First Hawaiian Bank Reduces Stock Holdings in ResMed Inc. $RMD

First Hawaiian Bank reduced its stake in ResMed Inc. (NYSE:RMD) by 0.5% during the 1st quarter, HoldingsChannel.com reports. The firm owned 15,763 shares of the medical equipment provider’s stock after selling 85 shares during the period. First Hawaiian Bank’s holdings in ResMed were worth $3,529,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Inspire Investing LLC increased its stake in ResMed by 29.3% in the first quarter. Inspire Investing LLC now owns 28,578 shares of the medical equipment provider’s stock valued at $6,397,000 after purchasing an additional 6,472 shares during the last quarter. Jacobi Capital Management LLC grew its position in shares of ResMed by 11.0% during the first quarter. Jacobi Capital Management LLC now owns 1,248 shares of the medical equipment provider’s stock worth $279,000 after acquiring an additional 124 shares during the last quarter. Intech Investment Management LLC grew its position in shares of ResMed by 63.2% during the first quarter. Intech Investment Management LLC now owns 15,325 shares of the medical equipment provider’s stock worth $3,430,000 after acquiring an additional 5,934 shares during the last quarter. Capital Impact Advisors LLC purchased a new position in shares of ResMed during the first quarter worth approximately $8,537,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of ResMed by 2.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 977,401 shares of the medical equipment provider’s stock worth $218,791,000 after acquiring an additional 22,789 shares during the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at ResMed

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer owned 455,503 shares of the company’s stock, valued at approximately $127,303,978.44. This trade represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Hernandez sold 2,575 shares of the firm’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $287.10, for a total value of $739,282.50. Following the completion of the sale, the director directly owned 4,045 shares of the company’s stock, valued at approximately $1,161,319.50. This trade represents a 38.90% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,588 shares of company stock valued at $5,289,241. 0.71% of the stock is owned by company insiders.

ResMed Price Performance

Shares of NYSE RMD opened at $274.94 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. The stock has a fifty day moving average price of $274.07 and a 200 day moving average price of $248.52. ResMed Inc. has a 1-year low of $199.92 and a 1-year high of $293.81. The company has a market cap of $40.25 billion, a PE ratio of 28.91, a P/E/G ratio of 1.81 and a beta of 0.85.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $1.33 billion. During the same period last year, the company earned $2.08 earnings per share. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. Sell-side analysts forecast that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders 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 yield of 0.9%. This is an increase from ResMed’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Thursday, August 14th. ResMed’s dividend payout ratio is 25.24%.

Analyst Upgrades and Downgrades

RMD has been the topic of a number of research reports. Wall Street Zen lowered shares of ResMed from a “buy” rating to a “hold” rating in a research report on Sunday, August 10th. Royal Bank Of Canada raised their target price on shares of ResMed from $294.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, August 1st. CLSA upgraded shares of ResMed from a “hold” rating to an “outperform” rating in a research report on Tuesday, September 2nd. Piper Sandler raised their target price on shares of ResMed from $248.00 to $270.00 and gave the stock a “neutral” rating in a research report on Friday, August 1st. Finally, Morgan Stanley set a $286.00 price target on ResMed and gave the stock an “overweight” rating in a report on Tuesday, May 20th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $278.36.

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.