LGT Capital Partners LTD. Decreases Stock Position in ResMed Inc. $RMD

LGT Capital Partners LTD. cut its position in ResMed Inc. (NYSE:RMD) by 66.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 137,789 shares of the medical equipment provider’s stock after selling 267,779 shares during the period. ResMed accounts for 1.8% of LGT Capital Partners LTD.’s holdings, making the stock its 21st largest position. LGT Capital Partners LTD. owned about 0.09% of ResMed worth $37,717,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in RMD. Jones Financial Companies Lllp boosted its stake in ResMed by 52.6% during the 1st quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider’s stock worth $645,000 after purchasing an additional 994 shares during the last quarter. D.A. Davidson & CO. lifted its stake in shares of ResMed by 11.5% in the second quarter. D.A. Davidson & CO. now owns 3,428 shares of the medical equipment provider’s stock worth $884,000 after buying an additional 354 shares in the last quarter. Wealthfront Advisers LLC boosted its position in ResMed by 45.3% during the second quarter. Wealthfront Advisers LLC now owns 13,630 shares of the medical equipment provider’s stock worth $3,517,000 after acquiring an additional 4,250 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in ResMed by 6.7% during the second quarter. Nisa Investment Advisors LLC now owns 68,644 shares of the medical equipment provider’s stock worth $17,710,000 after acquiring an additional 4,282 shares during the last quarter. Finally, Convergence Investment Partners LLC purchased a new stake in ResMed during the 2nd quarter valued at about $1,276,000. 54.98% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at ResMed

In other news, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $251.31, for a total value of $502,620.00. Following the sale, the director directly owned 64,773 shares of the company’s stock, valued at approximately $16,278,102.63. The trade was a 3.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $248.46, for a total transaction of $1,240,063.86. Following the completion of the transaction, the chief executive officer owned 466,223 shares in the company, valued at approximately $115,837,766.58. This represents a 1.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 16,082 shares of company stock worth $4,134,807 in the last ninety days. 0.65% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on RMD. Wall Street Zen raised shares of ResMed from a “hold” rating to a “buy” rating in a research note on Saturday, February 7th. UBS Group reaffirmed a “buy” rating and issued a $345.00 price target on shares of ResMed in a report on Friday, December 12th. Stifel Nicolaus lifted their price objective on ResMed from $260.00 to $265.00 and gave the stock a “hold” rating in a research report on Friday, January 30th. Piper Sandler boosted their price objective on ResMed from $270.00 to $275.00 and gave the stock a “neutral” rating in a research note on Friday, January 30th. Finally, Citigroup upped 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. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $299.27.

ResMed Trading Up 0.7%

RMD opened at $260.97 on Tuesday. ResMed Inc. has a one year low of $199.92 and a one year high of $293.81. The stock has a market capitalization of $38.02 billion, a PE ratio of 25.81, a P/E/G ratio of 1.72 and a beta of 0.87. The business’s 50 day moving average price is $253.32 and its 200 day moving average price is $261.72. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.32 and a current ratio of 3.06.

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

ResMed Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Thursday, February 12th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 0.9%. The ex-dividend date is Thursday, February 12th. ResMed’s payout ratio is 23.74%.

ResMed Company Profile

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.