Passumpsic Savings Bank Purchases New Stake in ResMed Inc. $RMD

Key Points

• Passumpsic Savings Bank opened a new position in ResMed during the fourth quarter, buying 8,952 shares valued at about $2.16 million.
• ResMed reported stronger-than-expected quarterly results, with EPS of $2.86 topping estimates and revenue of $1.43 billion, up 10.8% year over year.
• The company also announced a quarterly dividend of $0.60 per share, while analysts currently rate the stock a Moderate Buy with a consensus price target of $286.18.

Passumpsic Savings Bank purchased a new stake in ResMed Inc. (NYSE:RMD - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 8,952 shares of the medical equipment provider's stock, valued at approximately $2,156,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Terra Nova Asset Management LLC raised its stake in ResMed by 0.6% in the third quarter. Terra Nova Asset Management LLC now owns 7,805 shares of the medical equipment provider's stock valued at $2,136,000 after purchasing an additional 46 shares in the last quarter. NBT Bank N A NY raised its stake in ResMed by 22.9% in the third quarter. NBT Bank N A NY now owns 252 shares of the medical equipment provider's stock valued at $69,000 after purchasing an additional 47 shares in the last quarter. IMA Advisory Services Inc. raised its stake in ResMed by 52.7% in the third quarter. IMA Advisory Services Inc. now owns 139 shares of the medical equipment provider's stock valued at $38,000 after purchasing an additional 48 shares in the last quarter. Occidental Asset Management LLC raised its stake in ResMed by 3.0% in the fourth quarter. Occidental Asset Management LLC now owns 1,699 shares of the medical equipment provider's stock valued at $409,000 after purchasing an additional 49 shares in the last quarter. Finally, New Wave Wealth Advisors LLC raised its stake in ResMed by 2.8% in the third quarter. New Wave Wealth Advisors LLC now owns 1,899 shares of the medical equipment provider's stock valued at $520,000 after purchasing an additional 52 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company's stock.

ResMed Stock Up 0.1%

Shares of NYSE:RMD opened at $202.03 on Monday. The company has a market capitalization of $29.43 billion, a PE ratio of 19.48, a price-to-earnings-growth ratio of 1.29 and a beta of 0.84. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.01 and a quick ratio of 2.33. The business has a fifty day moving average price of $223.93 and a two-hundred day moving average price of $242.41. ResMed Inc. has a 1 year low of $198.61 and a 1 year high of $293.81.

ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.79 by $0.07. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The business's revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.37 EPS. Analysts forecast that ResMed Inc. will post 11.13 earnings per share for the current year.

ResMed Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Thursday, May 14th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Thursday, May 14th. ResMed's dividend payout ratio is 23.14%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on RMD. Piper Sandler boosted their price target on ResMed from $270.00 to $275.00 and gave the company a "neutral" rating in a research note on Friday, January 30th. Robert W. Baird set a $225.00 target price on ResMed in a research report on Friday, May 1st. Stifel Nicolaus lifted their target price on ResMed from $260.00 to $265.00 and gave the company a "hold" rating in a research report on Friday, January 30th. KeyCorp decreased their target price on ResMed from $302.00 to $290.00 and set an "overweight" rating on the stock in a research report on Monday, April 27th. Finally, JPMorgan Chase & Co. began coverage on ResMed in a research report on Wednesday, April 15th. They issued an "overweight" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, ResMed currently has an average rating of "Moderate Buy" and a consensus price target of $286.18.

Insiders Place Their Bets

In other news, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction on Monday, March 9th. The stock was sold at an average price of $251.03, for a total transaction of $1,252,890.73. Following the completion of the transaction, the chief executive officer owned 466,223 shares in the company, valued at approximately $117,035,959.69. This represents a 1.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total value of $450,000.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 18,973 shares of company stock valued at $4,386,031 in the last 90 days. Corporate insiders own 0.65% of the company's stock.

ResMed Company Profile

ResMed NYSE: RMD is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed's product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.

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