Korea Investment CORP Has $19.52 Million Stake in ResMed Inc. $RMD

Korea Investment CORP reduced its position in ResMed Inc. (NYSE:RMD) by 14.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor 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 hedge funds have also bought and sold shares of the company. Entropy Technologies LP lifted its position in ResMed by 188.7% in the 2nd quarter. Entropy Technologies LP now owns 16,384 shares of the medical equipment provider’s stock valued at $4,227,000 after acquiring an additional 10,708 shares in the last quarter. Quantbot Technologies LP increased its holdings in ResMed by 244.8% during the 2nd quarter. Quantbot Technologies LP now owns 36,355 shares of the medical equipment provider’s stock worth $9,380,000 after purchasing an additional 25,810 shares in the last quarter. Allianz Asset Management GmbH increased its holdings in ResMed by 44.8% during the 3rd quarter. Allianz Asset Management GmbH now owns 357,421 shares of the medical equipment provider’s stock worth $97,837,000 after purchasing an additional 110,647 shares in the last quarter. Nordea Investment Management AB raised its stake in shares of ResMed by 3.5% in the third quarter. Nordea Investment Management AB now owns 790,872 shares of the medical equipment provider’s stock worth $217,387,000 after purchasing an additional 26,629 shares during the last quarter. Finally, WCM Investment Management LLC bought a new position in shares of ResMed in the third quarter valued at approximately $3,110,000. Institutional investors and hedge funds own 54.98% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on RMD. Wells Fargo & Company lifted their target price on ResMed from $265.00 to $270.00 and gave the company an “equal weight” rating in a research report on Friday, January 30th. Royal Bank Of Canada increased their price target on ResMed from $311.00 to $314.00 and gave the company an “outperform” rating in a research report on Friday, January 30th. Weiss Ratings upgraded ResMed from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 9th. Piper Sandler upped their target price on shares of ResMed from $270.00 to $275.00 and gave the stock a “neutral” rating in a research note on Friday, January 30th. Finally, Robert W. Baird set a $281.00 target price on shares of ResMed in a report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $299.27.

Insider Buying and Selling at ResMed

In other news, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction 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 owned 62,773 shares of the company’s stock, valued at $16,334,790.06. This represents a 3.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction on Monday, February 9th. The stock was sold at an average price of $273.78, for a total value of $1,366,435.98. Following the transaction, the chief executive officer owned 466,223 shares of the company’s stock, valued at $127,642,532.94. The trade was a 1.06% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 16,082 shares of company stock valued at $4,152,307. 0.65% of the stock is owned by corporate insiders.

ResMed Stock Performance

Shares of RMD stock opened at $246.99 on Wednesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.32 and a current ratio of 3.06. The firm has a market cap of $35.98 billion, a price-to-earnings ratio of 24.43, a P/E/G ratio of 1.68 and a beta of 0.88. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $293.81. The firm’s 50-day simple moving average is $255.50 and its two-hundred day simple moving average is $259.25.

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

ResMed Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders of record on Thursday, February 12th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Thursday, February 12th. ResMed’s dividend 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.