PharVision Advisers LLC bought a new stake in ResMed Inc. (NYSE:RMD - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 979 shares of the medical equipment provider's stock, valued at approximately $219,000.
A number of other hedge funds have also added to or reduced their stakes in RMD. GAMMA Investing LLC grew its position in ResMed by 23,982.6% in the first quarter. GAMMA Investing LLC now owns 733,556 shares of the medical equipment provider's stock valued at $164,207,000 after purchasing an additional 730,510 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its position in ResMed by 1,168.5% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 590,895 shares of the medical equipment provider's stock valued at $132,272,000 after purchasing an additional 544,311 shares in the last quarter. Allianz Asset Management GmbH grew its position in ResMed by 334.0% in the first quarter. Allianz Asset Management GmbH now owns 455,124 shares of the medical equipment provider's stock valued at $101,880,000 after purchasing an additional 350,245 shares in the last quarter. Vanguard Group Inc. grew its position in ResMed by 1.8% in the first quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider's stock valued at $4,139,815,000 after purchasing an additional 320,240 shares in the last quarter. Finally, Nuveen LLC bought a new position in ResMed in the first quarter valued at $69,492,000. Institutional investors own 54.98% of the company's stock.
Insider Buying and Selling
In other ResMed news, Director Peter C. Farrell sold 945 shares of ResMed 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 in the company, valued at $17,443,068.77. The trade was a 1.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $279.48, for a total transaction of $2,238,355.32. Following the completion of the sale, the chief executive officer owned 455,503 shares of the company's stock, valued at $127,303,978.44. This trade represents a 1.73% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,597 shares of company stock valued at $7,301,182. Company insiders own 0.71% of the company's stock.
ResMed Stock Performance
Shares of RMD stock opened at $277.05 on Friday. The company has a market capitalization of $40.56 billion, a price-to-earnings ratio of 29.13, a PEG ratio of 1.85 and a beta of 0.85. 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 50-day simple moving average of $272.54 and a 200 day simple moving average of $247.40. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $293.81.
ResMed (NYSE:RMD - Get Free Report) last announced 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. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 25.62%. ResMed's revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.08 EPS. On average, sell-side analysts predict that ResMed Inc. will post 9.47 earnings per share for the current year.
ResMed Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 14th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Thursday, August 14th. This is a positive change from ResMed's previous quarterly dividend of $0.53. ResMed's payout ratio is presently 25.24%.
Analyst Ratings Changes
A number of research analysts have recently commented on RMD shares. UBS Group lifted their price objective on shares of ResMed from $285.00 to $325.00 and gave the company a "buy" rating in a research report on Friday, August 1st. KeyCorp lifted their price objective on shares of ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Piper Sandler lifted their price objective on shares of ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. CLSA raised shares of ResMed from a "hold" rating to an "outperform" rating in a research report on Tuesday, September 2nd. Finally, Stifel Nicolaus lifted their price objective on shares of ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a research report on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, ResMed has an average rating of "Moderate Buy" and an average target price of $278.36.
Read Our Latest Research Report on RMD
About ResMed
(
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.
See Also
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