Russell Investments Group Ltd. Grows Stock Holdings in ResMed Inc. (NYSE:RMD)

Russell Investments Group Ltd. grew its holdings in ResMed Inc. (NYSE:RMD) by 81.6% during the 4th quarter, Holdings Channel reports. The fund owned 79,160 shares of the medical equipment provider’s stock after purchasing an additional 35,562 shares during the period. Russell Investments Group Ltd.’s holdings in ResMed were worth $13,629,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in the business. Morgan Stanley lifted its stake in shares of ResMed by 102.4% in the 3rd quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider’s stock valued at $344,481,000 after purchasing an additional 1,178,547 shares during the period. LGT Capital Partners LTD. acquired a new position in shares of ResMed in the 4th quarter valued at $117,621,000. abrdn plc lifted its stake in shares of ResMed by 79.2% in the 3rd quarter. abrdn plc now owns 901,485 shares of the medical equipment provider’s stock valued at $133,303,000 after purchasing an additional 398,302 shares during the period. Hsbc Holdings PLC lifted its stake in shares of ResMed by 109.9% in the 3rd quarter. Hsbc Holdings PLC now owns 490,214 shares of the medical equipment provider’s stock valued at $72,785,000 after purchasing an additional 256,624 shares during the period. Finally, UBS Group AG lifted its stake in shares of ResMed by 109.3% in the 3rd quarter. UBS Group AG now owns 457,717 shares of the medical equipment provider’s stock valued at $67,683,000 after purchasing an additional 239,001 shares during the period. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Price Performance

Shares of NYSE RMD opened at $216.98 on Friday. The firm has a 50-day simple moving average of $190.52 and a 200-day simple moving average of $174.76. The stock has a market capitalization of $31.88 billion, a price-to-earnings ratio of 33.33, a price-to-earnings-growth ratio of 2.68 and a beta of 0.64. The company has a quick ratio of 1.97, a current ratio of 3.04 and a debt-to-equity ratio of 0.22. ResMed Inc. has a 52 week low of $132.24 and a 52 week high of $237.26.

ResMed (NYSE:RMD) last issued its earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 EPS for the quarter, beating analysts’ consensus estimates of $1.91 by $0.22. The business had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.17 billion. ResMed had a net margin of 20.91% and a return on equity of 24.43%. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.68 earnings per share. On average, equities analysts predict that ResMed Inc. will post 7.59 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 13th. Investors of record on Thursday, May 9th will be issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date is Wednesday, May 8th. ResMed’s dividend payout ratio is currently 29.49%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. KeyCorp boosted their target price on shares of ResMed from $227.00 to $238.00 and gave the company an “overweight” rating in a research note on Friday, April 26th. Royal Bank of Canada upped their price objective on shares of ResMed from $187.00 to $200.00 and gave the stock a “sector perform” rating in a research report on Friday, April 26th. UBS Group upped their price objective on shares of ResMed from $175.00 to $180.00 and gave the stock a “neutral” rating in a research report on Thursday, January 25th. Needham & Company LLC upped their price objective on shares of ResMed from $224.00 to $236.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. Finally, Oppenheimer reduced their price objective on shares of ResMed from $205.00 to $200.00 and set an “outperform” rating for the company in a research report on Friday, April 26th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $202.80.

Insider Activity at ResMed

In related news, General Counsel Michael J. Rider sold 200 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $173.25, for a total value of $34,650.00. Following the completion of the sale, the general counsel now owns 6,688 shares of the company’s stock, valued at $1,158,696. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Peter C. Farrell sold 10,935 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $182.66, for a total value of $1,997,387.10. Following the completion of the sale, the director now owns 157,404 shares of the company’s stock, valued at $28,751,414.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Michael J. Rider sold 200 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $173.25, for a total transaction of $34,650.00. Following the transaction, the general counsel now directly owns 6,688 shares of the company’s stock, valued at approximately $1,158,696. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,641 shares of company stock valued at $2,137,958. 1.21% of the stock is owned by company insiders.

About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.