Marks Group Wealth Management Inc Sells 2,037 Shares of ResMed Inc. $RMD

Key Points

• Marks Group Wealth Management Inc reduced its stake in ResMed Inc. by 5.4% during Q2, selling 2,037 shares and holding a total of 35,994 shares valued at approximately $9.29 million.
• ResMed's CEO, Michael J. Farrell, sold 8,009 shares at an average price of $279.48, while the company recently increased its quarterly dividend from $0.53 to $0.60, representing a yield of 0.9%.
• Analysts have upgraded ResMed's target stock price, with UBS Group rating it as a "strong-buy" and a consensus price target now set at $294.20, reflecting positive sentiment among investors.

Marks Group Wealth Management Inc lessened its stake in ResMed Inc. (NYSE:RMD - Free Report) by 5.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 35,994 shares of the medical equipment provider's stock after selling 2,037 shares during the period. Marks Group Wealth Management Inc's holdings in ResMed were worth $9,286,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Global X Japan Co. Ltd. grew its position in shares of 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 buying an additional 68 shares during the last quarter. Golden State Wealth Management LLC grew its position 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 buying an additional 127 shares during the last quarter. Zions Bancorporation National Association UT bought a new stake in shares of ResMed in the 1st quarter valued at about $45,000. Groupe la Francaise bought a new stake in shares of ResMed in the 1st quarter valued at about $45,000. Finally, CVA Family Office LLC boosted its position in shares of ResMed by 29.8% during the 1st quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider's stock valued at $47,000 after purchasing an additional 48 shares in the last quarter. Institutional investors own 54.98% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on RMD shares. Stifel Nicolaus upped their target price on ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a research report on Friday, August 1st. Piper Sandler upped their target price on ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. UBS Group upgraded ResMed to a "strong-buy" rating in a research report on Tuesday, September 16th. Royal Bank Of Canada upped their target price on ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of ResMed in a research report on Saturday, September 27th. 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's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $294.20.

Insider Transactions at ResMed

In other news, 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 value of $2,238,355.32. Following the completion of the sale, the chief executive officer directly owned 455,503 shares of the company's stock, valued at $127,303,978.44. This represents a 1.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Michael J. Rider sold 100 shares of the stock in a transaction that occurred 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 completion of the sale, the general counsel directly owned 11,327 shares of the company's stock, valued at approximately $3,107,675.72. This trade represents a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,734 shares of company stock valued at $3,019,169 over the last ninety days. 0.71% of the stock is currently owned by insiders.

ResMed Stock Up 0.7%

RMD stock opened at $278.48 on Monday. The stock's 50 day simple moving average is $278.16 and its 200 day simple moving average is $253.90. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.81. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. The company has a market cap of $40.77 billion, a P/E ratio of 29.28, a price-to-earnings-growth ratio of 1.87 and a beta of 0.83.

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

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.9%. This is a boost from ResMed's previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, August 14th. ResMed's dividend payout ratio (DPR) is currently 25.24%.

About ResMed

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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