LGT Capital Partners LTD. Buys Shares of 683,763 ResMed Inc. (NYSE:RMD)

LGT Capital Partners LTD. acquired a new position in ResMed Inc. (NYSE:RMD) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 683,763 shares of the medical equipment provider’s stock, valued at approximately $117,621,000. ResMed accounts for approximately 3.5% of LGT Capital Partners LTD.’s holdings, making the stock its 10th biggest holding. LGT Capital Partners LTD. owned about 0.46% of ResMed as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Morgan Stanley grew its holdings in shares of ResMed by 102.4% in the third quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider’s stock valued at $344,481,000 after purchasing an additional 1,178,547 shares in the last quarter. Norges Bank bought a new position in ResMed in the 4th quarter valued at $244,477,000. abrdn plc lifted its holdings in ResMed by 79.2% during the 3rd quarter. abrdn plc now owns 901,485 shares of the medical equipment provider’s stock valued at $133,303,000 after buying an additional 398,302 shares in the last quarter. Renaissance Technologies LLC increased its holdings in ResMed by 202.4% during the 2nd quarter. Renaissance Technologies LLC now owns 390,700 shares of the medical equipment provider’s stock worth $85,368,000 after purchasing an additional 261,500 shares during the period. Finally, Hsbc Holdings PLC increased its position in ResMed by 109.9% during the 3rd quarter. Hsbc Holdings PLC now owns 490,214 shares of the medical equipment provider’s stock valued at $72,785,000 after purchasing an additional 256,624 shares during the period. Institutional investors own 54.98% of the company’s stock.

Analysts Set New Price Targets

RMD has been the subject of several recent research reports. UBS Group boosted their price target on ResMed from $175.00 to $180.00 and gave the stock a “neutral” rating in a research report on Thursday, January 25th. Needham & Company LLC boosted their price objective on shares of ResMed from $180.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Oppenheimer upped their price objective on shares of ResMed from $185.00 to $205.00 and gave the company an “outperform” rating in a report on Tuesday, January 30th. Royal Bank of Canada raised their target price on ResMed from $181.00 to $182.00 and gave the stock a “sector perform” rating in a report on Thursday, January 25th. Finally, JPMorgan Chase & Co. raised their target price on ResMed from $160.00 to $195.00 and gave the company an “overweight” rating in a research report on Tuesday, January 9th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, ResMed has an average rating of “Moderate Buy” and an average target price of $198.30.

ResMed Trading Up 0.9 %

NYSE:RMD opened at $198.04 on Friday. ResMed Inc. has a 1 year low of $132.24 and a 1 year high of $243.52. The stock has a market cap of $29.13 billion, a P/E ratio of 32.73, a P/E/G ratio of 2.43 and a beta of 0.65. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.89 and a current ratio of 3.11. The stock has a 50-day simple moving average of $185.35 and a 200-day simple moving average of $165.60.

ResMed (NYSE:RMD) last announced its earnings results on Wednesday, January 24th. The medical equipment provider reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.81 by $0.07. ResMed had a net margin of 19.77% and a return on equity of 23.86%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period last year, the firm posted $1.66 earnings per share. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. As a group, analysts anticipate that ResMed Inc. will post 7.45 earnings per share for the current fiscal year.

ResMed Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 14th. Shareholders of record on Thursday, February 8th were paid a $0.48 dividend. The ex-dividend date of this dividend was Wednesday, February 7th. This represents a $1.92 annualized dividend and a yield of 0.97%. ResMed’s dividend payout ratio is currently 31.74%.

Insiders Place Their Bets

In other news, Director Peter C. Farrell sold 10,935 shares of ResMed stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $182.66, for a total transaction of $1,997,387.10. Following the completion of the sale, the director now directly owns 157,404 shares in the company, valued at approximately $28,751,414.64. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Peter C. Farrell sold 10,935 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $182.66, for a total transaction of $1,997,387.10. Following the sale, the director now owns 157,404 shares in the company, valued at $28,751,414.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Michael J. Rider sold 200 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $173.25, for a total value of $34,650.00. Following the completion of the transaction, the general counsel now owns 6,688 shares of the company’s stock, valued at $1,158,696. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,216 shares of company stock worth $2,046,617. 1.21% of the stock is owned by insiders.

About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.