Empirical Financial Services LLC d.b.a. Empirical Wealth Management Increases Position in ResMed Inc. $RMD

Key Points

• Empirical Wealth Management has increased its position in ResMed Inc. by 4.3%, holding a total of 24,705 shares valued at approximately $6.37 million.
• ResMed's quarterly results showed earnings of $2.55 per share, exceeding estimates, with a revenue increase of 10.2% compared to the previous year.
• The company recently declared an increased quarterly dividend of $0.60 per share, reflecting a positive trend in dividend payouts.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 4.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 24,705 shares of the medical equipment provider's stock after buying an additional 1,025 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in ResMed were worth $6,374,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Global X Japan Co. Ltd. lifted its stake in shares of 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 buying an additional 68 shares during the period. Golden State Wealth Management LLC lifted its stake in shares of 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 buying an additional 127 shares during the period. Zions Bancorporation National Association UT purchased a new position in shares of ResMed during the first quarter valued at approximately $45,000. Groupe la Francaise purchased a new position in shares of ResMed during the first quarter valued at approximately $45,000. Finally, CVA Family Office LLC lifted its stake in shares of 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 buying an additional 48 shares during the period. Hedge funds and other institutional investors own 54.98% of the company's stock.

Insider Activity at ResMed

In related news, General Counsel Michael J. Rider sold 100 shares of the firm's stock in a transaction 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 completion of the sale, the general counsel directly owned 11,327 shares of the company's stock, valued at approximately $3,107,675.72. This trade represents a 0.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $279.48, for a total transaction of $2,238,355.32. Following the transaction, the chief executive officer owned 455,503 shares in the company, valued at $127,303,978.44. This trade represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 18,743 shares of company stock valued at $5,075,239. Corporate insiders own 0.71% of the company's stock.

ResMed Price Performance

ResMed stock opened at $276.99 on Friday. ResMed Inc. has a 52-week low of $199.92 and a 52-week high of $293.81. The firm has a fifty day moving average of $278.10 and a 200-day moving average of $253.06. The firm has a market capitalization of $40.56 billion, a P/E ratio of 29.13, a PEG ratio of 1.82 and a beta of 0.83. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11.

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

ResMed Increases Dividend

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

Analysts Set New Price Targets

RMD has been the topic of several recent analyst reports. KeyCorp upped their price objective on shares of ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Wall Street Zen lowered shares of ResMed from a "buy" rating to a "hold" rating in a research report on Sunday, August 10th. CLSA raised shares of ResMed from a "hold" rating to an "outperform" rating in a research report on Tuesday, September 2nd. Citigroup initiated coverage on shares of ResMed in a research report on Thursday, September 18th. They set a "buy" rating and a $330.00 price target for the company. Finally, UBS Group raised shares of ResMed to a "strong-buy" rating in a research report on Tuesday, September 16th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $294.20.

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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