Running Oak Capital LLC trimmed its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 2.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 65,961 shares of the medical equipment provider's stock after selling 1,883 shares during the period. ResMed makes up about 1.9% of Running Oak Capital LLC's holdings, making the stock its 16th largest holding. Running Oak Capital LLC's holdings in ResMed were worth $17,018,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. OLD National Bancorp IN purchased a new position in shares of ResMed during the 2nd quarter worth $1,300,000. QRG Capital Management Inc. lifted its position in ResMed by 22.8% in the second quarter. QRG Capital Management Inc. now owns 80,693 shares of the medical equipment provider's stock valued at $20,819,000 after buying an additional 14,968 shares during the last quarter. Ameritas Advisory Services LLC purchased a new position in ResMed during the second quarter worth about $83,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in shares of ResMed by 4.3% during the second quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 24,705 shares of the medical equipment provider's stock valued at $6,374,000 after acquiring an additional 1,025 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of ResMed by 9.3% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,855 shares of the medical equipment provider's stock valued at $4,349,000 after acquiring an additional 1,440 shares during the period. Hedge funds and other institutional investors own 54.98% of the company's stock.
Insiders Place Their Bets
In other ResMed news, Director John Hernandez sold 2,575 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $287.10, for a total value 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 sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction 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 sale, the chief executive officer directly owned 455,503 shares of the company's stock, valued at approximately $127,303,978.44. This trade represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,734 shares of company stock worth $3,019,169 in the last 90 days. Corporate insiders own 0.71% of the company's stock.
Wall Street Analyst Weigh In
RMD has been the subject of a number of research analyst reports. Stifel Nicolaus increased their price objective 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. Royal Bank Of Canada raised their price target on ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Piper Sandler lifted their price objective on ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. UBS Group upgraded ResMed to a "strong-buy" rating in a report on Tuesday, September 16th. Finally, Wall Street Zen cut ResMed from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $294.20.
Read Our Latest Stock Analysis on RMD
ResMed Stock Up 0.7%
Shares of NYSE RMD opened at $278.48 on Monday. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $293.81. The stock has a market cap of $40.77 billion, a P/E ratio of 29.28, a PEG ratio of 1.87 and a beta of 0.83. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11. The business's fifty day simple moving average is $278.16 and its 200-day simple moving average is $253.90.
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 for the quarter, topping the consensus estimate of $2.47 by $0.08. The company 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%.ResMed's revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.08 EPS. As a group, equities analysts predict that ResMed Inc. will post 9.47 EPS for the current fiscal year.
ResMed Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, August 14th were paid a $0.60 dividend. This is an increase from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Thursday, August 14th. ResMed's payout ratio is presently 25.24%.
About ResMed
(
Free Report)
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.
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