Raymond James Financial Inc. Purchases 1,075 Shares of ResMed Inc. $RMD

Key Points

• Raymond James Financial Inc. increased its holdings in ResMed Inc. by 2.6%, owning 42,870 shares valued at approximately $9.6 million.
• CEO Michael J. Farrell sold 8,009 shares for over $2.2 million, representing a 1.73% decrease in his ownership stake.
• ResMed's latest earnings report beat estimates with EPS of $2.55, and the company announced a dividend increase to $0.60 per share, reflecting positive financial performance.

Raymond James Financial Inc. grew its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 2.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 42,870 shares of the medical equipment provider's stock after purchasing an additional 1,075 shares during the period. Raymond James Financial Inc.'s holdings in ResMed were worth $9,597,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Global X Japan Co. Ltd. boosted its holdings in shares of ResMed by 121.4% during the 1st quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock valued at $28,000 after acquiring an additional 68 shares in the last quarter. Colonial Trust Co SC boosted its holdings in shares of ResMed by 6,250.0% during the 4th quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock valued at $29,000 after acquiring an additional 125 shares in the last quarter. Golden State Wealth Management LLC boosted its holdings in shares of ResMed by 384.8% during 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 in the last quarter. Zions Bancorporation National Association UT acquired a new stake in shares of ResMed during the 1st quarter valued at $45,000. Finally, CVA Family Office LLC boosted its holdings in shares of ResMed by 29.8% during the 1st quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider's stock valued at $47,000 after acquiring an additional 48 shares in the last quarter. Institutional investors own 54.98% of the company's stock.

Insider Activity

In related news, Director Peter C. Farrell sold 945 shares of the business's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $255.49, for a total value of $241,438.05. Following the completion of the sale, the director directly owned 68,273 shares of the company's stock, valued at $17,443,068.77. The trade was a 1.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 directly owned 4,045 shares of the company's stock, valued at $1,161,319.50. The trade was a 38.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,597 shares of company stock valued at $7,301,182 in the last ninety days. 0.71% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RMD. Stifel Nicolaus raised their price objective on ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a report on Friday, August 1st. Mizuho raised their price objective on ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Wall Street Zen downgraded ResMed from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. KeyCorp lifted their target price on ResMed from $274.00 to $298.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, William Blair raised ResMed to a "strong-buy" rating in a report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $274.83.

ResMed Trading Down 0.8%

Shares of NYSE:RMD traded down $2.18 during midday trading on Wednesday, reaching $268.81. The company's stock had a trading volume of 1,804,367 shares, compared to its average volume of 1,004,482. The firm has a market capitalization of $39.36 billion, a price-to-earnings ratio of 28.27, a PEG ratio of 1.83 and a beta of 0.85. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. The firm has a 50 day moving average price of $271.53 and a two-hundred day moving average price of $246.55. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.81.

ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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%.The firm's revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the business earned $2.08 EPS. As a group, analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. This is a positive change from ResMed's previous quarterly dividend of $0.53. ResMed's dividend payout ratio (DPR) 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.