Advisors Asset Management Inc. Has $324,000 Stake in ResMed Inc. $RMD

Advisors Asset Management Inc. lifted its position in shares of ResMed Inc. (NYSE:RMD) by 26.1% during the 1st quarter, HoldingsChannel reports. The fund owned 1,449 shares of the medical equipment provider’s stock after purchasing an additional 300 shares during the period. Advisors Asset Management Inc.’s holdings in ResMed were worth $324,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. ICW Investment Advisors LLC boosted its holdings in shares of ResMed by 0.4% during the 1st quarter. ICW Investment Advisors LLC now owns 11,394 shares of the medical equipment provider’s stock valued at $2,551,000 after acquiring an additional 41 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in ResMed by 3.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 1,222 shares of the medical equipment provider’s stock worth $269,000 after buying an additional 46 shares during the period. E Fund Management Co. Ltd. lifted its holdings in ResMed by 2.8% during the 1st quarter. E Fund Management Co. Ltd. now owns 1,719 shares of the medical equipment provider’s stock worth $385,000 after buying an additional 47 shares during the period. CVA Family Office LLC lifted its holdings in ResMed by 29.8% during the 1st quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider’s stock worth $47,000 after buying an additional 48 shares during the period. Finally, Central Pacific Bank Trust Division lifted its holdings in ResMed by 9.7% during the 1st quarter. Central Pacific Bank Trust Division now owns 565 shares of the medical equipment provider’s stock worth $126,000 after buying an additional 50 shares during the period. Institutional investors and hedge funds own 54.98% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on RMD. William Blair upgraded shares of ResMed to a “strong-buy” rating in a report on Friday, August 1st. UBS Group boosted their price objective on ResMed from $285.00 to $325.00 and gave the company a “buy” rating in a research note on Friday, August 1st. KeyCorp boosted their price objective on ResMed from $274.00 to $298.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Wall Street Zen downgraded ResMed from a “buy” rating to a “hold” rating in a research note on Sunday, August 10th. Finally, Piper Sandler boosted their price objective on ResMed from $248.00 to $270.00 and gave the company a “neutral” rating in a research note on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $278.36.

Insider Activity

In other news, Director John Hernandez sold 2,575 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $287.10, for a total value of $739,282.50. Following the completion of the transaction, the director directly owned 4,045 shares of the company’s stock, valued at $1,161,319.50. This represents a 38.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Peter C. Farrell sold 945 shares of the company’s stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total value of $241,438.05. Following the completion of the transaction, the director directly owned 68,273 shares of the company’s stock, valued at approximately $17,443,068.77. This represents a 1.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,588 shares of company stock valued at $5,289,241 over the last three months. Corporate insiders own 0.71% of the company’s stock.

ResMed Stock Performance

Shares of RMD opened at $274.94 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 stock has a 50 day moving average price of $274.07 and a two-hundred day moving average price of $248.52. The firm has a market capitalization of $40.25 billion, a P/E ratio of 28.91, a P/E/G ratio of 1.81 and a beta of 0.85. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $293.81.

ResMed (NYSE:RMD) last issued its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.08. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.08 EPS. Equities analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th will be issued a $0.60 dividend. This is a boost from ResMed’s previous quarterly dividend of $0.53. This represents a $2.40 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Thursday, August 14th. ResMed’s dividend payout ratio is currently 25.24%.

About ResMed

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.