Sequoia Financial Advisors LLC Acquires 1,853 Shares of ResMed Inc. $RMD

Key Points

• Sequoia Financial Advisors LLC increased its stake in ResMed Inc. by 79.3%, acquiring an additional 1,853 shares, bringing its total to 4,190 shares valued at approximately $1,081,000.
• ResMed reported quarterly earnings of $2.55 per share, exceeding analyst expectations by $0.08, and a revenue of $1.35 billion, which is up 10.2% year-over-year.
• The company raised its quarterly dividend from $0.53 to $0.60 per share, marking an increase in annualized dividends to $2.40, representing a yield of 0.9%.

Sequoia Financial Advisors LLC grew its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 79.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,190 shares of the medical equipment provider's stock after purchasing an additional 1,853 shares during the quarter. Sequoia Financial Advisors LLC's holdings in ResMed were worth $1,081,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of RMD. Global X Japan Co. Ltd. raised its stake 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 worth $28,000 after acquiring an additional 68 shares in the last quarter. Golden State Wealth Management LLC raised its stake 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 worth $36,000 after acquiring an additional 127 shares in the last quarter. Zions Bancorporation National Association UT bought a new position in shares of ResMed during the 1st quarter worth approximately $45,000. Groupe la Francaise bought a new position in shares of ResMed during the 1st quarter worth approximately $45,000. Finally, Larson Financial Group LLC raised its stake in shares of ResMed by 926.7% during the 1st quarter. Larson Financial Group LLC now owns 308 shares of the medical equipment provider's stock worth $69,000 after acquiring an additional 278 shares in the last quarter. Institutional investors own 54.98% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on RMD shares. Stifel Nicolaus boosted their price objective on shares of ResMed from $240.00 to $270.00 and gave the stock a "hold" rating in a research note on Friday, August 1st. Royal Bank Of Canada boosted their target price on shares of ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Wells Fargo & Company began coverage on shares of ResMed in a research report on Monday. They set an "equal weight" rating and a $280.00 target price on the stock. Piper Sandler boosted their target price on shares of ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of ResMed in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $292.91.

ResMed Stock Performance

RMD opened at $267.96 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. The firm has a fifty day moving average price of $277.13 and a 200 day moving average price of $257.12. ResMed Inc. has a 1 year low of $199.92 and a 1 year high of $293.81. The stock has a market cap of $39.11 billion, a P/E ratio of 28.18, a P/E/G ratio of 1.80 and a beta of 0.83.

ResMed (NYSE:RMD - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, topping analysts' consensus estimates of $2.47 by $0.08. The company had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The firm's revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the business posted $2.08 earnings per share. Equities research analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th were given a dividend of $0.60 per share. This is a boost 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 dividend payout ratio (DPR) is currently 25.24%.

Insiders Place Their Bets

In other news, Director John Hernandez sold 2,575 shares of the 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 in the company, valued at $1,161,319.50. This represents a 38.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Michael J. Rider sold 100 shares of the stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total transaction of $27,436.00. Following the completion of the sale, the general counsel owned 11,327 shares of the company's stock, valued at $3,107,675.72. This trade represents a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,743 shares of company stock worth $5,284,514. Company insiders own 0.65% of the company's stock.

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.

Want to see what other hedge funds are holding RMD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ResMed Inc. (NYSE:RMD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.