Jupiter Asset Management Ltd. Acquires 88,236 Shares of ResMed Inc. (NYSE:RMD)

Jupiter Asset Management Ltd. grew its holdings in shares of ResMed Inc. (NYSE:RMD) by 160.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 143,328 shares of the medical equipment provider’s stock after acquiring an additional 88,236 shares during the period. Jupiter Asset Management Ltd. owned about 0.10% of ResMed worth $32,084,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of RMD. Global X Japan Co. Ltd. boosted its holdings in ResMed by 121.4% in the 1st quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider’s stock worth $28,000 after buying an additional 68 shares during the period. Colonial Trust Co SC boosted its holdings in ResMed by 6,250.0% in the 4th quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider’s stock worth $29,000 after buying an additional 125 shares during the period. Optiver Holding B.V. bought a new position in ResMed in the 4th quarter worth $33,000. Golden State Wealth Management LLC boosted its holdings in ResMed by 384.8% in the 1st quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider’s stock worth $36,000 after buying an additional 127 shares during the period. Finally, Itau Unibanco Holding S.A. boosted its holdings in ResMed by 1,000.0% in the 4th quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider’s stock worth $38,000 after buying an additional 150 shares during the period. Institutional investors own 54.98% of the company’s stock.

ResMed Stock Up 2.5%

Shares of RMD stock opened at $278.78 on Friday. The stock has a market cap of $40.88 billion, a P/E ratio of 29.31, a PEG ratio of 1.69 and a beta of 0.77. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $281.90. The company has a quick ratio of 2.49, a current ratio of 3.41 and a debt-to-equity ratio of 0.12. The company’s fifty day simple moving average is $256.59 and its two-hundred day simple moving average is $240.32.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, topping the consensus estimate of $2.47 by $0.08. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 26.39%. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.08 EPS. Analysts predict that ResMed Inc. will post 9.47 EPS 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 given a dividend of $0.60 per share. The ex-dividend date is Wednesday, August 13th. This represents a $2.40 annualized dividend and a dividend yield of 0.9%. This is a positive change from ResMed’s previous quarterly dividend of $0.53. ResMed’s dividend payout ratio is currently 22.29%.

Analyst Ratings Changes

RMD has been the subject of several recent analyst reports. UBS Group upped their target price on shares of ResMed from $285.00 to $325.00 and gave the stock a “buy” rating in a report on Friday. Royal Bank Of Canada upped their target price on shares of ResMed from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday. JPMorgan Chase & Co. upped their target price on shares of ResMed from $286.00 to $290.00 and gave the stock an “overweight” rating in a report on Thursday, April 24th. Piper Sandler upped their target price on shares of ResMed from $248.00 to $270.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Wall Street Zen raised shares of ResMed from a “hold” rating to a “buy” rating in a report on Saturday. One research analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $274.83.

Insider Activity

In other news, Director Peter C. Farrell sold 945 shares of the company’s stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total transaction of $241,438.05. Following the sale, the director directly owned 68,273 shares in the company, valued at approximately $17,443,068.77. This represents a 1.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Witte Jan De sold 2,000 shares of the company’s stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total transaction of $486,940.00. Following the sale, the director owned 5,806 shares in the company, valued at $1,413,586.82. This represents a 25.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,013 shares of company stock worth $7,238,913. 0.71% of the stock is currently owned by corporate insiders.

ResMed 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.