New Age Alpha Advisors LLC Sells 9,213 Shares of ResMed Inc. (NYSE:RMD)

Key Points

• New Age Alpha Advisors LLC reduced its stake in ResMed Inc. by 92.1%, selling 9,213 shares and ending the quarter with 792 shares valued at $177,000.
• ResMed Inc. reported a $2.55 EPS for the last quarter, exceeding expectations, along with a revenue of $1.35 billion, up 10.2% year-over-year.
• The company announced an increase in its quarterly dividend to $0.60, marking a positive change from its previous dividend of $0.53.

New Age Alpha Advisors LLC cut its position in ResMed Inc. (NYSE:RMD - Free Report) by 92.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 792 shares of the medical equipment provider's stock after selling 9,213 shares during the quarter. New Age Alpha Advisors LLC's holdings in ResMed were worth $177,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. CVA Family Office LLC raised its stake in ResMed by 29.8% in the first 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. Central Pacific Bank Trust Division raised its stake in ResMed by 9.7% in the first quarter. Central Pacific Bank Trust Division now owns 565 shares of the medical equipment provider's stock valued at $126,000 after purchasing an additional 50 shares in the last quarter. Terra Nova Asset Management LLC raised 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 purchasing an additional 52 shares in the last quarter. Portside Wealth Group LLC raised 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 purchasing an additional 54 shares in the last quarter. Finally, Angeles Wealth Management LLC raised its stake in ResMed by 5.3% in the first quarter. Angeles Wealth Management LLC now owns 1,182 shares of the medical equipment provider's stock valued at $265,000 after purchasing an additional 59 shares in the last quarter. 54.98% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Michael J. Farrell sold 8,009 shares of the company's 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 transaction, the chief executive officer 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Peter C. Farrell sold 945 shares of the company'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 sale, the director owned 68,273 shares in the company, valued at $17,443,068.77. The trade was a 1.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,063 shares of company stock valued at $7,058,835 over the last quarter. 0.71% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

RMD has been the subject of a number of analyst reports. Wall Street Zen downgraded ResMed from a "buy" rating to a "hold" rating in a research note on Sunday. Stifel Nicolaus boosted their target price on ResMed from $240.00 to $270.00 and gave the stock a "hold" rating in a research note on Friday, August 1st. KeyCorp boosted their target price on ResMed from $274.00 to $298.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Piper Sandler boosted their target price on ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. Finally, Morgan Stanley set a $286.00 target price on ResMed and gave the stock an "overweight" rating in a research note on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $274.83.

ResMed Trading Down 0.3%

Shares of ResMed stock traded down $0.85 on Tuesday, hitting $283.47. The stock had a trading volume of 1,436,162 shares, compared to its average volume of 1,160,568. The stock has a 50 day moving average of $262.06 and a 200 day moving average of $242.29. ResMed Inc. has a twelve month low of $199.92 and a twelve month high of $293.08. 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 firm has a market capitalization of $41.50 billion, a P/E ratio of 29.81, a PEG ratio of 1.91 and a beta of 0.77.

ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, beating 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 quarter in the prior year, the firm posted $2.08 earnings per share. The firm's revenue was up 10.2% compared to the same quarter last year. Sell-side analysts expect that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Increases Dividend

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

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.