Empirical Financial Services LLC d.b.a. Empirical Wealth Management Purchases New Shares in ResMed Inc. (NYSE:RMD)

Key Points

• Empirical Financial Services LLC has acquired 23,680 shares of ResMed Inc., totaling approximately $5.3 million in value during Q1, indicating strong institutional interest in the company.
• ResMed reported better-than-expected earnings with an EPS of $2.55, surpassing the consensus estimate, and announced a quarterly dividend increase from $0.53 to $0.60.
• The stock's current market cap stands at $39.91 billion, and it has recently faced analyst upgrades, with Morgan Stanley setting a price target of $286.00 and Royal Bank of Canada increasing theirs to $294.00.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in ResMed Inc. (NYSE:RMD - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 23,680 shares of the medical equipment provider's stock, valued at approximately $5,301,000.

A number of other institutional investors also recently modified their holdings of the stock. Global X Japan Co. Ltd. grew its position in shares of ResMed by 121.4% during the 1st quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock worth $28,000 after buying an additional 68 shares during the period. Colonial Trust Co SC grew its position in shares of ResMed by 6,250.0% during the 4th quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock worth $29,000 after buying an additional 125 shares during the period. Optiver Holding B.V. acquired a new stake in shares of ResMed during the 4th quarter worth approximately $33,000. Golden State Wealth Management LLC grew its position in shares of ResMed by 384.8% during the 1st quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock worth $36,000 after buying an additional 127 shares during the period. Finally, Itau Unibanco Holding S.A. grew its position in shares of ResMed by 1,000.0% during the 4th quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider's stock worth $38,000 after buying an additional 150 shares during the period. 54.98% of the stock is owned by institutional investors.

ResMed Stock Up 2.5%

Shares of RMD stock traded up $6.84 during trading on Friday, reaching $278.78. The company's stock had a trading volume of 1,796,962 shares, compared to its average volume of 944,770. The business has a fifty day moving average price of $256.59 and a 200-day moving average price of $240.37. The company has a quick ratio of 2.49, a current ratio of 3.41 and a debt-to-equity ratio of 0.12. The company has a market cap of $40.88 billion, a price-to-earnings ratio of 29.31, a price-to-earnings-growth ratio of 1.73 and a beta of 0.77. ResMed Inc. has a one year low of $199.92 and a one year high of $281.90.

ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, topping analysts' consensus estimates of $2.47 by $0.08. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 26.39%. The firm's revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.08 earnings per share. Analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.9%. This is an increase from ResMed's previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Wednesday, August 13th. ResMed's payout ratio is currently 22.29%.

Insiders Place Their Bets

In other ResMed news, Director Witte Jan De sold 2,000 shares of the company's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total transaction of $486,940.00. Following the sale, the director directly owned 5,806 shares of the company's stock, valued at approximately $1,413,586.82. This represents a 25.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Peter C. Farrell sold 945 shares of the company's stock in a transaction on 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 in the company, valued at $17,443,068.77. This trade represents a 1.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,013 shares of company stock valued at $7,238,913. 0.71% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on RMD. Royal Bank Of Canada boosted their price objective on shares of ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a report on Friday. Stifel Nicolaus boosted their price objective on shares of ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a report on Friday. Piper Sandler boosted their price objective on shares of ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a report on Friday. JPMorgan Chase & Co. boosted their price objective on shares of ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a report on Thursday, April 24th. Finally, Morgan Stanley set a $286.00 price objective on shares of ResMed and gave the company an "overweight" rating in a report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $274.83.

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.