Mizuho Securities USA LLC Has $2.63 Million Stake in ResMed Inc. (NYSE:RMD)

Key Points

• Mizuho Securities USA LLC reduced its stake in ResMed Inc. by 15.5%, selling 2,153 shares and now holding 11,760 shares valued at approximately $2.63 million.
• Wall Street analysts are optimistic about ResMed, with multiple firms raising their price targets; the current consensus rating for the stock is a Moderate Buy with a target price of $274.83.
• ResMed plans to increase its quarterly dividend from $0.53 to $0.60, reflecting a positive change and an annualized yield of 0.8% for investors.

Mizuho Securities USA LLC lessened its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 15.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,760 shares of the medical equipment provider's stock after selling 2,153 shares during the quarter. Mizuho Securities USA LLC's holdings in ResMed were worth $2,632,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Ballentine Partners LLC boosted its stake in ResMed by 6.3% in the 1st quarter. Ballentine Partners LLC now owns 1,782 shares of the medical equipment provider's stock valued at $399,000 after buying an additional 105 shares in the last quarter. Golden State Wealth Management LLC boosted its stake in 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 in the last quarter. Exchange Traded Concepts LLC boosted its stake in ResMed by 393.0% in the 1st quarter. Exchange Traded Concepts LLC now owns 2,529 shares of the medical equipment provider's stock valued at $566,000 after buying an additional 2,016 shares in the last quarter. MML Investors Services LLC boosted its stake in ResMed by 31.9% in the 4th quarter. MML Investors Services LLC now owns 11,468 shares of the medical equipment provider's stock valued at $2,623,000 after buying an additional 2,771 shares in the last quarter. Finally, Private Advisor Group LLC boosted its stake in ResMed by 18.3% in the 1st quarter. Private Advisor Group LLC now owns 3,244 shares of the medical equipment provider's stock valued at $726,000 after buying an additional 501 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on RMD shares. Morgan Stanley set a $286.00 price target on ResMed and gave the company an "overweight" rating in a research note on Tuesday, May 20th. Wall Street Zen downgraded ResMed from a "buy" rating to a "hold" rating in a research report on Sunday. UBS Group increased their target price on ResMed from $285.00 to $325.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Piper Sandler raised their target price on ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Finally, Mizuho lifted their price target on ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a report on Friday, August 1st. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $274.83.

ResMed Trading Down 0.3%

Shares of RMD stock traded down $0.85 on Tuesday, reaching $283.47. 1,436,162 shares of the stock were exchanged, compared to its average volume of 1,160,568. The stock has a market cap of $41.50 billion, a PE ratio of 29.81, a P/E/G ratio of 1.91 and a beta of 0.77. ResMed Inc. has a one year low of $199.92 and a one year high of $293.08. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. The stock has a 50 day moving average price of $262.06 and a 200 day moving average price of $242.29.

ResMed (NYSE:RMD - Get Free Report) last released its 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. The company had revenue of $1.35 billion during 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 firm's quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.08 earnings per share. Equities research analysts forecast that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 14th will be issued a $0.60 dividend. This is a boost from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Wednesday, August 13th. ResMed's dividend payout ratio is currently 22.29%.

Insider Activity at ResMed

In related news, Director Witte Jan De sold 2,000 shares of the company's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $243.47, for a total value of $486,940.00. Following the completion of the sale, the director owned 5,806 shares in the company, valued at approximately $1,413,586.82. This represents a 25.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Peter C. Farrell sold 945 shares of the company's stock in a transaction dated 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 sale, the director owned 68,273 shares of the company's stock, valued at $17,443,068.77. This represents a 1.37% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,063 shares of company stock worth $7,058,835. 0.71% of the stock is owned by insiders.

ResMed 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.