Korea Investment CORP Trims Stock Holdings in ResMed Inc. $RMD

Korea Investment CORP lowered its holdings in ResMed Inc. (NYSE:RMD) by 14.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 71,326 shares of the medical equipment provider’s stock after selling 11,600 shares during the period. Korea Investment CORP’s holdings in ResMed were worth $19,524,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. First Trust Advisors LP lifted its position in shares of ResMed by 285.1% during the third quarter. First Trust Advisors LP now owns 445,198 shares of the medical equipment provider’s stock worth $121,864,000 after acquiring an additional 329,588 shares in the last quarter. Neuberger Berman Group LLC boosted its holdings in shares of ResMed by 13.1% in the third quarter. Neuberger Berman Group LLC now owns 60,959 shares of the medical equipment provider’s stock worth $16,686,000 after acquiring an additional 7,043 shares during the period. Ramirez Asset Management Inc. bought a new position in shares of ResMed in the third quarter worth $202,000. Marietta Investment Partners LLC bought a new position in shares of ResMed in the third quarter worth $2,698,000. Finally, Crossmark Global Holdings Inc. grew its position in shares of ResMed by 136.4% in the third quarter. Crossmark Global Holdings Inc. now owns 30,308 shares of the medical equipment provider’s stock valued at $8,296,000 after purchasing an additional 17,487 shares in the last quarter. 54.98% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on RMD shares. UBS Group reiterated a “buy” rating and set a $345.00 price objective on shares of ResMed in a research note on Friday, December 12th. Citigroup lifted their target price on ResMed from $330.00 to $345.00 and gave the company a “buy” rating in a report on Monday, February 2nd. Wells Fargo & Company upped their price target on ResMed from $265.00 to $270.00 and gave the company an “equal weight” rating in a research report on Friday, January 30th. Piper Sandler raised their price objective on shares of ResMed from $270.00 to $275.00 and gave the company a “neutral” rating in a research report on Friday, January 30th. Finally, Weiss Ratings raised shares of ResMed from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 9th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $299.27.

Insider Activity at ResMed

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $273.78, for a total transaction of $1,366,435.98. Following the transaction, the chief executive officer directly owned 466,223 shares in the company, valued at $127,642,532.94. This trade represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $260.22, for a total transaction of $520,440.00. Following the transaction, the director directly owned 62,773 shares in the company, valued at $16,334,790.06. This trade represents a 3.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 16,082 shares of company stock valued at $4,152,307. 0.65% of the stock is owned by insiders.

ResMed Trading Down 2.3%

NYSE RMD opened at $246.99 on Wednesday. The stock’s 50-day simple moving average is $255.50 and its two-hundred day simple moving average is $259.25. ResMed Inc. has a twelve month low of $199.92 and a twelve month high of $293.81. The company has a quick ratio of 2.32, a current ratio of 3.06 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $35.98 billion, a price-to-earnings ratio of 24.43, a PEG ratio of 1.68 and a beta of 0.88.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, January 29th. The medical equipment provider reported $2.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.68 by $0.13. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.40 billion. ResMed had a return on equity of 25.20% and a net margin of 27.53%.The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the prior year, the business earned $2.43 EPS. Research analysts forecast that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Thursday, February 12th will be given a $0.60 dividend. The ex-dividend date is Thursday, February 12th. This represents a $2.40 dividend on an annualized basis and a yield of 1.0%. ResMed’s payout ratio is presently 23.74%.

About ResMed

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.