Assenagon Asset Management SA buys 23,801 shares of ResMed Inc. (NYSE:RMD)

VaselineAugust 18, 2024

0 5 minutes read

Assenagon Asset Management SA increased its stake in ResMed Inc. (NYSE:RMD – Free Report) by 245.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 33,507 shares of the medical equipment provider’s stock after acquiring an additional 23,801 shares during the quarter. Assenagon Asset Management SA’s holdings in ResMed were worth $6,414,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. raised its stake in ResMed by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 17,743,457 shares of the medical equipment provider’s stock worth $3,052,229,000 after purchasing an additional 173,635 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in ResMed by 230.3% in the first quarter. Bank of New York Mellon Corp now owns 3,813,119 shares of the medical equipment provider’s stock valued at $755,112,000 after purchasing an additional 2,658,709 shares in the last quarter. Norges Bank bought a new position in shares of ResMed in the fourth quarter valued at $233,966,000. Charles Schwab Investment Management Inc. raised its stake in ResMed by 5.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 863,289 shares of the medical equipment provider’s stock valued at $148,503,000 after purchasing an additional 46,113 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in ResMed by 15.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 698,905 shares of the medical equipment provider’s stock valued at $120,225,000 after purchasing an additional 95,689 shares during the last quarter. 54.98% of shares are owned by institutional investors.

Changes in Analyst Ratings

A number of research firms have weighed in on RMD. Citigroup cut shares of ResMed from a “buy” rating to a “neutral” rating in a research note on Monday, June 24th. Royal Bank of Canada lifted their price objective on shares of ResMed from $204.00 to $206.00 and gave the company a “sector perform” rating in a research note on Friday, August 2nd. KeyCorp boosted their price objective on shares of ResMed from $238.00 to $251.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Oppenheimer lowered shares of ResMed from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 25th. Finally, StockNews.com upgraded shares of ResMed from a “hold” rating to a “buy” rating in a report on Tuesday, August 6th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has an average rating of “Moderate Buy” and an average price target of $204.70, according to MarketBeat.

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ResMed stock performance

NYSE RMD opened at $227.75 on Friday. ResMed Inc. it has a 52-week low of $132.24 and a 52-week high of $228.02. The company has a 50-day simple moving average of $205.73 and a 200-day simple moving average of $199.19. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.69, and a current ratio of 2.59. The company has a market cap of $33.46 billion, a PE ratio of 34.98, a price-to-earnings-growth ratio of 2.26 and a beta of 0.66.

ResMed (NYSE:RMD – Get Your Free Report ) last issued its quarterly earnings data on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.05. ResMed had a net margin of 21.79% and a return on equity of 25.00%. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.22 billion. In the same quarter last year, the company posted earnings of $1.60 per share. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, research analysts predict that ResMed Inc. will post 8.72 EPS for the current year.

ResMed increases dividends

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Thursday, August 15th will be issued a dividend of $0.53 per share. This represents a dividend of $2.12 on an annualized basis and a yield of 0.93%. The ex-dividend date of this dividend is Thursday, August 15. This is an increase from ResMed’s previous quarterly dividend of $0.48. ResMed’s dividend payout ratio (DPR) is 29.49%.

Insider buying and selling

In related news, insider Justin Leong sold 48,000 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $217.07, for a total transaction of $10,419,360.00. Following the completion of the sale, the insider now owns 18,741 shares in the company, valued at $4,068,108.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible via this link. In other news, insider Justin Leong sold 48,000 shares of ResMed stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $217.07, for a total value of $10,419,360.00. Following the completion of the transaction, the insider now owns 18,741 shares in the company, valued at $4,068,108.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Also, CFO Brett Sandercock sold 1,000 shares of ResMed stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $212.16, for a total transaction of $212,160.00. Following the completion of the transaction, the chief financial officer now owns 89,056 shares of the company’s stock, valued at approximately $18,894,120.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 95,049 shares of company stock worth $20,122,695. Insiders own 1.21% of the company’s shares.

ResMed profile

(Free Report)

ResMed Inc develops, manufactures, distributes and markets cloud-based medical devices and software applications for healthcare markets. It operates in two segments, sleep and breathing care and software as a service. It offers various products and solutions for a wide range of respiratory conditions, including technologies to be applied in medical and consumer products, ventilators, diagnostic products, mask systems for hospital and home use, headwear and other accessories, dental devices and the cloud. Software-based IT solutions to manage patient outcomes as well as deliver to customers and business processes.