UNIVEST FINANCIAL Corp Acquires Shares of 12,846 ResMed Inc. $RMD

Key Points

• Univest Financial acquired 12,846 ResMed shares in the second quarter, valued at approximately $2.5 million. Institutional investors collectively own 54.98% of ResMed.
• ResMed reported quarterly EPS of $2.95, exceeding estimates of $2.89, while revenue rose 8.6% year over year to $1.46 billion. The company also increased its quarterly dividend from $0.60 to $0.66 per share.
• ResMed shares opened at $220.37, and analysts maintain a consensus “Hold” rating with a $240.17 target price. Company insiders sold 22,973 shares worth approximately $4.9 million during the past quarter.

UNIVEST FINANCIAL Corp acquired a new stake in ResMed Inc. (NYSE:RMD - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 12,846 shares of the medical equipment provider's stock, valued at approximately $2,503,000.

Other hedge funds have also modified their holdings of the company. International Assets Investment Management LLC acquired a new position in shares of ResMed in the 4th quarter valued at $25,000. Bell Investment Advisors Inc acquired a new stake in ResMed during the 2nd quarter worth $26,000. Imprint Wealth LLC purchased a new position in ResMed during the 3rd quarter worth $26,000. WFA of San Diego LLC purchased a new position in ResMed during the 2nd quarter worth $26,000. Finally, Sunbelt Securities Inc. acquired a new position in ResMed in the third quarter valued at $31,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at ResMed

In related news, Director Peter C. Farrell sold 8,000 shares of ResMed stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total value of $1,800,000.00. Following the sale, the director directly owned 52,773 shares in the company, valued at $11,873,925. The trade was a 13.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the company's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $205.69, for a total value of $1,026,598.79. Following the transaction, the chief executive officer directly owned 466,256 shares in the company, valued at $95,904,196.64. This represents a 1.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 22,973 shares of company stock worth $4,885,436 in the last quarter. 0.65% of the stock is currently owned by insiders.

ResMed Stock Down 1.8%

RMD stock opened at $220.37 on Tuesday. ResMed Inc. has a one year low of $180.26 and a one year high of $293.81. The stock has a market capitalization of $31.97 billion, a PE ratio of 21.13, a price-to-earnings-growth ratio of 1.41 and a beta of 0.76. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.42 and a current ratio of 3.10. The company has a fifty day moving average of $204.54 and a 200-day moving average of $220.64.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.89 by $0.06. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The business had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same period in the previous year, the business posted $2.55 earnings per share. The business's revenue was up 8.6% compared to the same quarter last year. As a group, analysts expect that ResMed Inc. will post 12.03 EPS for the current year.

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th will be given a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a yield of 1.2%. The ex-dividend date is Thursday, August 20th. This is a positive change from ResMed's previous quarterly dividend of $0.60. ResMed's payout ratio is presently 23.01%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on RMD shares. Morgan Stanley reiterated an "equal weight" rating and set a $230.00 target price (down from $286.00) on shares of ResMed in a research note on Wednesday, June 17th. Robert W. Baird set a $213.00 price target on ResMed in a research report on Friday, August 7th. Wells Fargo & Company reduced their price objective on ResMed from $225.00 to $215.00 and set an "equal weight" rating for the company in a research note on Friday, August 7th. UBS Group reaffirmed a "buy" rating and set a $300.00 price objective on shares of ResMed in a research report on Tuesday, July 21st. Finally, Piper Sandler lowered their target price on ResMed from $233.00 to $225.00 and set a "neutral" rating on the stock in a research note on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $240.17.

About ResMed

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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