ResMed Inc. $RMD Shares Sold by Ieq Capital LLC

Key Points

• Ieq Capital LLC reduced its position in ResMed Inc. by 57.2%, selling 22,711 shares, now holding 16,982 shares worth approximately $3.8 million.
• ResMed has announced a quarterly dividend of $0.60 per share, up from $0.53, with an ex-dividend date of August 14th.
• In its latest earnings report, ResMed reported $2.55 earnings per share, surpassing estimates, with quarterly revenue rising by 10.2% year-over-year to $1.35 billion.

Ieq Capital LLC lowered its stake in ResMed Inc. (NYSE:RMD - Free Report) by 57.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,982 shares of the medical equipment provider's stock after selling 22,711 shares during the quarter. Ieq Capital LLC's holdings in ResMed were worth $3,802,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. GAMMA Investing LLC increased its position in ResMed by 23,982.6% during the first quarter. GAMMA Investing LLC now owns 733,556 shares of the medical equipment provider's stock valued at $164,207,000 after acquiring an additional 730,510 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its position in ResMed by 1,168.5% during 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 acquiring an additional 544,311 shares during the last quarter. Captrust Financial Advisors increased its position in ResMed by 813.4% during the fourth quarter. Captrust Financial Advisors now owns 443,340 shares of the medical equipment provider's stock valued at $101,387,000 after acquiring an additional 394,803 shares during the last quarter. Allianz Asset Management GmbH increased its position in ResMed by 334.0% during 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 acquiring an additional 350,245 shares during the last quarter. Finally, BLI Banque de Luxembourg Investments bought a new position in ResMed during the fourth quarter valued at $74,793,000. 54.98% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on RMD. Mizuho upped their price target on shares of ResMed from $270.00 to $290.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. UBS Group upped their price target on shares of ResMed from $285.00 to $325.00 and gave the stock a "buy" rating in a report on Friday, August 1st. KeyCorp upped their price target on shares of ResMed from $274.00 to $298.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. William Blair upgraded shares of ResMed to a "strong-buy" rating in a report on Friday, August 1st. Finally, Royal Bank Of Canada increased their target price on shares of ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $274.83.

Insider Buying and Selling

In other ResMed news, Director Peter C. Farrell sold 945 shares of the business's stock in a transaction that occurred 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 sale, the director owned 68,273 shares of the company's stock, valued at approximately $17,443,068.77. The trade was a 1.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael J. Farrell sold 8,009 shares of the company's stock in a transaction that occurred on 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 transaction, the chief executive officer owned 455,503 shares in the company, valued at $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 27,597 shares of company stock worth $7,301,182 in the last three months. Corporate insiders own 0.71% of the company's stock.

ResMed Stock Down 1.2%

Shares of NYSE RMD traded down $3.29 during trading hours on Wednesday, hitting $267.71. 980,826 shares of the stock were exchanged, compared to its average volume of 999,288. ResMed Inc. has a 12 month low of $199.92 and a 12 month high of $293.81. The firm has a fifty day moving average price of $271.53 and a 200-day moving average price of $246.55. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11. The company has a market cap of $39.19 billion, a PE ratio of 28.15, a PEG ratio of 1.83 and a beta of 0.85.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.47 by $0.08. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The business's quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the firm posted $2.08 earnings per share. On average, sell-side analysts expect that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th will be paid a dividend of $0.60 per share. The ex-dividend date is Thursday, August 14th. 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 dividend yield of 0.9%. ResMed's payout ratio is presently 25.24%.

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.