Westpac Banking Corp purchased a new stake in shares of ResMed Inc. (NYSE:RMD – Free Report) during the second quarter, HoldingsChannel reports. The fund purchased 21,568 shares of the medical equipment provider’s stock, valued at approximately $4,203,000.
A number of other institutional investors and hedge funds have also made changes to their positions in RMD. Landscape Capital Management L.L.C. purchased a new position in shares of ResMed in the 2nd quarter worth $5,619,000. Korea Investment CORP purchased a new stake in shares of ResMed during the 2nd quarter valued at about $9,846,000. EP Wealth Advisors LLC bought a new position in shares of ResMed in the 2nd quarter valued at about $522,000. Ieq Capital LLC bought a new position in shares of ResMed in the 2nd quarter valued at about $1,829,000. Finally, Callan Family Office LLC purchased a new position in ResMed in the second quarter worth about $1,905,000. 54.98% of the stock is owned by hedge funds and other institutional investors.
Insider Transactions at ResMed
In related news, Director Peter C. Farrell sold 8,000 shares of the business’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 value of $1,800,000.00. Following the completion of the sale, the director owned 52,773 shares in the company, valued at approximately $11,873,925. The trade was a 13.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $205.69, for a total value of $1,026,598.79. Following the transaction, the chief executive officer owned 466,256 shares in the company, valued at $95,904,196.64. The trade was a 1.06% decrease in their ownership of the stock. 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. Insiders sold a total of 22,973 shares of company stock worth $4,885,436 over the last 90 days. Insiders own 0.65% of the company’s stock.
ResMed Stock Performance
ResMed (NYSE:RMD – Get Free Report) last issued its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.89 by $0.06. The firm had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.46 billion. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The business’s revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.55 earnings per share. Analysts predict that ResMed Inc. will post 12.03 earnings per share for the current year.
ResMed Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th will be given a $0.66 dividend. This is a positive change from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $2.64 annualized dividend and a yield of 1.1%. ResMed’s dividend payout ratio is presently 25.31%.
Wall Street Analyst Weigh In
Several equities research analysts have recently issued reports on the company. The Goldman Sachs Group reaffirmed a “buy” rating on shares of ResMed in a research note on Wednesday, July 1st. Wells Fargo & Company decreased their price target on ResMed from $225.00 to $215.00 and set an “equal weight” rating on the stock in a report on Friday, August 7th. Royal Bank Of Canada raised their price target on ResMed from $234.00 to $244.00 and gave the stock a “sector perform” rating in a research report on Friday, August 7th. Jefferies Financial Group dropped their price objective on shares of ResMed from $240.00 to $225.00 and set a “hold” rating for the company in a research note on Friday, July 10th. Finally, Mizuho reduced their target price on shares of ResMed from $235.00 to $220.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 15th. Seven analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $239.38.
Read Our Latest Research Report on ResMed
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.
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