Resona Asset Management Co. Ltd. Has $12.65 Million Position in ResMed Inc. $RMD

Resona Asset Management Co. Ltd. grew its stake in ResMed Inc. (NYSE:RMD) by 6.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 49,131 shares of the medical equipment provider’s stock after purchasing an additional 2,899 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in ResMed were worth $12,654,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Genus Capital Management Inc. bought a new position in ResMed in the 2nd quarter valued at about $1,182,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in shares of ResMed by 15.3% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 235,061 shares of the medical equipment provider’s stock valued at $60,646,000 after purchasing an additional 31,190 shares during the last quarter. Crestwood Advisors Group LLC bought a new position in shares of ResMed during the second quarter worth approximately $264,000. Fullcircle Wealth LLC increased its stake in shares of ResMed by 7.1% during the second quarter. Fullcircle Wealth LLC now owns 1,037 shares of the medical equipment provider’s stock worth $268,000 after purchasing an additional 69 shares during the period. Finally, W.G. Shaheen & Associates DBA Whitney & Co lifted its holdings in ResMed by 2.0% during the 2nd quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 53,531 shares of the medical equipment provider’s stock worth $13,811,000 after purchasing an additional 1,043 shares during the last quarter. Institutional investors own 54.98% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on RMD shares. Piper Sandler upped their price objective on ResMed from $248.00 to $270.00 and gave the company a “neutral” rating in a report on Friday, August 1st. Royal Bank Of Canada upped their price target on shares of ResMed from $300.00 to $303.00 and gave the company an “outperform” rating in a research note on Friday, October 31st. Stifel Nicolaus raised their price target on shares of ResMed from $240.00 to $270.00 and gave the stock a “hold” rating in a research report on Friday, August 1st. KeyCorp boosted their price objective on shares of ResMed from $298.00 to $299.00 and gave the company an “overweight” rating in a report on Friday, October 31st. Finally, William Blair upgraded shares of ResMed to a “strong-buy” rating in a research report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $297.45.

ResMed Trading Up 0.7%

Shares of ResMed stock opened at $251.41 on Friday. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $293.81. The company has a market capitalization of $36.69 billion, a price-to-earnings ratio of 26.44, a PEG ratio of 1.75 and a beta of 0.87. The firm’s 50-day moving average price is $268.54 and its two-hundred day moving average price is $261.99.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, October 30th. The medical equipment provider reported $2.55 earnings per share for the quarter, topping analysts’ consensus estimates of $2.49 by $0.06. The company had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.20 EPS. On average, analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 18th. Investors of record on Thursday, November 13th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Thursday, November 13th. ResMed’s dividend payout ratio is currently 24.56%.

Insider Activity at ResMed

In related news, General Counsel Michael J. Rider sold 100 shares of ResMed stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total transaction of $27,436.00. Following the sale, the general counsel directly owned 11,327 shares of the company’s stock, valued at approximately $3,107,675.72. The trade was a 0.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction of $739,282.50. Following the transaction, the director owned 4,045 shares of the company’s stock, valued at approximately $1,161,319.50. This represents a 38.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 10,684 shares of company stock valued at $3,032,064 over the last ninety days. 0.65% of the stock is 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.