Fairtree Asset Management Pty Ltd Grows Position in ResMed Inc. $RMD

Fairtree Asset Management Pty Ltd raised its holdings in ResMed Inc. (NYSE:RMD) by 108.9% in the fourth quarter, Holdings Channel.com reports. The fund owned 8,420 shares of the medical equipment provider’s stock after buying an additional 4,389 shares during the quarter. Fairtree Asset Management Pty Ltd’s holdings in ResMed were worth $2,028,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of ResMed by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 19,040,440 shares of the medical equipment provider’s stock worth $5,211,940,000 after acquiring an additional 293,515 shares during the period. Swedbank AB grew its holdings in ResMed by 103.1% during the 4th quarter. Swedbank AB now owns 1,102,476 shares of the medical equipment provider’s stock valued at $265,553,000 after buying an additional 559,765 shares during the last quarter. Nordea Investment Management AB increased its position in ResMed by 37.2% during the fourth quarter. Nordea Investment Management AB now owns 1,084,996 shares of the medical equipment provider’s stock worth $262,027,000 after buying an additional 294,124 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of ResMed by 6.2% in the third quarter. Dimensional Fund Advisors LP now owns 846,134 shares of the medical equipment provider’s stock worth $231,587,000 after acquiring an additional 49,540 shares during the last quarter. Finally, Caisse de depot et placement du Quebec raised its holdings in shares of ResMed by 28.0% in the third quarter. Caisse de depot et placement du Quebec now owns 565,901 shares of the medical equipment provider’s stock worth $154,904,000 after acquiring an additional 123,781 shares during the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $207.82, for a total transaction of $1,037,229.62. Following the completion of the transaction, the chief executive officer owned 466,223 shares of the company’s stock, valued at approximately $96,890,463.86. This represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total transaction of $450,000.00. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 18,973 shares of company stock valued at $4,386,031. 0.65% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Wall Street Zen lowered ResMed from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. Stifel Nicolaus boosted their target price on shares of ResMed from $260.00 to $265.00 and gave the company a “hold” rating in a research note on Friday, January 30th. Piper Sandler raised their price target on shares of ResMed from $270.00 to $275.00 and gave the stock a “neutral” rating in a research note on Friday, January 30th. Citigroup lowered their price target on shares of ResMed from $345.00 to $340.00 and set a “buy” rating for the company in a report on Thursday, April 9th. Finally, Wells Fargo & Company cut their price objective on shares of ResMed from $270.00 to $227.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, ResMed has an average rating of “Moderate Buy” and an average target price of $286.18.

ResMed Stock Performance

ResMed stock opened at $207.89 on Wednesday. The stock has a fifty day moving average price of $222.00 and a 200 day moving average price of $241.71. ResMed Inc. has a 52 week low of $198.61 and a 52 week high of $293.81. The firm has a market capitalization of $30.28 billion, a P/E ratio of 20.05, a PEG ratio of 1.30 and a beta of 0.84. The company has a current ratio of 3.01, a quick ratio of 2.33 and a debt-to-equity ratio of 0.06.

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

ResMed Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Thursday, May 14th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Thursday, May 14th. ResMed’s payout ratio is presently 23.14%.

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.