ResMed Inc. $RMD Shares Sold by Victory Capital Management Inc.

Key Points

• Victory Capital Management cut its stake by 10.8% in ResMed during Q3, selling 43,814 shares and ending the quarter with 360,517 shares valued at about $98.7 million (≈0.25% of the company).
• ResMed beat recent quarter estimates, reporting $2.81 EPS vs. $2.68 expected and $1.42B revenue (up 11% YoY); the company pays a $0.60 quarterly dividend ($2.40 annualized, 0.9% yield) and carries a consensus analyst rating of "Moderate Buy" with a $299.27 price target.
• Insiders have been net sellers, including CEO Michael J. Farrell (4,991 shares) and a director (2,000 shares); insiders sold 14,082 shares (~$3.63M) in the last 90 days and now own about 0.65% of the stock.

Victory Capital Management Inc. cut its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 10.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 360,517 shares of the medical equipment provider's stock after selling 43,814 shares during the period. Victory Capital Management Inc. owned about 0.25% of ResMed worth $98,684,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in RMD. SJS Investment Consulting Inc. lifted its stake in ResMed by 1,433.3% during the third quarter. SJS Investment Consulting Inc. now owns 92 shares of the medical equipment provider's stock worth $25,000 after purchasing an additional 86 shares during the last quarter. WFA of San Diego LLC purchased a new position in ResMed in the second quarter valued at approximately $26,000. Westside Investment Management Inc. raised its holdings in ResMed by 100.0% during the third quarter. Westside Investment Management Inc. now owns 132 shares of the medical equipment provider's stock worth $36,000 after purchasing an additional 66 shares in the last quarter. GoalVest Advisory LLC purchased a new stake in shares of ResMed during the 3rd quarter worth approximately $37,000. Finally, IMA Advisory Services Inc. lifted its position in shares of ResMed by 52.7% during the 3rd quarter. IMA Advisory Services Inc. now owns 139 shares of the medical equipment provider's stock worth $38,000 after buying an additional 48 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company's stock.

ResMed Stock Up 0.3%

RMD opened at $259.18 on Thursday. The business has a 50 day moving average price of $254.84 and a two-hundred day moving average price of $260.47. The company has a quick ratio of 2.32, a current ratio of 3.06 and a debt-to-equity ratio of 0.06. The company has a market cap of $37.76 billion, a PE ratio of 25.64, a P/E/G ratio of 1.71 and a beta of 0.88. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $293.81.

ResMed (NYSE:RMD - Get Free Report) last announced its earnings results on Thursday, January 29th. The medical equipment provider reported $2.81 earnings per share for the quarter, beating the consensus estimate of $2.68 by $0.13. ResMed had a return on equity of 25.20% and a net margin of 27.53%.The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the business posted $2.43 EPS. The company's revenue was up 11.0% on a year-over-year basis. As a group, research analysts anticipate that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders of record on Thursday, February 12th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Thursday, February 12th. ResMed's payout ratio is currently 23.74%.

Analysts Set New Price Targets

RMD has been the subject of a number of research reports. Wall Street Zen raised shares of ResMed from a "hold" rating to a "buy" rating in a research report on Saturday, February 7th. Piper Sandler upped their target price on ResMed from $270.00 to $275.00 and gave the company a "neutral" rating in a research report on Friday, January 30th. Robert W. Baird set a $281.00 price target on ResMed in a research note on Friday, January 30th. KeyCorp reiterated an "overweight" rating and issued a $302.00 price objective on shares of ResMed in a research note on Friday, January 30th. Finally, UBS Group reissued a "buy" rating and issued a $345.00 price objective on shares of ResMed in a report on Friday, December 12th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $299.27.

Insiders Place Their Bets

In related news, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $248.46, for a total transaction of $1,240,063.86. Following the completion of the transaction, the chief executive officer directly owned 466,223 shares of the company's stock, valued at $115,837,766.58. This represents a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Peter C. Farrell sold 2,000 shares of the firm's stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $251.31, for a total transaction of $502,620.00. Following the completion of the sale, the director owned 64,773 shares of the company's stock, valued at approximately $16,278,102.63. The trade was a 3.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 14,082 shares of company stock valued at $3,631,867. 0.65% of the stock is owned by insiders.

ResMed Profile

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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