North Star Asset Management Inc. acquired a new stake in shares of ResMed Inc. (NYSE:RMD – Free Report) during the second quarter, according to its most recent filing with the SEC. The fund acquired 15,002 shares of the medical equipment provider’s stock, valued at approximately $2,924,000.
Several other large investors have also added to or reduced their stakes in RMD. International Assets Investment Management LLC bought a new stake in ResMed during the 4th quarter worth approximately $25,000. WFA of San Diego LLC purchased a new position in shares of ResMed during the 2nd quarter valued at $26,000. Imprint Wealth LLC bought a new position in shares of ResMed in the third quarter worth $26,000. Bell Investment Advisors Inc purchased a new stake in shares of ResMed in the second quarter worth $26,000. Finally, Sunbelt Securities Inc. bought a new stake in ResMed during the third quarter valued at $31,000. Institutional investors own 54.98% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts have weighed in on the company. The Goldman Sachs Group restated a “buy” rating on shares of ResMed in a research note on Wednesday, July 1st. Weiss Ratings upgraded ResMed from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. Piper Sandler cut their price objective on ResMed from $233.00 to $225.00 and set a “neutral” rating for the company in a report on Friday, August 7th. Morgan Stanley restated an “equal weight” rating and issued a $230.00 price objective (down from $286.00) on shares of ResMed in a research report on Wednesday, June 17th. Finally, UBS Group reaffirmed a “buy” rating and issued a $300.00 target price on shares of ResMed in a research note on Tuesday, July 21st. Seven research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $239.38.
Insider Buying and Selling
In other ResMed news, Director Peter C. Farrell sold 8,000 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the transaction, the director directly owned 52,773 shares in the company, valued at $11,873,925. This trade represents a 13.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $205.69, for a total transaction of $1,026,598.79. Following the transaction, the chief executive officer directly owned 466,256 shares in the company, valued at $95,904,196.64. This trade represents a 1.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 22,973 shares of company stock worth $4,885,436 over the last quarter. Company insiders own 0.65% of the company’s stock.
ResMed Trading Down 0.0%
NYSE RMD opened at $235.64 on Friday. The company has a quick ratio of 2.42, a current ratio of 3.10 and a debt-to-equity ratio of 0.06. The stock’s 50-day simple moving average is $210.78 and its two-hundred day simple moving average is $219.03. ResMed Inc. has a twelve month low of $180.26 and a twelve month high of $284.87. The company has a market capitalization of $33.99 billion, a price-to-earnings ratio of 22.59, a PEG ratio of 1.48 and a beta of 0.76.
ResMed (NYSE:RMD – Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.89 by $0.06. The firm had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.46 billion. ResMed had a return on equity of 25.58% and a net margin of 26.94%.The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the prior year, the business earned $2.55 EPS. Research analysts forecast that ResMed Inc. will post 12.03 EPS for the current fiscal year.
ResMed Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th will be paid a $0.66 dividend. This is an increase from ResMed’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Thursday, August 20th. ResMed’s payout ratio is currently 25.31%.
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.
Featured Stories
- Five stocks we like better than ResMed
- Nutanix’s Rally Has a Bigger Story Than Earnings as AMD’s AI Bet Takes Shape
- SEC Probe Puts Wall Street Leverage Risk Back in Focus
- A Bearish-Dollar Options Surge Raises the Stakes for Warsh at Jackson Hole
- Five Below’s Turnaround Is Working—But Has the Stock Run Too Far?
Want to see what other hedge funds are holding RMD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ResMed Inc. (NYSE:RMD – Free Report).
Receive News & Ratings for ResMed Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ResMed and related companies with MarketBeat.com's FREE daily email newsletter.
