Harfst & Associates Inc. Decreases Stake in ResMed Inc. $RMD

Key Points

• Harfst & Associates Inc. reduced its holdings in ResMed Inc. by 58.1%, bringing their share count down to 4,899 shares valued at approximately $1.1 million.
• Several large investors significantly increased their positions in ResMed, with GAMMA Investing LLC raising its stake by an astounding 23,982.6%, acquiring 733,556 shares worth about $164 million.
• ResMed recently declared a quarterly dividend increase from $0.53 to $0.60 per share, reflecting a commitment to returning value to shareholders with an annualized yield of 0.8%.

Harfst & Associates Inc. cut its stake in ResMed Inc. (NYSE:RMD - Free Report) by 58.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,899 shares of the medical equipment provider's stock after selling 6,802 shares during the period. Harfst & Associates Inc.'s holdings in ResMed were worth $1,097,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RMD. Federated Hermes Inc. grew its stake in shares of ResMed by 47.3% in the fourth quarter. Federated Hermes Inc. now owns 1,137 shares of the medical equipment provider's stock worth $260,000 after purchasing an additional 365 shares during the last quarter. Sagespring Wealth Partners LLC bought a new stake in shares of ResMed in the fourth quarter worth about $350,000. Mariner LLC grew its stake in shares of ResMed by 4.1% in the fourth quarter. Mariner LLC now owns 73,550 shares of the medical equipment provider's stock worth $16,821,000 after purchasing an additional 2,890 shares during the last quarter. XTX Topco Ltd grew its stake in shares of ResMed by 51.1% in the fourth quarter. XTX Topco Ltd now owns 1,866 shares of the medical equipment provider's stock worth $427,000 after purchasing an additional 631 shares during the last quarter. Finally, Canada Post Corp Registered Pension Plan bought a new stake in shares of ResMed in the fourth quarter worth about $575,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $251.21, for a total value of $2,011,940.89. Following the sale, the chief executive officer owned 455,503 shares in the company, valued at $114,426,908.63. This represents a 1.73% 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 Peter C. Farrell sold 945 shares of the 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. Insiders have sold a total of 25,063 shares of company stock worth $6,571,895 in the last 90 days. 0.71% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. William Blair raised shares of ResMed to a "strong-buy" rating in a research note on Friday, August 1st. Royal Bank Of Canada increased their price target on shares of ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Wall Street Zen downgraded shares of ResMed from a "buy" rating to a "hold" rating in a research note on Sunday, August 10th. UBS Group raised their target price on shares of ResMed from $285.00 to $325.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Finally, Piper Sandler raised their target price on shares of ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $274.83.

ResMed Trading Down 0.4%

ResMed stock traded down $1.07 during trading hours on Tuesday, hitting $285.05. The company had a trading volume of 225,326 shares, compared to its average volume of 995,334. The firm has a market cap of $41.73 billion, a P/E ratio of 29.96, a P/E/G ratio of 1.91 and a beta of 0.77. 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 Inc. has a 1 year low of $199.92 and a 1 year high of $293.08. The company has a 50-day moving average price of $264.88 and a two-hundred day moving average price of $243.23.

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, 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 company had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.33 billion. During the same period in the previous year, the company earned $2.08 EPS. The firm's quarterly revenue was up 10.2% on a year-over-year basis. On average, sell-side analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Wednesday, August 13th. This is a positive change from ResMed's previous quarterly dividend of $0.53. ResMed's dividend payout ratio (DPR) is currently 25.24%.

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.