ResMed Inc. (NYSE:RMD) Shares Purchased by SlateStone Wealth LLC

Key Points

• SlateStone Wealth LLC increased its holdings in ResMed Inc. by 8.0%, owning 13,223 shares worth approximately $2,960,000 as of its latest SEC filing.
• CEO Michael J. Farrell sold 8,009 shares of ResMed stock for over $2 million, reducing his ownership by 1.73% while retaining 455,503 shares.
• ResMed's stock price opened at $278.07, reflecting an increase of 1.7%, with a market cap of $40.77 billion and an average rating of "Moderate Buy" from analysts.

SlateStone Wealth LLC raised its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 8.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 13,223 shares of the medical equipment provider's stock after acquiring an additional 977 shares during the quarter. SlateStone Wealth LLC's holdings in ResMed were worth $2,960,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in RMD. Global X Japan Co. Ltd. increased its stake in 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 purchasing an additional 68 shares in the last quarter. Colonial Trust Co SC grew its holdings in ResMed by 6,250.0% in the fourth quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock valued at $29,000 after purchasing an additional 125 shares during the last quarter. Optiver Holding B.V. purchased a new position in shares of ResMed in the fourth quarter valued at $33,000. Golden State Wealth Management LLC raised its stake in shares of ResMed by 384.8% during the 1st quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock worth $36,000 after buying an additional 127 shares during the last quarter. Finally, Itau Unibanco Holding S.A. raised its stake in shares of ResMed by 1,000.0% during the 4th quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider's stock worth $38,000 after buying an additional 150 shares during the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Witte Jan De sold 2,000 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total transaction of $486,940.00. Following the completion of the transaction, the director owned 5,806 shares of the company's stock, valued at approximately $1,413,586.82. This represents a 25.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Peter C. Farrell sold 945 shares of ResMed stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total transaction of $241,438.05. Following the completion of the transaction, the director owned 68,273 shares in the company, valued at approximately $17,443,068.77. This trade represents a 1.37% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,013 shares of company stock valued at $7,238,913. Insiders own 0.71% of the company's stock.

ResMed Trading Up 0.5%

Shares of RMD stock traded up $1.30 during mid-day trading on Friday, hitting $273.24. 321,184 shares of the company's stock were exchanged, compared to its average volume of 985,923. The stock has a market cap of $40.06 billion, a price-to-earnings ratio of 30.69, a PEG ratio of 1.72 and a beta of 0.77. The company has a quick ratio of 2.49, a current ratio of 3.41 and a debt-to-equity ratio of 0.12. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $281.90. The stock has a 50-day simple moving average of $255.87 and a two-hundred day simple moving average of $239.97.

ResMed (NYSE:RMD - Get Free Report) last released its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.08. ResMed had a return on equity of 25.67% and a net margin of 26.15%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the prior year, the business posted $2.08 earnings per share. The firm's revenue for the quarter was up 10.2% compared to the same quarter last year. Equities analysts expect that ResMed Inc. will post 9.47 EPS for the current fiscal 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 given a $0.60 dividend. This is a boost from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Wednesday, August 13th. ResMed's dividend payout ratio is 23.79%.

Analysts Set New Price Targets

Several equities analysts have weighed in on RMD shares. Wall Street Zen downgraded shares of ResMed from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Piper Sandler raised their price objective on shares of ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a research note on Friday. Morgan Stanley set a $286.00 price objective on ResMed and gave the stock an "overweight" rating in a research report on Tuesday, May 20th. JPMorgan Chase & Co. upped their target price on ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a research note on Thursday, April 24th. Finally, Royal Bank Of Canada upgraded ResMed from a "sector perform" rating to an "outperform" rating and increased their target price for the company from $255.00 to $294.00 in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $266.83.

ResMed 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.