Moran Wealth Management LLC Acquires New Position in ResMed Inc. (NYSE:RMD)

Moran Wealth Management LLC purchased a new position in ResMed Inc. (NYSE:RMD - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 47,237 shares of the medical equipment provider's stock, valued at approximately $10,574,000.

Several other large investors have also recently modified their holdings of RMD. Global X Japan Co. Ltd. raised its position in shares of ResMed by 121.4% in the 1st quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock worth $28,000 after purchasing an additional 68 shares during the last quarter. Colonial Trust Co SC raised its position in shares of ResMed by 6,250.0% in the 4th quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock worth $29,000 after purchasing an additional 125 shares during the last quarter. Optiver Holding B.V. purchased a new position in shares of ResMed in the 4th quarter worth about $33,000. Itau Unibanco Holding S.A. raised its position in shares of ResMed by 1,000.0% in the 4th quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider's stock worth $38,000 after purchasing an additional 150 shares during the last quarter. Finally, OFI Invest Asset Management purchased a new position in shares of ResMed in the 4th quarter worth about $39,000. Hedge funds and other institutional investors own 54.98% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Stifel Nicolaus lowered their price target on ResMed from $250.00 to $240.00 and set a "hold" rating for the company in a research report on Wednesday, March 5th. JPMorgan Chase & Co. lifted their price objective on ResMed from $286.00 to $290.00 and gave the stock an "overweight" rating in a report on Thursday, April 24th. UBS Group reduced their price objective on ResMed from $290.00 to $285.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Piper Sandler reduced their price objective on ResMed from $260.00 to $248.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Finally, Citigroup upgraded ResMed from a "neutral" rating to a "buy" rating in a report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $259.33.

ResMed Stock Performance

Shares of ResMed stock traded down $1.19 during trading hours on Friday, reaching $255.02. 1,498,338 shares of the stock traded hands, compared to its average volume of 970,465. The company has a 50 day moving average price of $244.99 and a 200 day moving average price of $235.32. The firm has a market capitalization of $37.39 billion, a price-to-earnings ratio of 28.62, a P/E/G ratio of 1.76 and a beta of 0.78. ResMed Inc. has a one year low of $186.22 and a one year high of $263.05. The company has a quick ratio of 2.49, a current ratio of 3.41 and a debt-to-equity ratio of 0.12.

ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.36 by $0.01. The business had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. ResMed had a return on equity of 25.67% and a net margin of 26.15%. The business's quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.13 EPS. On average, equities research analysts expect that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Thursday, May 8th were paid a dividend of $0.53 per share. The ex-dividend date was Thursday, May 8th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.83%. ResMed's dividend payout ratio is currently 23.79%.

Insider Buying and Selling at ResMed

In related news, CEO Michael J. Farrell sold 8,009 shares of the business's stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $243.23, for a total transaction of $1,948,029.07. Following the completion of the transaction, the chief executive officer now directly owns 455,503 shares in the company, valued at approximately $110,791,994.69. The trade was a 1.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Witte Jan De sold 2,000 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total value of $486,940.00. Following the transaction, the director now owns 5,806 shares of the company's stock, valued at approximately $1,413,586.82. This trade represents a 25.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,132 shares of company stock worth $7,075,837 in the last three months. 0.71% of the stock is currently owned by company insiders.

About ResMed

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.