Archford Capital Strategies LLC Acquires Shares of 1,262 ResMed Inc. $RMD

Key Points

• Archford Capital Strategies LLC has acquired 1,262 shares of ResMed Inc., worth approximately $326,000, highlighting the ongoing interest from institutional investors.
• ResMed has received multiple upgrades from analysts, with UBS Group rating it a "strong-buy" and price targets increasing to an average of $294.20.
• The company recently increased its quarterly dividend to $0.60 per share, reflecting a commitment to returning value to shareholders while maintaining a 25.24% dividend payout ratio.

Archford Capital Strategies LLC acquired a new stake in shares of ResMed Inc. (NYSE:RMD - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,262 shares of the medical equipment provider's stock, valued at approximately $326,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Global X Japan Co. Ltd. raised its position in ResMed by 121.4% during the first quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock valued at $28,000 after purchasing an additional 68 shares during the period. Golden State Wealth Management LLC raised its position in ResMed by 384.8% during the first quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock valued at $36,000 after purchasing an additional 127 shares during the period. Zions Bancorporation National Association UT purchased a new stake in ResMed during the first quarter valued at approximately $45,000. Groupe la Francaise purchased a new stake in ResMed during the first quarter valued at approximately $45,000. Finally, CVA Family Office LLC raised its position in ResMed by 29.8% during the first quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider's stock valued at $47,000 after purchasing an additional 48 shares during the period. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RMD. UBS Group upgraded ResMed to a "strong-buy" rating in a research report on Tuesday, September 16th. Piper Sandler upped their price objective on ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. CLSA upgraded ResMed from a "hold" rating to an "outperform" rating in a report on Tuesday, September 2nd. William Blair raised ResMed to a "strong-buy" rating in a research note on Friday, August 1st. Finally, Wall Street Zen lowered ResMed from a "buy" rating to a "hold" rating in a research note on Sunday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $294.20.

Insiders Place Their Bets

In other ResMed 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 transaction of $2,238,355.32. Following the transaction, the chief executive officer directly owned 455,503 shares in the company, valued at $127,303,978.44. This trade represents a 1.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Peter C. Farrell sold 945 shares of the firm's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $255.49, for a total value of $241,438.05. Following the transaction, the director owned 68,273 shares in the company, valued at $17,443,068.77. The trade was a 1.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,588 shares of company stock worth $5,289,241 in the last ninety days. 0.71% of the stock is owned by company insiders.

ResMed Price Performance

Shares of RMD stock opened at $271.22 on Tuesday. ResMed Inc. has a 52-week low of $199.92 and a 52-week high of $293.81. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. The firm has a market capitalization of $39.71 billion, a P/E ratio of 28.52, a P/E/G ratio of 1.82 and a beta of 0.85. The stock has a 50 day moving average price of $277.96 and a 200 day moving average price of $252.42.

ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, topping the consensus estimate of $2.47 by $0.08. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.ResMed's quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the business posted $2.08 EPS. As a group, sell-side analysts predict that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.9%. The ex-dividend date was Thursday, August 14th. This is an increase from ResMed's previous quarterly dividend of $0.53. ResMed's dividend payout ratio (DPR) is 25.24%.

ResMed Company 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.

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