UNIVEST FINANCIAL Corp bought a new position in shares of ResMed Inc. (NYSE:RMD – Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 12,846 shares of the medical equipment provider’s stock, valued at approximately $2,503,000.
Other institutional investors also recently bought and sold shares of the company. International Assets Investment Management LLC purchased a new position in shares of ResMed in the fourth quarter valued at $25,000. Bell Investment Advisors Inc acquired a new position in shares of ResMed during the 2nd quarter worth $26,000. Imprint Wealth LLC purchased a new stake in shares of ResMed in the 3rd quarter worth about $26,000. WFA of San Diego LLC purchased a new stake in shares of ResMed in the 2nd quarter worth about $26,000. Finally, Sunbelt Securities Inc. acquired a new stake in ResMed in the 3rd quarter valued at about $31,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $205.69, for a total transaction of $1,026,598.79. Following the transaction, the chief executive officer owned 466,256 shares of the company’s stock, valued at approximately $95,904,196.64. This represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the sale, the director owned 52,773 shares in the company, valued at approximately $11,873,925. This trade represents a 13.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 22,973 shares of company stock valued at $4,885,436. Company insiders own 0.65% of the company’s stock.
ResMed Stock Down 1.8%
ResMed (NYSE:RMD – Get Free Report) last announced its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share for the quarter, beating the consensus estimate of $2.89 by $0.06. The firm had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.46 billion. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.55 EPS. As a group, equities research analysts anticipate that ResMed Inc. will post 12.03 EPS for the current fiscal year.
ResMed Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, August 20th will be issued a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.2%. This is a boost from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date is Thursday, August 20th. ResMed’s payout ratio is presently 23.01%.
Analyst Ratings Changes
RMD has been the subject of several recent research reports. Citigroup restated a “neutral” rating and set a $235.00 target price (down from $270.00) on shares of ResMed in a report on Sunday, July 12th. Wells Fargo & Company reduced their price target on shares of ResMed from $225.00 to $215.00 and set an “equal weight” rating on the stock in a report on Friday, August 7th. Robert W. Baird set a $213.00 price target on shares of ResMed in a research report on Friday, August 7th. Morgan Stanley reissued an “equal weight” rating and set a $230.00 price objective (down from $286.00) on shares of ResMed in a research note on Wednesday, June 17th. Finally, Mizuho cut their price objective on ResMed from $235.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday, July 15th. Seven research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, ResMed currently has an average rating of “Hold” and an average price target of $240.17.
Read Our Latest Analysis on RMD
ResMed 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.
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