Bank Julius Baer & Co. Ltd Zurich Lowers Stock Position in ResMed Inc. $RMD

Key Points

• Bank Julius Baer & Co. Ltd Zurich cut its ResMed position by 17.9% in the fourth quarter, selling 5,422 shares and leaving it with 24,847 shares worth about $6.03 million.
• ResMed reported better-than-expected quarterly results, with EPS of $2.86 versus $2.79 expected and revenue of $1.43 billion, up 10.8% year over year.
• The company also announced a quarterly dividend of $0.60 per share, while analysts’ sentiment remains generally positive with a consensus rating of “Moderate Buy” and an average price target of $286.18.

Bank Julius Baer & Co. Ltd Zurich cut its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 17.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 24,847 shares of the medical equipment provider's stock after selling 5,422 shares during the quarter. Bank Julius Baer & Co. Ltd Zurich's holdings in ResMed were worth $6,031,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of RMD. International Assets Investment Management LLC purchased a new position in shares of ResMed in the fourth quarter worth about $25,000. ORG Partners LLC increased its holdings in shares of ResMed by 181.6% in the fourth quarter. ORG Partners LLC now owns 107 shares of the medical equipment provider's stock worth $26,000 after purchasing an additional 69 shares during the period. Imprint Wealth LLC bought a new stake in shares of ResMed during the 3rd quarter valued at about $26,000. WFA of San Diego LLC purchased a new position in ResMed in the 2nd quarter worth approximately $26,000. Finally, Sunbelt Securities Inc. purchased a new stake in shares of ResMed during the 3rd quarter valued at $31,000. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Stock Up 0.1%

NYSE:RMD opened at $202.55 on Friday. ResMed Inc. has a 1-year low of $198.61 and a 1-year high of $293.81. The firm's 50-day moving average price is $225.07 and its 200-day moving average price is $242.81. The company has a market capitalization of $29.51 billion, a PE ratio of 19.53, a P/E/G ratio of 1.29 and a beta of 0.84. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.01 and a quick ratio of 2.33.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, topping analysts' consensus estimates of $2.79 by $0.07. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The firm had revenue of $1.43 billion for the quarter, compared to analysts' expectations of $1.42 billion. During the same period in the previous year, the firm posted $2.37 EPS. The business's revenue for the quarter was up 10.8% compared to the same quarter last year. On average, equities analysts predict that ResMed Inc. will post 11.13 EPS for the current fiscal year.

ResMed Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Thursday, May 14th will be issued a dividend of $0.60 per share. The ex-dividend date is Thursday, May 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.2%. ResMed's dividend payout ratio is presently 23.14%.

Analyst Ratings Changes

A number of research analysts recently commented on RMD shares. KeyCorp reduced their target price on ResMed from $302.00 to $290.00 and set an "overweight" rating on the stock in a research note on Monday, April 27th. Wells Fargo & Company decreased their price target on shares of ResMed from $270.00 to $227.00 and set an "equal weight" rating on the stock in a research note on Friday, May 1st. JPMorgan Chase & Co. assumed coverage on shares of ResMed in a research note on Wednesday, April 15th. They issued an "overweight" rating for the company. Piper Sandler raised their price objective on ResMed from $270.00 to $275.00 and gave the company a "neutral" rating in a research note on Friday, January 30th. Finally, Citigroup lowered their target price on ResMed from $345.00 to $340.00 and set a "buy" rating for the company in a research note on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $286.18.

Insider Buying and Selling

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total value of $450,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael J. Farrell sold 4,991 shares of the business's stock in a transaction on Monday, March 9th. The stock was sold at an average price of $251.03, for a total value of $1,252,890.73. Following the completion of the transaction, the chief executive officer owned 466,223 shares of the company's stock, valued at $117,035,959.69. This represents a 1.06% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 18,973 shares of company stock valued at $4,386,031. 0.65% of the stock is owned by company insiders.

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.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.