ABN Amro Investment Solutions Buys New Position in ResMed Inc. $RMD

ABN Amro Investment Solutions purchased a new position in shares of ResMed Inc. (NYSE:RMD) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 6,684 shares of the medical equipment provider’s stock, valued at approximately $1,724,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RMD. Inspire Investing LLC increased its position in shares of ResMed by 29.3% during the first quarter. Inspire Investing LLC now owns 28,578 shares of the medical equipment provider’s stock worth $6,397,000 after acquiring an additional 6,472 shares in the last quarter. Intech Investment Management LLC lifted its position in ResMed by 63.2% in the 1st quarter. Intech Investment Management LLC now owns 15,325 shares of the medical equipment provider’s stock valued at $3,430,000 after acquiring an additional 5,934 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in ResMed by 8.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 739,007 shares of the medical equipment provider’s stock valued at $165,427,000 after purchasing an additional 58,155 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in ResMed by 2.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 977,401 shares of the medical equipment provider’s stock worth $218,791,000 after purchasing an additional 22,789 shares in the last quarter. Finally, Swedbank AB raised its stake in shares of ResMed by 445.1% in the first quarter. Swedbank AB now owns 397,319 shares of the medical equipment provider’s stock worth $88,940,000 after purchasing an additional 324,428 shares during the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on RMD. Mizuho cut their target price on ResMed from $310.00 to $300.00 and set an “outperform” rating on the stock in a research report on Friday, October 31st. Weiss Ratings restated a “buy (b-)” rating on shares of ResMed in a research note on Wednesday, October 8th. Wells Fargo & Company assumed coverage on shares of ResMed in a report on Monday, October 13th. They set an “equal weight” rating and a $280.00 price objective on the stock. Stifel Nicolaus increased their target price on shares of ResMed from $240.00 to $270.00 and gave the company a “hold” rating in a report on Friday, August 1st. Finally, Piper Sandler raised 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. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, ResMed presently has an average rating of “Moderate Buy” and an average target price of $297.45.

ResMed Stock Performance

Shares of RMD stock opened at $244.74 on Friday. 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 firm has a market cap of $35.72 billion, a price-to-earnings ratio of 25.73, a P/E/G ratio of 1.75 and a beta of 0.87. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $293.81. The firm’s 50-day simple moving average is $266.27 and its two-hundred day simple moving average is $262.80.

ResMed (NYSE:RMD) last released its earnings results on Friday, October 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, beating analysts’ consensus estimates of $2.49 by $0.06. The firm had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The company’s revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.20 EPS. As a group, equities analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 18th. Shareholders of record on Thursday, November 13th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Thursday, November 13th. ResMed’s dividend payout ratio (DPR) is currently 24.56%.

Insiders Place Their Bets

In related news, CEO Michael J. Farrell sold 8,011 shares of ResMed stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $249.75, for a total value of $2,000,747.25. Following the completion of the sale, the chief executive officer owned 467,866 shares of the company’s stock, valued at approximately $116,849,533.50. This trade represents a 1.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Witte Jan De sold 487 shares of the company’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $250.25, for a total transaction of $121,871.75. Following the sale, the director directly owned 5,319 shares in the company, valued at approximately $1,331,079.75. This trade represents a 8.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 21,182 shares of company stock valued at $5,658,783. Company insiders own 0.65% of the company’s stock.

ResMed Company 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.