Azimuth Capital Investment Management LLC Reduces Holdings in ResMed Inc. (NYSE:RMD)

Azimuth Capital Investment Management LLC lessened its position in shares of ResMed Inc. (NYSE:RMD) by 2.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 59,805 shares of the medical equipment provider’s stock after selling 1,355 shares during the period. Azimuth Capital Investment Management LLC’s holdings in ResMed were worth $13,387,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in RMD. Global X Japan Co. Ltd. lifted its position in shares of ResMed by 121.4% during the 1st quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider’s stock valued at $28,000 after buying an additional 68 shares during the last quarter. Colonial Trust Co SC raised its stake in shares of ResMed by 6,250.0% during the 4th quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider’s stock valued at $29,000 after purchasing an additional 125 shares during the period. Optiver Holding B.V. bought a new stake in shares of ResMed during the 4th quarter valued at $33,000. Golden State Wealth Management LLC raised its stake in shares of ResMed by 384.8% during the 1st quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider’s stock valued at $36,000 after purchasing an additional 127 shares during the period. Finally, Itau Unibanco Holding S.A. raised its stake in shares of ResMed by 1,000.0% during the 4th quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider’s stock valued at $38,000 after purchasing an additional 150 shares during the period. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on RMD. William Blair upgraded ResMed to a “strong-buy” rating in a research note on Friday, August 1st. JPMorgan Chase & Co. boosted their price objective on ResMed from $286.00 to $290.00 and gave the company an “overweight” rating in a research note on Thursday, April 24th. Piper Sandler boosted their price objective on ResMed from $248.00 to $270.00 and gave the company a “neutral” rating in a research note on Friday, August 1st. KeyCorp boosted their price objective on ResMed from $274.00 to $298.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Finally, Mizuho boosted their price objective on ResMed from $270.00 to $290.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $274.83.

Insider Transactions at ResMed

In other news, CEO Michael J. Farrell sold 8,009 shares of the company’s stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $279.48, for a total value of $2,238,355.32. Following the completion of the transaction, the chief executive officer directly owned 455,503 shares in the company, valued at approximately $127,303,978.44. This represents a 1.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Peter C. Farrell sold 945 shares of the company’s stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $255.49, for a total value of $241,438.05. Following the completion of the transaction, the director owned 68,273 shares of the company’s stock, valued at $17,443,068.77. The trade was a 1.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 27,063 shares of company stock worth $7,058,835. 0.71% of the stock is currently owned by corporate insiders.

ResMed Price Performance

Shares of NYSE RMD opened at $284.56 on Friday. The stock’s 50-day simple moving average is $263.52 and its two-hundred day simple moving average is $242.81. ResMed Inc. has a twelve month low of $199.92 and a twelve month high of $293.08. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $41.66 billion, a P/E ratio of 29.92, a P/E/G ratio of 1.94 and a beta of 0.77.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.08. ResMed had a return on equity of 25.62% and a net margin of 27.22%. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the prior year, the business earned $2.08 EPS. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, equities analysts anticipate that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Wednesday, August 13th. This is an increase from ResMed’s previous quarterly dividend of $0.53. ResMed’s dividend payout ratio (DPR) is currently 22.29%.

ResMed Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company operates in two segments, Sleep and Respiratory Care, and Software as a Service. It offers various products and solutions for a range of respiratory disorders, including ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.