ResMed Inc. $RMD Holdings Reduced by Rafferty Asset Management LLC

Key Points

• Rafferty Asset Management LLC reduced its stake in ResMed Inc. by 18.3% during the first quarter, owning 13,596 shares valued at approximately $3.04 million after selling 3,054 shares.
• ResMed announced an increase in its quarterly dividend from $0.53 to $0.60 per share, resulting in an annualized yield of 0.9%.
• Wall Street analysts have a consensus rating of "Moderate Buy" for ResMed, with an average price target of $274.83, while recent reports show the stock price fluctuating around $274.78.

Rafferty Asset Management LLC lessened its stake in ResMed Inc. (NYSE:RMD - Free Report) by 18.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,596 shares of the medical equipment provider's stock after selling 3,054 shares during the quarter. Rafferty Asset Management LLC's holdings in ResMed were worth $3,043,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Lido Advisors LLC grew its holdings in ResMed by 14.6% during the 4th quarter. Lido Advisors LLC now owns 3,951 shares of the medical equipment provider's stock valued at $904,000 after purchasing an additional 503 shares in the last quarter. Utah Retirement Systems boosted its position in ResMed by 0.4% in the 4th quarter. Utah Retirement Systems now owns 24,119 shares of the medical equipment provider's stock valued at $5,516,000 after buying an additional 100 shares during the last quarter. Comerica Bank grew its stake in shares of ResMed by 0.9% during the fourth quarter. Comerica Bank now owns 28,430 shares of the medical equipment provider's stock valued at $6,502,000 after acquiring an additional 253 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its position in shares of ResMed by 32.8% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 376,891 shares of the medical equipment provider's stock worth $86,191,000 after acquiring an additional 93,090 shares during the last quarter. Finally, Itau Unibanco Holding S.A. lifted its stake in shares of ResMed by 1,000.0% in the fourth quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider's stock worth $38,000 after acquiring an additional 150 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company's stock.

Insider Activity at ResMed

In related news, CEO Michael J. Farrell sold 8,009 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were 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 represents a 1.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Hernandez sold 2,575 shares of the business's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $287.10, for a total transaction of $739,282.50. Following the sale, the director directly owned 4,045 shares of the company's stock, valued at approximately $1,161,319.50. This represents a 38.90% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,597 shares of company stock valued at $7,301,182 in the last quarter. Insiders own 0.71% of the company's stock.

ResMed Stock Performance

Shares of NYSE:RMD traded down $3.29 during trading on Wednesday, reaching $267.71. 980,826 shares of the company's stock traded hands, compared to its average volume of 999,288. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. ResMed Inc. has a 12 month low of $199.92 and a 12 month high of $293.81. The company has a 50 day moving average of $271.53 and a 200-day moving average of $246.55. The stock has a market capitalization of $39.19 billion, a P/E ratio of 28.15, a price-to-earnings-growth ratio of 1.83 and a beta of 0.85.

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

ResMed Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 14th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. This is a boost from ResMed's previous quarterly dividend of $0.53. ResMed's payout ratio is currently 25.24%.

Wall Street Analyst Weigh In

Several research firms have issued reports on RMD. Wall Street Zen downgraded ResMed from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. KeyCorp raised their price target on shares of ResMed from $274.00 to $298.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. William Blair raised shares of ResMed to a "strong-buy" rating in a report on Friday, August 1st. Mizuho increased their price objective on shares of ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Finally, Stifel Nicolaus boosted their target price on shares of ResMed from $240.00 to $270.00 and gave the stock a "hold" rating in a research report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, ResMed currently has a consensus rating of "Moderate Buy" and an average target price of $274.83.

ResMed Company 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.