResMed Price Performance

Shares of RMD opened at $240.43 on Thursday. The firm has a 50-day simple moving average of $231.86 and a two-hundred day simple moving average of $225.06. The stock has a market cap of $33.82 billion, a PE ratio of 19.69, a P/E/G ratio of 1.38 and a beta of 0.77. ResMed Inc. has a 1-year low of $180.26 and a 1-year high of $277.67. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.65 and a quick ratio of 1.88.

ResMed (NYSE:RMD) last issued its quarterly earnings data on Thursday, October 29th. The medical equipment provider reported $2.91 EPS for the quarter, topping the consensus estimate of $2.67 by $0.24. The firm had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.39 billion. ResMed had a net margin of 27.79% and a return on equity of 26.42%. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period in the prior year, the business posted $2.55 EPS. As a group, analysts forecast that ResMed Inc. will post 12.14 EPS for the current year.

ResMed Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Shareholders of record on Thursday, November 12th will be given a $0.66 dividend. The ex-dividend date of this dividend is Thursday, November 12th. This represents a $2.64 dividend on an annualized basis and a yield of 1.1%. ResMed’s payout ratio is presently 24.04%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on RMD. KeyCorp lifted their price target on shares of ResMed from $267.00 to $277.00 and gave the company an “overweight” rating in a research report on Friday, October 30th. Wells Fargo & Company increased their price objective on ResMed from $215.00 to $250.00 and gave the stock an “equal weight” rating in a research report on Friday, October 30th. Citigroup raised their target price on ResMed from $240.00 to $270.00 and gave the stock a “neutral” rating in a research note on Friday, October 30th. Piper Sandler reduced their target price on ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a research report on Friday, August 7th. Finally, Weiss Ratings upgraded ResMed from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. Seven analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $253.69.

About ResMed

ResMed Inc is a medical equipment and software company that develops solutions for sleep-disordered breathing, respiratory conditions and other chronic diseases. The company is best known for its positive airway pressure (PAP) devices used to treat obstructive sleep apnea, along with masks, accessories and related patient support services.

ResMed also provides cloud-connected health technology, including remote-monitoring platforms and software used by healthcare providers, medical equipment suppliers and care organizations.