Marks Group Wealth Management Inc Sells 2,037 Shares of ResMed Inc. $RMD

Marks Group Wealth Management Inc cut its holdings in ResMed Inc. (NYSE:RMD) by 5.4% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 35,994 shares of the medical equipment provider’s stock after selling 2,037 shares during the period. Marks Group Wealth Management Inc’s holdings in ResMed were worth $9,286,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of RMD. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in shares of ResMed by 1,168.5% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 590,895 shares of the medical equipment provider’s stock valued at $132,272,000 after acquiring an additional 544,311 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in shares of ResMed by 334.0% in the first quarter. Allianz Asset Management GmbH now owns 455,124 shares of the medical equipment provider’s stock valued at $101,880,000 after acquiring an additional 350,245 shares in the last quarter. Swedbank AB grew its holdings in shares of ResMed by 445.1% in the first quarter. Swedbank AB now owns 397,319 shares of the medical equipment provider’s stock valued at $88,940,000 after acquiring an additional 324,428 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of ResMed by 1.8% in the first quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider’s stock valued at $4,139,815,000 after acquiring an additional 320,240 shares in the last quarter. Finally, Nuveen LLC bought a new position in shares of ResMed in the first quarter valued at approximately $69,492,000. 54.98% of the stock is owned by institutional investors.

ResMed Price Performance

ResMed stock opened at $278.48 on Monday. ResMed Inc. has a one year low of $199.92 and a one year high of $293.81. The business has a fifty day moving average price of $278.16 and a 200-day moving average price of $253.90. 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 firm has a market capitalization of $40.77 billion, a P/E ratio of 29.28, a PEG ratio of 1.87 and a beta of 0.83.

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

ResMed Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th were issued a $0.60 dividend. The ex-dividend date of this dividend was Thursday, August 14th. This is an increase from ResMed’s previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. ResMed’s dividend payout ratio is 25.24%.

Insider Transactions at ResMed

In other 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 transaction, the chief executive officer directly owned 455,503 shares of the company’s stock, valued at $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 is available at the SEC website. Also, General Counsel Michael J. Rider sold 100 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $274.36, for a total value of $27,436.00. Following the completion of the sale, the general counsel owned 11,327 shares in the company, valued at $3,107,675.72. This trade represents a 0.88% decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,734 shares of company stock valued at $3,019,169 over the last three months. Company insiders own 0.71% of the company’s stock.

Wall Street Analyst Weigh In

RMD has been the subject of several research reports. Citigroup initiated coverage on ResMed in a report on Thursday, September 18th. They set a “buy” rating and a $330.00 price objective for the company. Piper Sandler raised their target price on ResMed from $248.00 to $270.00 and gave the stock a “neutral” rating in a research report on Friday, August 1st. Mizuho raised their target price on ResMed from $270.00 to $290.00 and gave the stock an “outperform” rating in a research report on Friday, August 1st. Wall Street Zen downgraded ResMed from a “buy” rating to a “hold” rating in a research report on Sunday, August 10th. Finally, CLSA raised ResMed from a “hold” rating to an “outperform” rating in a research report on Tuesday, September 2nd. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $294.20.

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.