Ritholtz Wealth Management Grows Stake in ResMed Inc. (NYSE:RMD)

Ritholtz Wealth Management raised its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 299.8% in the first quarter, according to its most recent filing with the SEC. The firm owned 10,111 shares of the medical equipment provider's stock after purchasing an additional 7,582 shares during the quarter. Ritholtz Wealth Management's holdings in ResMed were worth $2,263,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. grew its position in shares of ResMed by 285.1% during the 4th quarter. First Horizon Advisors Inc. now owns 593 shares of the medical equipment provider's stock worth $136,000 after buying an additional 439 shares during the period. Asset Management One Co. Ltd. boosted its stake in ResMed by 2.8% during the fourth quarter. Asset Management One Co. Ltd. now owns 60,489 shares of the medical equipment provider's stock worth $14,105,000 after acquiring an additional 1,629 shares in the last quarter. Cumberland Partners Ltd grew its holdings in ResMed by 550.0% in the fourth quarter. Cumberland Partners Ltd now owns 13,000 shares of the medical equipment provider's stock worth $2,973,000 after purchasing an additional 11,000 shares during the period. Alberta Investment Management Corp bought a new stake in ResMed in the fourth quarter valued at $2,378,000. Finally, Atria Wealth Solutions Inc. bought a new stake in ResMed in the fourth quarter valued at $601,000. Institutional investors own 54.98% of the company's stock.

ResMed Stock Up 0.9%

NYSE:RMD traded up $2.34 during trading hours on Wednesday, hitting $252.43. 57,150 shares of the company traded hands, compared to its average volume of 1,003,888. The company has a quick ratio of 2.49, a current ratio of 3.41 and a debt-to-equity ratio of 0.12. The company has a market cap of $37.01 billion, a PE ratio of 28.30, a PEG ratio of 1.73 and a beta of 0.78. The firm's 50-day simple moving average is $238.42 and its 200-day simple moving average is $234.76. ResMed Inc. has a one year low of $179.42 and a one year high of $263.05.

ResMed (NYSE:RMD - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 EPS for the quarter, beating the consensus estimate of $2.36 by $0.01. ResMed had a net margin of 26.15% and a return on equity of 25.67%. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the prior year, the company posted $2.13 earnings per share. The firm's revenue for the quarter was up 7.9% on a year-over-year basis. Equities analysts predict that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Thursday, May 8th were paid a $0.53 dividend. The ex-dividend date of this dividend was Thursday, May 8th. This represents a $2.12 annualized dividend and a yield of 0.84%. ResMed's dividend payout ratio (DPR) is 23.79%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on RMD. KeyCorp set a $274.00 price objective on shares of ResMed in a research report on Thursday, April 24th. Royal Bank Of Canada upped their price target on ResMed from $247.00 to $255.00 and gave the stock a "sector perform" rating in a research note on Thursday, April 24th. Piper Sandler reduced their price objective on ResMed from $260.00 to $248.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. Citigroup upgraded ResMed from a "neutral" rating to a "buy" rating in a report on Wednesday, March 5th. Finally, UBS Group cut their target price on ResMed from $290.00 to $285.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $259.33.

Insiders Place Their Bets

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of the company's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $219.74, for a total value of $439,480.00. Following the completion of the transaction, the director now owns 73,218 shares in the company, valued at $16,088,923.32. This represents a 2.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael J. Farrell sold 8,009 shares of the firm's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $251.21, for a total value of $2,011,940.89. Following the sale, the chief executive officer now directly owns 455,503 shares of the company's stock, valued at approximately $114,426,908.63. This represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 30,132 shares of company stock valued at $7,075,837 in the last 90 days. 0.71% of the stock is currently owned by corporate insiders.

ResMed 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.