Assenagon Asset Management S.A. Has $19.43 Million Position in ResMed Inc. $RMD

Assenagon Asset Management S.A. raised its position in ResMed Inc. (NYSE:RMD) by 136.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 80,669 shares of the medical equipment provider’s stock after purchasing an additional 46,596 shares during the period. Assenagon Asset Management S.A.’s holdings in ResMed were worth $19,431,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the company. Diversified Trust Co. raised its holdings in ResMed by 17.4% in the fourth quarter. Diversified Trust Co. now owns 1,320 shares of the medical equipment provider’s stock worth $318,000 after purchasing an additional 196 shares during the period. Wedmont Private Capital grew its holdings in shares of ResMed by 2.7% in the 4th quarter. Wedmont Private Capital now owns 2,183 shares of the medical equipment provider’s stock valued at $542,000 after buying an additional 57 shares during the period. Maridea Wealth Management LLC bought a new stake in shares of ResMed in the 4th quarter valued at $378,000. Nordea Investment Management AB increased its position in shares of ResMed by 37.2% in the 4th quarter. Nordea Investment Management AB now owns 1,084,996 shares of the medical equipment provider’s stock valued at $262,027,000 after buying an additional 294,124 shares in the last quarter. Finally, Occidental Asset Management LLC raised its stake in ResMed by 3.0% during the 4th quarter. Occidental Asset Management LLC now owns 1,699 shares of the medical equipment provider’s stock worth $409,000 after buying an additional 49 shares during the period. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RMD. Wells Fargo & Company lifted their target price on ResMed from $265.00 to $270.00 and gave the stock an “equal weight” rating in a report on Friday, January 30th. Piper Sandler increased their price target on ResMed from $270.00 to $275.00 and gave the stock a “neutral” rating in a report on Friday, January 30th. Wall Street Zen lowered ResMed from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th. KeyCorp reiterated an “overweight” rating and set a $302.00 price objective on shares of ResMed in a report on Friday, January 30th. Finally, Stifel Nicolaus boosted their price objective on ResMed from $260.00 to $265.00 and gave the company a “hold” rating in a research report on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, ResMed presently has a consensus rating of “Moderate Buy” and a consensus price target of $299.27.

Insider Transactions at ResMed

In other news, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $248.46, for a total value of $1,240,063.86. Following the completion of the transaction, the chief executive officer owned 466,223 shares in the company, valued at $115,837,766.58. This trade represents a 1.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $260.22, for a total value of $520,440.00. Following the completion of the sale, the director directly owned 62,773 shares in the company, valued at approximately $16,334,790.06. This represents a 3.09% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 21,073 shares of company stock valued at $5,405,198. Company insiders own 0.65% of the company’s stock.

ResMed Price Performance

NYSE RMD opened at $222.22 on Friday. The company has a quick ratio of 2.32, a current ratio of 3.06 and a debt-to-equity ratio of 0.06. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $293.81. The company has a market capitalization of $32.37 billion, a PE ratio of 21.98, a price-to-earnings-growth ratio of 1.50 and a beta of 0.88. The firm’s 50 day moving average is $250.50 and its 200-day moving average is $255.56.

ResMed (NYSE:RMD) last announced its earnings results on Friday, January 30th. The medical equipment provider reported $2.81 EPS for the quarter, topping the consensus estimate of $2.68 by $0.13. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.40 billion. ResMed had a net margin of 27.53% and a return on equity of 25.20%. The firm’s revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.43 earnings per share. Equities research analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Thursday, February 12th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Thursday, February 12th. This represents a $2.40 annualized dividend and a yield of 1.1%. 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.