HighTower Advisors LLC Acquires 6,664 Shares of ResMed Inc. $RMD

HighTower Advisors LLC grew its stake in ResMed Inc. (NYSE:RMD - Free Report) by 20.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 39,674 shares of the medical equipment provider's stock after acquiring an additional 6,664 shares during the period. HighTower Advisors LLC's holdings in ResMed were worth $8,881,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of RMD. CVA Family Office LLC grew its holdings in shares of ResMed by 29.8% in the 1st 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. Central Pacific Bank Trust Division lifted its holdings in ResMed by 9.7% during the first quarter. Central Pacific Bank Trust Division now owns 565 shares of the medical equipment provider's stock worth $126,000 after acquiring an additional 50 shares in the last quarter. Terra Nova Asset Management LLC grew its stake in ResMed by 0.7% in the first quarter. Terra Nova Asset Management LLC now owns 7,950 shares of the medical equipment provider's stock valued at $1,780,000 after acquiring an additional 52 shares during the period. Portside Wealth Group LLC grew its stake in ResMed by 3.8% in the first quarter. Portside Wealth Group LLC now owns 1,457 shares of the medical equipment provider's stock valued at $326,000 after acquiring an additional 54 shares during the period. Finally, Angeles Wealth Management LLC increased its holdings in shares of ResMed by 5.3% in the first quarter. Angeles Wealth Management LLC now owns 1,182 shares of the medical equipment provider's stock worth $265,000 after acquiring an additional 59 shares in the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

ResMed Stock Down 0.2%

Shares of NYSE RMD traded down $0.55 during midday trading on Thursday, reaching $288.51. The company's stock had a trading volume of 476,274 shares, compared to its average volume of 996,548. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.08. The stock has a market capitalization of $42.24 billion, a price-to-earnings ratio of 30.36, a PEG ratio of 1.92 and a beta of 0.77. The stock has a 50 day simple moving average of $266.30 and a 200-day simple moving average of $243.84. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11.

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

ResMed Increases Dividend

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

Insider Buying and Selling

In other news, Director Peter C. Farrell sold 945 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total value of $241,438.05. Following the completion of the transaction, the director directly owned 68,273 shares in the company, valued at approximately $17,443,068.77. The trade was a 1.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $279.48, for a total transaction of $2,238,355.32. Following the sale, the chief executive officer owned 455,503 shares in the company, valued at $127,303,978.44. This represents a 1.73% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,638 shares of company stock valued at $7,311,177. Company insiders own 0.71% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. William Blair upgraded ResMed to a "strong-buy" rating in a report on Friday, August 1st. Mizuho lifted their price target on shares of ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. UBS Group upped their price target on shares of ResMed from $285.00 to $325.00 and gave the company a "buy" rating in a report on Friday, August 1st. Stifel Nicolaus raised their price objective on shares of ResMed from $240.00 to $270.00 and gave the stock a "hold" rating in a report on Friday, August 1st. Finally, 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 research report on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, ResMed presently has an average rating of "Moderate Buy" and an average target price 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.