Blair William & Co. IL Reduces Stock Position in ResMed Inc. $RMD

Key Points

• Blair William & Co. IL reduced its stake in ResMed Inc. by 2.4%, resulting in ownership of 236,284 shares worth approximately $60.96 million.
• Several large investors have increased their holdings in ResMed, with significant stakes now held by firms such as Pallas Capital Advisors LLC and Portside Wealth Group LLC.
• ResMed declared a quarterly dividend increase from $0.53 to $0.60 per share, marking an annualized dividend of $2.40 and a yield of 0.8%.

Blair William & Co. IL cut its stake in ResMed Inc. (NYSE:RMD - Free Report) by 2.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 236,284 shares of the medical equipment provider's stock after selling 5,713 shares during the quarter. Blair William & Co. IL owned 0.16% of ResMed worth $60,961,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in RMD. Portside Wealth Group LLC grew its stake in shares of ResMed by 3.8% in the first quarter. Portside Wealth Group LLC now owns 1,457 shares of the medical equipment provider's stock worth $326,000 after acquiring an additional 54 shares during the period. Pallas Capital Advisors LLC grew its stake in shares of ResMed by 11.9% in the first quarter. Pallas Capital Advisors LLC now owns 3,098 shares of the medical equipment provider's stock worth $693,000 after acquiring an additional 330 shares during the period. Yousif Capital Management LLC grew its stake in shares of ResMed by 0.5% in the first quarter. Yousif Capital Management LLC now owns 22,482 shares of the medical equipment provider's stock worth $5,033,000 after acquiring an additional 101 shares during the period. GAMMA Investing LLC grew its stake in shares of ResMed by 7.6% in the first quarter. GAMMA Investing LLC now owns 3,277 shares of the medical equipment provider's stock worth $734,000 after acquiring an additional 231 shares during the period. Finally, CX Institutional grew its stake in shares of ResMed by 6.8% in the first quarter. CX Institutional now owns 1,530 shares of the medical equipment provider's stock worth $342,000 after acquiring an additional 97 shares during the period. 54.98% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Piper Sandler lifted their price target on shares of ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. CLSA raised shares of ResMed from a "hold" rating to an "outperform" rating in a report on Tuesday, September 2nd. Royal Bank Of Canada raised their price objective on shares of ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. UBS Group raised shares of ResMed to a "strong-buy" rating in a report on Tuesday, September 16th. Finally, Citigroup began coverage on shares of ResMed in a report on Thursday, September 18th. They issued a "buy" rating and a $330.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $294.20.

ResMed Price Performance

Shares of NYSE:RMD opened at $282.49 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. ResMed Inc. has a 1-year low of $199.92 and a 1-year high of $293.81. The company has a market capitalization of $41.23 billion, a P/E ratio of 29.70, a P/E/G ratio of 1.90 and a beta of 0.83. The firm's 50 day simple moving average is $278.54 and its two-hundred day simple moving average is $254.73.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.08. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the previous year, the firm earned $2.08 earnings per share. The company's revenue for the quarter was up 10.2% on a year-over-year basis. Research analysts expect that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The company also recently declared 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 is an increase from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Thursday, August 14th. ResMed's payout ratio is presently 25.24%.

Insider Activity

In other news, Director John Hernandez sold 2,575 shares of ResMed stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $287.10, for a total transaction of $739,282.50. Following the sale, the director owned 4,045 shares in the company, valued at $1,161,319.50. This trade represents a 38.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Michael J. Rider sold 100 shares of ResMed stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total transaction of $27,436.00. Following the sale, the general counsel owned 11,327 shares in the company, valued at approximately $3,107,675.72. The trade was a 0.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,734 shares of company stock worth $3,019,169 over the last quarter. Insiders own 0.71% of the company's stock.

ResMed 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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