National Pension Service Buys 37,680 Shares of ResMed Inc. $RMD

National Pension Service increased its stake in shares of ResMed Inc. (NYSE:RMD) by 15.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 281,465 shares of the medical equipment provider’s stock after buying an additional 37,680 shares during the quarter. National Pension Service’s holdings in ResMed were worth $54,852,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in RMD. Jones Financial Companies Lllp lifted its position in shares of ResMed by 52.6% during the 1st quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider’s stock valued at $645,000 after acquiring an additional 994 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in shares of ResMed in the second quarter worth $389,000. Brown Advisory Inc. raised its stake in ResMed by 17.8% in the second quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider’s stock valued at $409,000 after purchasing an additional 240 shares in the last quarter. Cresset Asset Management LLC acquired a new position in ResMed in the second quarter valued at about $206,000. Finally, Alliancebernstein L.P. lifted its position in ResMed by 24.2% during the second quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider’s stock worth $73,808,000 after purchasing an additional 55,790 shares during the period. Institutional investors own 54.98% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on RMD shares. Citigroup reiterated a “neutral” rating on shares of ResMed in a research note on Thursday. Piper Sandler cut their price target on shares of ResMed from $233.00 to $225.00 and set a “neutral” rating for the company in a report on Friday, August 7th. KeyCorp increased their price target on shares of ResMed from $255.00 to $267.00 and gave the stock an “overweight” rating in a research report on Monday, August 31st. UBS Group reissued a “buy” rating and issued a $300.00 price objective on shares of ResMed in a research note on Tuesday, July 21st. Finally, Weiss Ratings upgraded shares of ResMed from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. Six analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, ResMed currently has an average rating of “Hold” and an average target price of $240.31.

ResMed Stock Performance

ResMed stock opened at $218.28 on Friday. The company has a quick ratio of 2.42, a current ratio of 3.10 and a debt-to-equity ratio of 0.06. The stock has a market cap of $31.49 billion, a PE ratio of 20.93, a P/E/G ratio of 1.38 and a beta of 0.77. ResMed Inc. has a 12-month low of $180.26 and a 12-month high of $284.87. The business’s 50-day moving average price is $217.39 and its two-hundred day moving average price is $217.00.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 EPS for the quarter, topping analysts’ consensus estimates of $2.89 by $0.06. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The firm had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter in the prior year, the business earned $2.55 earnings per share. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, analysts expect that ResMed Inc. will post 12.02 earnings per share for the current fiscal year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, August 20th will be paid a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, August 20th. This is a positive change from ResMed’s previous quarterly dividend of $0.60. ResMed’s payout ratio is currently 25.31%.

Insider Buying and Selling

In other ResMed news, CEO Michael Farrell sold 4,991 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $222.44, for a total value of $1,110,198.04. Following the sale, the chief executive officer owned 466,256 shares in the company, valued at $103,713,984.64. This trade represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter Farrell sold 970 shares of the business’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $234.73, for a total transaction of $227,688.10. Following the sale, the director directly owned 51,803 shares in the company, valued at approximately $12,159,718.19. The trade was a 1.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 23,943 shares of company stock worth $5,255,268 in the last 90 days. Company insiders own 0.65% of the company’s stock.

About ResMed

ResMed Inc is a medical equipment and software company that develops products and services for the diagnosis and treatment of sleep-disordered breathing and other respiratory conditions. Its offerings include continuous positive airway pressure (CPAP) and other positive airway pressure devices, masks, ventilation systems, oxygen-related solutions, and connected health technologies.

The company also provides cloud-based software and digital health platforms that help clinicians, home medical equipment providers, and patients monitor therapy, manage equipment, and support adherence to treatment.