Stephens Investment Management Group LLC lessened its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 9.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 324,279 shares of the medical equipment provider's stock after selling 33,706 shares during the quarter. Stephens Investment Management Group LLC owned about 0.22% of ResMed worth $83,664,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of RMD. Golden State Wealth Management LLC grew its holdings in ResMed by 384.8% in the first quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock worth $36,000 after purchasing an additional 127 shares during the period. Zions Bancorporation National Association UT purchased a new stake in ResMed in the first quarter worth about $45,000. Groupe la Francaise purchased a new stake in ResMed in the first quarter worth about $45,000. Harbour Investments Inc. grew its holdings in ResMed by 264.2% in the second quarter. Harbour Investments Inc. now owns 244 shares of the medical equipment provider's stock worth $63,000 after purchasing an additional 177 shares during the period. Finally, Larson Financial Group LLC grew its holdings in ResMed by 926.7% in the first quarter. Larson Financial Group LLC now owns 308 shares of the medical equipment provider's stock worth $69,000 after purchasing an additional 278 shares during the period. Hedge funds and other institutional investors own 54.98% of the company's stock.
ResMed Trading Down 1.0%
Shares of RMD stock opened at $268.61 on Wednesday. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $293.81. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11. The firm's 50 day moving average is $276.58 and its 200 day moving average is $258.21. The stock has a market capitalization of $39.20 billion, a P/E ratio of 28.24, a P/E/G ratio of 1.81 and a beta of 0.83.
ResMed (NYSE:RMD - Get Free Report) last issued its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.08. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The company had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $1.33 billion. During the same quarter last year, the company posted $2.08 earnings per share. The firm's quarterly revenue was up 10.2% on a year-over-year basis. Research analysts expect that ResMed Inc. will post 9.47 earnings per share for the current year.
ResMed Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, August 14th were issued a $0.60 dividend. This is an increase from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 annualized dividend and a yield of 0.9%. The ex-dividend date was Thursday, August 14th. ResMed's dividend payout ratio is 25.24%.
Insider Buying and Selling
In related news, CEO Michael J. Farrell sold 8,009 shares of the firm's stock in a transaction that occurred on Tuesday, October 7th. The shares were sold at an average price of $282.85, for a total value of $2,265,345.65. Following the sale, the chief executive officer owned 467,792 shares in the company, valued at approximately $132,314,967.20. This trade represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Michael J. Rider sold 100 shares of the firm's stock in a transaction that occurred on Wednesday, October 1st. The stock was 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 in the company, valued at $3,107,675.72. This represents a 0.88% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,743 shares of company stock worth $5,284,514. 0.65% of the stock is owned by insiders.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on the stock. Morgan Stanley upped their price objective on shares of ResMed from $298.00 to $304.00 and gave the stock an "overweight" rating in a report on Tuesday. Stifel Nicolaus increased their price target on shares of ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a report on Friday, August 1st. Wells Fargo & Company assumed coverage on shares of ResMed in a report on Monday, October 13th. They set an "equal weight" rating and a $280.00 price target on the stock. Mizuho increased their price target on shares of ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of ResMed in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $294.55.
View Our Latest Report on ResMed
About ResMed
(
Free Report)
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.
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