Institute for Wealth Management LLC. purchased a new position in shares of ResMed Inc. (NYSE:RMD - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 1,007 shares of the medical equipment provider's stock, valued at approximately $260,000.
Several other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of ResMed by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider's stock valued at $4,139,815,000 after buying an additional 320,240 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of ResMed by 2.5% in the 1st quarter. Northern Trust Corp now owns 1,744,541 shares of the medical equipment provider's stock valued at $390,516,000 after buying an additional 41,951 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of ResMed by 4.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 998,128 shares of the medical equipment provider's stock valued at $223,431,000 after buying an additional 41,108 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of ResMed by 2.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 977,401 shares of the medical equipment provider's stock valued at $218,791,000 after buying an additional 22,789 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of ResMed by 6.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 793,760 shares of the medical equipment provider's stock valued at $177,652,000 after buying an additional 51,348 shares during the last quarter. Institutional investors and hedge funds own 54.98% of the company's stock.
ResMed Stock Up 2.3%
RMD opened at $276.99 on Friday. ResMed Inc. has a 1-year low of $199.92 and a 1-year high of $293.81. The stock's fifty day simple moving average is $278.10 and its 200 day simple moving average is $253.06. 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 stock has a market cap of $40.56 billion, a PE ratio of 29.13, a price-to-earnings-growth ratio of 1.82 and a beta of 0.83.
ResMed (NYSE:RMD - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $1.35 billion for 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 company's quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the business earned $2.08 EPS. As a group, research analysts expect that ResMed Inc. will post 9.47 earnings per share for the current year.
ResMed Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.9%. The ex-dividend date was Thursday, August 14th. This is a positive change from ResMed's previous quarterly dividend of $0.53. ResMed's dividend payout ratio (DPR) is 25.24%.
Wall Street Analyst Weigh In
Several research firms have recently commented on RMD. Stifel Nicolaus increased their price objective on ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a report on Friday, August 1st. Wall Street Zen downgraded ResMed from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. Piper Sandler increased their price target on ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Mizuho increased their price target on ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Finally, CLSA upgraded ResMed from a "hold" rating to an "outperform" rating in a research note on Tuesday, September 2nd. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $294.20.
View Our Latest Analysis on ResMed
Insiders Place Their Bets
In other ResMed news, Director John Hernandez sold 2,575 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $287.10, for a total transaction of $739,282.50. Following the transaction, the director owned 4,045 shares in the company, valued at $1,161,319.50. This trade represents a 38.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Michael J. Rider sold 100 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $274.36, for a total value of $27,436.00. Following the transaction, the general counsel owned 11,327 shares in the company, valued at $3,107,675.72. The trade was a 0.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,743 shares of company stock worth $5,075,239 in the last 90 days. Company insiders own 0.71% of the company's stock.
About ResMed
(
Free Report)
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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