LGT Fund Management Co Ltd. Sells 120 Shares of ResMed Inc. $RMD

LGT Fund Management Co Ltd. lessened its position in shares of ResMed Inc. (NYSE:RMD) by 9.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,130 shares of the medical equipment provider’s stock after selling 120 shares during the period. LGT Fund Management Co Ltd.’s holdings in ResMed were worth $292,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Global X Japan Co. Ltd. increased its stake in ResMed by 121.4% in the first quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider’s stock valued at $28,000 after purchasing an additional 68 shares in the last quarter. Golden State Wealth Management LLC increased its stake in ResMed by 384.8% in the first quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider’s stock valued at $36,000 after purchasing an additional 127 shares in the last quarter. Zions Bancorporation National Association UT bought a new stake in ResMed in the first quarter valued at $45,000. Groupe la Francaise bought a new stake in ResMed in the first quarter valued at $45,000. Finally, CVA Family Office LLC increased its stake in ResMed by 29.8% in the first quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider’s stock valued at $47,000 after purchasing an additional 48 shares in the last quarter. 54.98% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on RMD. Wall Street Zen downgraded shares of ResMed from a “buy” rating to a “hold” rating in a research note on Sunday, August 10th. William Blair upgraded shares of ResMed to a “strong-buy” rating in a report on Friday, August 1st. Citigroup started coverage on shares of ResMed in a report on Thursday, September 18th. They set a “buy” rating and a $330.00 price objective for the company. CLSA upgraded shares of ResMed from a “hold” rating to an “outperform” rating in a report on Tuesday, September 2nd. Finally, UBS Group upgraded shares of ResMed to a “strong-buy” rating in a report on Tuesday, September 16th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, ResMed currently has a consensus rating of “Moderate Buy” and an average target price of $294.20.

ResMed Stock Up 0.7%

ResMed stock opened at $278.48 on Friday. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.81. The stock has a market cap of $40.77 billion, a PE ratio of 29.28, a price-to-earnings-growth ratio of 1.87 and a beta of 0.83. The firm’s 50-day simple moving average is $278.16 and its 200 day simple moving average is $253.68. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.08. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the previous year, the company earned $2.08 earnings per share. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. Research analysts predict that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, August 14th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.9%. This is a boost from ResMed’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, August 14th. ResMed’s dividend payout ratio is presently 25.24%.

Insider Buying and Selling

In related news, General Counsel Michael J. Rider sold 100 shares of the business’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total transaction of $27,436.00. Following the transaction, the general counsel directly owned 11,327 shares in the company, valued at approximately $3,107,675.72. The trade was a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $279.48, for a total transaction of $2,238,355.32. Following the completion of the sale, the chief executive officer directly owned 455,503 shares in the company, valued at approximately $127,303,978.44. This represents a 1.73% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,743 shares of company stock worth $5,075,239. 0.71% of the stock is owned by 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.