Man Group plc Makes New Investment in ResMed Inc. $RMD

Man Group plc bought a new stake in ResMed Inc. (NYSE:RMD) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 126,291 shares of the medical equipment provider’s stock, valued at approximately $24,612,000. Man Group plc owned approximately 0.09% of ResMed as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of RMD. Hsbc Holdings PLC increased its stake in shares of ResMed by 17.6% in the fourth quarter. Hsbc Holdings PLC now owns 328,785 shares of the medical equipment provider’s stock valued at $79,321,000 after buying an additional 49,253 shares during the period. Goldman Sachs Group Inc. raised its holdings in ResMed by 13.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 979,087 shares of the medical equipment provider’s stock valued at $235,833,000 after buying an additional 118,296 shares during the last quarter. BlackRock Inc. acquired a new stake in ResMed during the 2nd quarter worth approximately $2,400,375,000. Polymer Capital Management HK LTD bought a new stake in ResMed during the 2nd quarter worth approximately $972,000. Finally, Fideuram Asset Management Ireland dac bought a new stake in ResMed during the 4th quarter worth approximately $4,712,000. Institutional investors own 54.98% of the company’s stock.

Insider Transactions at ResMed

In other news, CEO Michael J. Farrell sold 4,991 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $205.69, for a total value of $1,026,598.79. Following the transaction, the chief executive officer directly owned 466,256 shares of the company’s stock, valued at $95,904,196.64. The trade was a 1.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 8,000 shares of the company’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total value of $1,800,000.00. Following the sale, the director owned 52,773 shares in the company, valued at approximately $11,873,925. The trade was a 13.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 22,973 shares of company stock valued at $4,885,436. Company insiders own 0.65% of the company’s stock.

ResMed Stock Down 0.4%

Shares of NYSE RMD opened at $235.73 on Thursday. The company has a market capitalization of $34.00 billion, a P/E ratio of 22.60, a price-to-earnings-growth ratio of 1.48 and a beta of 0.76. ResMed Inc. has a 52-week low of $180.26 and a 52-week high of $285.08. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.42 and a current ratio of 3.10. The company’s 50 day moving average price is $209.84 and its 200-day moving average price is $219.29.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share for the quarter, topping the consensus estimate of $2.89 by $0.06. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The company had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same period in the prior year, the company posted $2.55 earnings per share. ResMed’s revenue for the quarter was up 8.6% compared to the same quarter last year. Equities analysts forecast that ResMed Inc. will post 12.03 earnings per share for the current year.

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th will be given a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 1.1%. This is an increase from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Thursday, August 20th. ResMed’s payout ratio is currently 25.31%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on RMD shares. Jefferies Financial Group dropped their price target on shares of ResMed from $240.00 to $225.00 and set a “hold” rating for the company in a research note on Friday, July 10th. Morgan Stanley reissued an “equal weight” rating and issued a $230.00 price objective (down from $286.00) on shares of ResMed in a research note on Wednesday, June 17th. Piper Sandler lowered their target price on ResMed from $233.00 to $225.00 and set a “neutral” rating for the company in a research report on Friday, August 7th. UBS Group reaffirmed a “buy” rating and set a $300.00 target price on shares of ResMed in a research report on Tuesday, July 21st. Finally, Mizuho reduced their price target on ResMed from $235.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 15th. Seven analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $239.38.

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.