Dakota Wealth Management Buys 3,014 Shares of ResMed Inc. $RMD

Key Points

• Dakota Wealth Management increased its investment in ResMed Inc. by 19.8%, now holding a total of 18,203 shares valued at approximately $4.7 million.
• Research analysts have shown increased optimism in ResMed, with Citigroup initiating coverage with a "buy" rating and several other firms raising their price targets, resulting in an average consensus price target of $294.20.
• ResMed has announced a quarterly dividend of $0.60 per share, up from the previous $0.53, contributing to a 0.9% dividend yield for shareholders.

Dakota Wealth Management boosted its position in ResMed Inc. (NYSE:RMD - Free Report) by 19.8% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 18,203 shares of the medical equipment provider's stock after purchasing an additional 3,014 shares during the period. Dakota Wealth Management's holdings in ResMed were worth $4,696,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RMD. Global X Japan Co. Ltd. boosted its position in ResMed by 121.4% in the first 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. Golden State Wealth Management LLC raised its position in ResMed by 384.8% in the first quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock worth $36,000 after acquiring an additional 127 shares during the period. Zions Bancorporation National Association UT bought a new position in shares of ResMed during the 1st quarter valued at about $45,000. Groupe la Francaise bought a new position in shares of ResMed in the first quarter worth about $45,000. Finally, CVA Family Office LLC increased its position in ResMed by 29.8% during the 1st 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 institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on RMD shares. Citigroup initiated coverage on ResMed in a research report on Thursday, September 18th. They set a "buy" rating and a $330.00 price target for the company. CLSA upgraded ResMed from a "hold" rating to an "outperform" rating in a report on Tuesday, September 2nd. Stifel Nicolaus lifted their price objective on ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a research note on Friday, August 1st. KeyCorp upped their price objective on ResMed from $274.00 to $298.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Finally, William Blair upgraded shares of ResMed to a "strong-buy" rating in a report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, ResMed has a consensus rating of "Moderate Buy" and an average price target of $294.20.

ResMed Stock Down 2.4%

Shares of NYSE RMD opened at $267.62 on Friday. The firm has a 50 day moving average price of $277.50 and a 200 day moving average price of $251.34. The stock has a market cap of $39.18 billion, a P/E ratio of 28.14, a P/E/G ratio of 1.84 and a beta of 0.85. 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.

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

ResMed Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Thursday, August 14th. This is a boost from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. ResMed's payout ratio is presently 25.24%.

Insider Transactions at ResMed

In other news, Director Peter C. Farrell sold 945 shares of ResMed stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $255.49, for a total transaction of $241,438.05. Following the sale, the director directly owned 68,273 shares of the company's stock, valued at approximately $17,443,068.77. This trade represents a 1.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John Hernandez sold 2,575 shares of ResMed stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $287.10, for a total value of $739,282.50. Following the transaction, the director directly owned 4,045 shares in the company, valued at $1,161,319.50. The trade was a 38.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,588 shares of company stock worth $5,289,241. Corporate insiders own 0.71% of the company's stock.

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.

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