Inspire Investing LLC Lowers Position in ResMed Inc. $RMD

Key Points

• Inspire Investing LLC has reduced its position in ResMed Inc. by 33.9%, now holding 18,897 shares worth approximately $4.875 million after selling 9,681 shares during Q2.
• ResMed's recent quarterly earnings report showed an EPS of $2.55, exceeding analysts' expectations, and a year-over-year revenue increase of 10.2% to $1.35 billion.
• ResMed has increased its quarterly dividend from $0.53 to $0.60, translating to an annual yield of 0.9% and signifying a 25.24% payout ratio.

Inspire Investing LLC lessened its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 33.9% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 18,897 shares of the medical equipment provider's stock after selling 9,681 shares during the period. Inspire Investing LLC's holdings in ResMed were worth $4,875,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in RMD. GAMMA Investing LLC raised its position in shares of ResMed by 7.6% in the first quarter. GAMMA Investing LLC now owns 3,277 shares of the medical equipment provider's stock worth $734,000 after buying an additional 231 shares in the last quarter. CX Institutional raised its position in shares of ResMed by 6.8% in the first quarter. CX Institutional now owns 1,530 shares of the medical equipment provider's stock worth $342,000 after buying an additional 97 shares in the last quarter. Simon Quick Advisors LLC raised its position in shares of ResMed by 18.3% in the first quarter. Simon Quick Advisors LLC now owns 1,951 shares of the medical equipment provider's stock worth $437,000 after buying an additional 302 shares in the last quarter. Birch Capital Management LLC raised its position in shares of ResMed by 3.5% in the first quarter. Birch Capital Management LLC now owns 36,783 shares of the medical equipment provider's stock worth $8,234,000 after buying an additional 1,240 shares in the last quarter. Finally, NorthCrest Asset Manangement LLC raised its position in ResMed by 3.0% during the first quarter. NorthCrest Asset Manangement LLC now owns 54,608 shares of the medical equipment provider's stock valued at $12,224,000 after purchasing an additional 1,575 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company's stock.

ResMed Stock Down 2.1%

RMD opened at $271.96 on Friday. The company has a market cap of $39.69 billion, a P/E ratio of 28.60, a P/E/G ratio of 1.87 and a beta of 0.83. The business's 50-day moving average price is $278.51 and its 200-day moving average price is $255.46. 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 Inc. has a 12 month low of $199.92 and a 12 month high of $293.81.

ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The company's quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.08 earnings per share. On average, equities 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 was paid on Thursday, September 18th. Investors of record on Thursday, August 14th were paid a $0.60 dividend. The ex-dividend date of this dividend was Thursday, August 14th. This is a boost from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 annualized dividend and a dividend yield of 0.9%. ResMed's payout ratio is 25.24%.

Analysts Set New Price Targets

A number of research firms have weighed in on RMD. William Blair upgraded ResMed to a "strong-buy" rating in a research report on Friday, August 1st. Wall Street Zen downgraded ResMed from a "buy" rating to a "hold" rating in a research report on Sunday, August 10th. KeyCorp raised their price target on ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Mizuho raised their price target on ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Finally, CLSA upgraded ResMed from a "hold" rating to an "outperform" rating in a research report on Tuesday, September 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, ResMed presently has a consensus rating of "Moderate Buy" and an average price target of $294.20.

Insider Buying and Selling

In related news, General Counsel Michael J. Rider sold 100 shares of the firm's stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $274.36, for a total value of $27,436.00. Following the sale, the general counsel directly owned 11,327 shares of the company's stock, valued at $3,107,675.72. This trade represents a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the firm's stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $282.85, for a total value of $2,265,345.65. Following the completion of the sale, the chief executive officer directly owned 467,792 shares in the company, valued at $132,314,967.20. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,743 shares of company stock valued at $5,284,514 over the last ninety days. 0.71% of the stock is owned by insiders.

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.

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