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Patton Fund Management Inc. Has $2.46 Million Stock Holdings in ResMed Inc. $RMD

ResMed logo with Medical background

Key Points

  • Patton Fund Management Inc. decreased its stake in ResMed Inc. by 41.9%, holding 9,514 shares valued at approximately $2.46 million after selling 6,859 shares in the second quarter.
  • ResMed recently reported earnings of $2.55 EPS for the quarter, surpassing estimates, with a revenue of $1.35 billion, reflecting a 10.2% increase year-over-year.
  • The company declared an increased quarterly dividend of $0.60, up from $0.53, resulting in an annualized payout of $2.40 and a dividend yield of 0.9%.
  • MarketBeat previews top five stocks to own in November.

Patton Fund Management Inc. cut its position in ResMed Inc. (NYSE:RMD - Free Report) by 41.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,514 shares of the medical equipment provider's stock after selling 6,859 shares during the period. Patton Fund Management Inc.'s holdings in ResMed were worth $2,455,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in RMD. Global X Japan Co. Ltd. grew its stake 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 period. Golden State Wealth Management LLC grew its stake 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 period. Zions Bancorporation National Association UT acquired a new position in ResMed during the 1st quarter valued at about $45,000. Groupe la Francaise acquired a new position in ResMed during the 1st quarter valued at about $45,000. Finally, CVA Family Office LLC boosted its stake in 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 during the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

ResMed Price Performance

ResMed stock opened at $270.54 on Friday. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $293.81. The company's 50 day moving average price is $277.76 and its two-hundred day moving average price is $251.65. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11. The stock has a market cap of $39.61 billion, a P/E ratio of 28.45, a P/E/G ratio of 1.80 and a beta of 0.85.

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

ResMed Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, August 14th were issued a $0.60 dividend. This is a boost from ResMed's previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. ResMed's payout ratio is presently 25.24%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on RMD shares. Citigroup started coverage on ResMed in a research note on Thursday, September 18th. They set a "buy" rating and a $330.00 price target for the company. William Blair upgraded ResMed to a "strong-buy" rating in a research note on Friday, August 1st. Piper Sandler lifted 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. Royal Bank Of Canada lifted their price target on ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Finally, KeyCorp lifted their price target on ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $294.20.

Check Out Our Latest Stock Analysis on RMD

Insider Buying and Selling

In related news, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $279.48, for a total value of $2,238,355.32. Following the sale, the chief executive officer owned 455,503 shares of the company's stock, valued at approximately $127,303,978.44. The trade was a 1.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Peter C. Farrell sold 945 shares of ResMed stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $255.49, for a total transaction of $241,438.05. Following the completion of the sale, the director directly owned 68,273 shares in the company, valued at $17,443,068.77. This trade represents a 1.37% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,588 shares of company stock valued at $5,289,241. 0.71% of the stock is owned by company insiders.

ResMed Company Profile

(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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Institutional Ownership by Quarter for ResMed (NYSE:RMD)

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