Swedbank AB Increases Stock Holdings in ResMed Inc. $RMD

Swedbank AB boosted its stake in ResMed Inc. (NYSE:RMD) by 22.5% during the 1st quarter, HoldingsChannel.com reports. The fund owned 1,350,234 shares of the medical equipment provider’s stock after purchasing an additional 247,758 shares during the quarter. Swedbank AB’s holdings in ResMed were worth $303,101,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. First Trust Advisors LP lifted its position in shares of ResMed by 240.9% in the 4th quarter. First Trust Advisors LP now owns 1,517,592 shares of the medical equipment provider’s stock worth $365,542,000 after purchasing an additional 1,072,394 shares during the period. Norges Bank purchased a new position in shares of ResMed during the fourth quarter valued at about $249,068,000. Deutsche Bank AG increased its position in shares of ResMed by 126.0% during the fourth quarter. Deutsche Bank AG now owns 1,413,477 shares of the medical equipment provider’s stock valued at $340,464,000 after buying an additional 787,949 shares during the period. Morgan Stanley raised its stake in ResMed by 25.0% in the fourth quarter. Morgan Stanley now owns 2,891,697 shares of the medical equipment provider’s stock worth $696,523,000 after buying an additional 578,559 shares in the last quarter. Finally, Diamant Asset Management Inc. raised its stake in ResMed by 21,166.5% in the first quarter. Diamant Asset Management Inc. now owns 404,064 shares of the medical equipment provider’s stock worth $90,704,000 after buying an additional 402,164 shares in the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $193.96, for a total transaction of $968,054.36. Following the completion of the transaction, the chief executive officer owned 466,256 shares of the company’s stock, valued at $90,435,013.76. This trade represents a 1.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.65% of the stock is currently owned by company insiders.

ResMed Stock Down 0.0%

NYSE:RMD traded down $0.05 during mid-day trading on Tuesday, hitting $218.35. 258,039 shares of the company’s stock were exchanged, compared to its average volume of 1,269,952. ResMed Inc. has a one year low of $180.26 and a one year high of $293.81. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.01 and a quick ratio of 2.33. The business has a fifty day moving average price of $201.13 and a 200 day moving average price of $229.14. The company has a market cap of $31.67 billion, a PE ratio of 21.05, a P/E/G ratio of 1.23 and a beta of 0.78.

ResMed (NYSE:RMD) last announced its earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share for the quarter, beating analysts’ consensus estimates of $2.79 by $0.07. ResMed had a net margin of 27.44% and a return on equity of 25.35%. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter last year, the firm earned $2.37 earnings per share. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. Equities analysts predict that ResMed Inc. will post 11.13 EPS for the current year.

ResMed Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Thursday, May 14th were paid a $0.60 dividend. The ex-dividend date was Thursday, May 14th. This represents a $2.40 annualized dividend and a dividend yield of 1.1%. ResMed’s dividend payout ratio is presently 23.14%.

Analysts Set New Price Targets

RMD has been the topic of several research reports. Wells Fargo & Company cut their price objective on ResMed from $270.00 to $227.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Wall Street Zen lowered ResMed from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th. Evercore set a $255.00 target price on ResMed and gave the company an “outperform” rating in a research note on Monday, April 13th. Citigroup dropped their price target on ResMed from $340.00 to $270.00 and set a “buy” rating on the stock in a research report on Monday, June 15th. Finally, JPMorgan Chase & Co. assumed coverage on ResMed in a research note on Wednesday, April 15th. They issued an “overweight” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $270.82.

About ResMed

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.