Van ECK Associates Corp cut its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 23.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,969 shares of the medical equipment provider's stock after selling 11,821 shares during the period. Van ECK Associates Corp's holdings in ResMed were worth $7,594,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently bought and sold shares of the company. International Assets Investment Management LLC purchased a new position in shares of ResMed during the 4th quarter worth $25,000. Bell Investment Advisors Inc acquired a new position in shares of ResMed in the second quarter valued at approximately $26,000. Imprint Wealth LLC acquired a new position in shares of ResMed in the third quarter worth $26,000. WFA of San Diego LLC acquired a new position in ResMed during the 2nd quarter worth $26,000. Finally, Sunbelt Securities Inc. purchased a new stake in shares of ResMed during the third quarter worth approximately $31,000. 54.98% of the stock is currently owned by institutional investors and hedge funds.
ResMed Trading Down 3.5%
NYSE:RMD opened at $231.62 on Wednesday. The company has a current ratio of 3.10, a quick ratio of 2.42 and a debt-to-equity ratio of 0.06. The firm has a market cap of $33.41 billion, a P/E ratio of 22.21, a PEG ratio of 1.51 and a beta of 0.77. The stock's 50 day simple moving average is $213.65 and its 200-day simple moving average is $218.42. ResMed Inc. has a 12-month low of $180.26 and a 12-month high of $284.87.
ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The medical equipment provider reported $2.95 EPS for the quarter, topping analysts' consensus estimates of $2.89 by $0.06. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The company had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the prior year, the firm earned $2.55 EPS. ResMed's quarterly revenue was up 8.6% on a year-over-year basis. Equities analysts anticipate that ResMed Inc. will post 12.03 EPS for the current year.
ResMed Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, August 20th will be issued a $0.66 dividend. The ex-dividend date is Thursday, August 20th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.1%. This is a boost from ResMed's previous quarterly dividend of $0.60. ResMed's payout ratio is 25.31%.
Analysts Set New Price Targets
RMD has been the subject of a number of analyst reports. Robert W. Baird set a $213.00 target price on shares of ResMed in a research note on Friday, August 7th. Royal Bank Of Canada raised their price target on ResMed from $234.00 to $244.00 and gave the company a "sector perform" rating in a research note on Friday, August 7th. Piper Sandler decreased their price target on ResMed from $233.00 to $225.00 and set a "neutral" rating for the company in a report on Friday, August 7th. Wells Fargo & Company lowered 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. Finally, KeyCorp increased their price objective on ResMed from $255.00 to $267.00 and gave the company an "overweight" rating in a report on Monday. Six analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, ResMed has a consensus rating of "Hold" and a consensus target price of $240.31.
Get Our Latest Stock Report on RMD
Insider Transactions at ResMed
In other news, Director Peter C. Farrell sold 8,000 shares of ResMed stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the completion of the sale, the director directly owned 52,773 shares in the company, valued at approximately $11,873,925. This trade represents a 13.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction on Friday, August 7th. The stock was sold at an average price of $205.69, for a total value of $1,026,598.79. Following the transaction, the chief executive officer directly owned 466,256 shares of the company's stock, valued at approximately $95,904,196.64. This represents a 1.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 22,973 shares of company stock valued at $4,885,436. 0.65% of the stock is currently owned by corporate insiders.
ResMed Profile
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Free Report)
ResMed NYSE: RMD is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.
ResMed's product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.
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