ResMed Inc. $RMD Shares Sold by Corient Private Wealth LP

Key Points

• Corient Private Wealth reduced its ResMed stake by 9.2% in the second quarter, selling 8,507 shares and retaining 83,995 shares valued at approximately $16.4 million. Institutional investors collectively own nearly 55% of ResMed.
• ResMed reported quarterly earnings of $2.95 per share, beating estimates, while revenue rose 8.6% year over year to $1.46 billion. The company also raised its quarterly dividend to $0.66 per share, producing a 1.2% annualized yield.
• Analysts maintain a generally cautious view, with six Buy ratings and ten Hold ratings, resulting in a consensus “Hold” rating and a $240.31 price target. ResMed shares recently traded at $223.05, while company insiders sold shares under pre-arranged trading plans.

Corient Private Wealth LP lessened its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 9.2% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 83,995 shares of the medical equipment provider's stock after selling 8,507 shares during the quarter. Corient Private Wealth LP owned about 0.06% of ResMed worth $16,370,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in RMD. American Capital Management Inc. acquired a new stake in ResMed during the 2nd quarter worth $44,522,000. Hsbc Holdings PLC grew its position in ResMed by 17.6% during the 4th quarter. Hsbc Holdings PLC now owns 328,785 shares of the medical equipment provider's stock worth $79,321,000 after purchasing an additional 49,253 shares during the last quarter. BlackRock Inc. acquired a new position in ResMed in the second quarter valued at $2,400,375,000. Goldman Sachs Group Inc. increased its stake in ResMed by 13.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 979,087 shares of the medical equipment provider's stock valued at $235,833,000 after purchasing an additional 118,296 shares during the period. Finally, Polymer Capital Management HK LTD acquired a new position in ResMed in the second quarter valued at $972,000. Institutional investors and hedge funds own 54.98% of the company's stock.

ResMed Stock Up 2.2%

Shares of ResMed stock opened at $223.05 on Tuesday. ResMed Inc. has a one year low of $180.26 and a one year high of $284.87. The company has a market cap of $32.18 billion, a P/E ratio of 21.39, a PEG ratio of 1.38 and a beta of 0.77. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.42 and a current ratio of 3.10. The firm has a fifty day moving average of $217.48 and a two-hundred day moving average of $216.49.

ResMed (NYSE:RMD - Get Free Report) last issued its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share for the quarter, beating the consensus estimate of $2.89 by $0.06. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The business had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the previous year, the firm earned $2.55 earnings per share. The business's quarterly revenue was up 8.6% compared to the same quarter last year. On average, analysts forecast that ResMed Inc. will post 12.02 earnings per share for the current year.

ResMed Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th will be issued a $0.66 dividend. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $2.64 dividend on an annualized basis and a yield of 1.2%. This is a boost from ResMed's previous quarterly dividend of $0.60. ResMed's dividend payout ratio is presently 25.31%.

Insider Buying and Selling

In other ResMed news, Director Peter C. Farrell sold 970 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $234.73, for a total value of $227,688.10. Following the completion of the transaction, the director owned 51,803 shares in the company, valued at approximately $12,159,718.19. This represents a 1.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $222.44, for a total value of $1,110,198.04. Following the completion of the transaction, the chief executive officer owned 466,256 shares of the company's stock, valued at $103,713,984.64. The trade was a 1.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 23,943 shares of company stock worth $5,255,268 in the last ninety days. 0.65% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on RMD shares. Citigroup reiterated a "neutral" rating on shares of ResMed in a research note on Thursday. Robert W. Baird set a $213.00 price target on ResMed in a research report on Friday, August 7th. Weiss Ratings raised ResMed from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, August 11th. Jefferies Financial Group decreased their price objective on ResMed from $240.00 to $225.00 and set a "hold" rating for the company in a research report on Friday, July 10th. Finally, Wells Fargo & Company decreased their price objective on ResMed from $225.00 to $215.00 and set an "equal weight" rating for the company in a research report on Friday, August 7th. Six equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $240.31.

ResMed Profile

ResMed Inc is a medical equipment and software company that develops products and services for the diagnosis and treatment of sleep-disordered breathing and other respiratory conditions. Its offerings include continuous positive airway pressure (CPAP) and other positive airway pressure devices, masks, ventilation systems, oxygen-related solutions, and connected health technologies.

The company also provides cloud-based software and digital health platforms that help clinicians, home medical equipment providers, and patients monitor therapy, manage equipment, and support adherence to treatment.

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