Gallacher Capital Management LLC Sells 972 Shares of ResMed Inc. $RMD

Key Points

• Gallacher Capital Management LLC reduced its stake in ResMed Inc. by 48.5%, selling 972 shares, leaving them with 1,032 shares worth $266,000.
• ResMed announced an increased quarterly dividend of $0.60, up from $0.53, with an upcoming payment date of September 18th.
• Several analysts have set new price targets for ResMed, with UBS Group raising its target from $285.00 to $325.00, while maintaining a "buy" rating.

Gallacher Capital Management LLC lowered its stake in ResMed Inc. (NYSE:RMD - Free Report) by 48.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,032 shares of the medical equipment provider's stock after selling 972 shares during the quarter. Gallacher Capital Management LLC's holdings in ResMed were worth $266,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in RMD. Global X Japan Co. Ltd. lifted its position in ResMed by 121.4% in the 1st quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock valued at $28,000 after acquiring an additional 68 shares in the last quarter. Golden State Wealth Management LLC raised its stake in shares of ResMed by 384.8% in the 1st quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock valued at $36,000 after purchasing an additional 127 shares during the period. Zions Bancorporation National Association UT bought a new stake in shares of ResMed in the first quarter valued at about $45,000. Groupe la Francaise acquired a new position in shares of ResMed during the first quarter worth about $45,000. Finally, CVA Family Office LLC grew its holdings 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 worth $47,000 after buying an additional 48 shares in the last quarter. Institutional investors own 54.98% of the company's stock.

ResMed Price Performance

ResMed stock opened at $271.39 on Tuesday. ResMed Inc. has a 12 month low of $199.92 and a 12 month high of $293.81. The stock's 50 day moving average is $274.65 and its 200-day moving average is $249.25. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $39.73 billion, a price-to-earnings ratio of 28.54, a PEG ratio of 1.80 and a beta of 0.85.

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

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th will be given a $0.60 dividend. The ex-dividend date of this dividend is 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 dividend payout ratio (DPR) is presently 25.24%.

Analysts Set New Price Targets

Several equities research analysts have commented on RMD shares. Morgan Stanley set a $286.00 target price on ResMed and gave the company an "overweight" rating in a research note on Tuesday, May 20th. William Blair raised shares of ResMed to a "strong-buy" rating in a research report on Friday, August 1st. Stifel Nicolaus raised their target price on shares of ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a research report on Friday, August 1st. Royal Bank Of Canada boosted their price target on shares of ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Finally, UBS Group raised their price objective on ResMed from $285.00 to $325.00 and gave the company a "buy" rating in a report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, ResMed has an average rating of "Moderate Buy" and a consensus price target of $278.36.

Insider Activity

In related news, Director Peter C. Farrell sold 945 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total transaction of $241,438.05. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 transaction of $739,282.50. Following the completion of the sale, the director owned 4,045 shares of the company's stock, valued at $1,161,319.50. This trade represents a 38.90% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,588 shares of company stock valued at $5,289,241. 0.71% of the stock is owned by company insiders.

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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