Ethic Inc. Has $2.12 Million Stake in ResMed Inc. $RMD

Key Points

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Ethic Inc. lowered its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 51.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,539 shares of the medical equipment provider's stock after selling 10,151 shares during the period. Ethic Inc.'s holdings in ResMed were worth $2,120,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in RMD. Ballentine Partners LLC increased its holdings in ResMed by 6.3% during the first quarter. Ballentine Partners LLC now owns 1,782 shares of the medical equipment provider's stock worth $399,000 after buying an additional 105 shares during the last quarter. Golden State Wealth Management LLC grew its position 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 acquiring an additional 127 shares during the period. Exchange Traded Concepts LLC increased its stake in shares of ResMed by 393.0% during the 1st quarter. Exchange Traded Concepts LLC now owns 2,529 shares of the medical equipment provider's stock worth $566,000 after purchasing an additional 2,016 shares during the last quarter. MML Investors Services LLC increased its stake in shares of ResMed by 31.9% during the 4th quarter. MML Investors Services LLC now owns 11,468 shares of the medical equipment provider's stock worth $2,623,000 after purchasing an additional 2,771 shares during the last quarter. Finally, Private Advisor Group LLC raised its holdings in shares of ResMed by 18.3% in the 1st quarter. Private Advisor Group LLC now owns 3,244 shares of the medical equipment provider's stock valued at $726,000 after purchasing an additional 501 shares during the period. Institutional investors and hedge funds own 54.98% of the company's stock.

Analyst Ratings Changes

RMD has been the subject of several recent analyst reports. UBS Group raised their target price on shares of ResMed from $285.00 to $325.00 and gave the company a "buy" rating in a research note on Friday, August 1st. William Blair upgraded ResMed to a "strong-buy" rating in a research note on Friday, August 1st. Mizuho lifted their target price on ResMed from $270.00 to $290.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Royal Bank Of Canada boosted their target price on ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Finally, Piper Sandler increased 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. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, ResMed currently has an average rating of "Moderate Buy" and an average price target of $274.83.

ResMed Stock Performance

NYSE:RMD traded down $0.93 during mid-day trading on Thursday, hitting $288.13. 907,868 shares of the stock were exchanged, compared to its average volume of 999,426. The firm's 50-day simple moving average is $266.30 and its 200 day simple moving average is $243.84. The stock has a market capitalization of $42.19 billion, a price-to-earnings ratio of 30.30, a price-to-earnings-growth ratio of 1.92 and a beta of 0.77. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.08. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, beating analysts' consensus estimates of $2.47 by $0.08. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The company's revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the firm posted $2.08 EPS. As a group, equities analysts anticipate that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The firm also recently declared 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. This is a positive change from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Wednesday, August 13th. ResMed's payout ratio is 25.24%.

Insiders Place Their Bets

In other ResMed news, 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 value of $739,282.50. Following the completion of the sale, the director owned 4,045 shares of the company's stock, valued at $1,161,319.50. The trade was a 38.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer owned 455,503 shares in the company, valued at approximately $127,303,978.44. The trade was a 1.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,638 shares of company stock worth $7,311,177 in the last quarter. 0.71% of the stock is currently owned by corporate insiders.

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.