UNIVEST FINANCIAL Corp Lowers Holdings in ResMed Inc. (NYSE:RMD)

Key Points

• UNIVEST FINANCIAL Corp decreased its stake in ResMed Inc. by 29.0% in Q1, holding 11,243 shares valued at approximately $2.52 million as of its latest SEC filing.
• ResMed recently reported Q1 earnings of $2.55 per share, surpassing estimates and showing a 10.2% year-over-year revenue increase to $1.35 billion.
• The company has declared a quarterly dividend of $0.60, an increase from its previous dividend, with a dividend yield of 0.9%.

UNIVEST FINANCIAL Corp trimmed its holdings in shares of ResMed Inc. (NYSE:RMD - Free Report) by 29.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 11,243 shares of the medical equipment provider's stock after selling 4,595 shares during the period. UNIVEST FINANCIAL Corp's holdings in ResMed were worth $2,517,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Commerce Bank increased its stake in ResMed by 7.6% during the 1st quarter. Commerce Bank now owns 6,937 shares of the medical equipment provider's stock valued at $1,553,000 after purchasing an additional 489 shares in the last quarter. Jefferies Financial Group Inc. increased its stake in ResMed by 109.4% during the 1st quarter. Jefferies Financial Group Inc. now owns 15,300 shares of the medical equipment provider's stock valued at $3,425,000 after purchasing an additional 7,994 shares in the last quarter. Alberta Investment Management Corp increased its stake in ResMed by 86.5% during the 1st quarter. Alberta Investment Management Corp now owns 19,400 shares of the medical equipment provider's stock valued at $4,343,000 after purchasing an additional 9,000 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in ResMed during the 1st quarter valued at about $5,301,000. Finally, Natixis Advisors LLC increased its stake in ResMed by 7.9% during the 1st quarter. Natixis Advisors LLC now owns 61,611 shares of the medical equipment provider's stock valued at $13,792,000 after purchasing an additional 4,500 shares in the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

ResMed Stock Performance

RMD traded up $6.84 during trading on Friday, reaching $278.78. 1,796,962 shares of the company's stock were exchanged, compared to its average volume of 944,770. ResMed Inc. has a 1 year low of $199.92 and a 1 year high of $281.90. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.41 and a quick ratio of 2.49. The stock has a market capitalization of $40.88 billion, a P/E ratio of 29.31, a price-to-earnings-growth ratio of 1.73 and a beta of 0.77. The company's fifty day simple moving average is $256.59 and its 200-day simple moving average is $240.37.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, topping analysts' consensus estimates of $2.47 by $0.08. The business had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 26.39%. The business's revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the company earned $2.08 EPS. As a group, research analysts predict that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th will be paid a dividend of $0.60 per share. This is a boost from ResMed's previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $2.40 annualized dividend and a yield of 0.9%. ResMed's dividend payout ratio is presently 22.29%.

Analysts Set New Price Targets

A number of analysts have recently commented on RMD shares. Mizuho lifted their price target on shares of ResMed from $270.00 to $290.00 and gave the stock an "outperform" rating in a research note on Friday. UBS Group lifted their price target on shares of ResMed from $285.00 to $325.00 and gave the stock a "buy" rating in a research note on Friday. Morgan Stanley set a $286.00 price target on shares of ResMed and gave the stock an "overweight" rating in a research note on Tuesday, May 20th. KeyCorp boosted their target price on shares of ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a research report on Friday. Finally, Wall Street Zen raised shares of ResMed from a "hold" rating to a "buy" rating in a report on Saturday. One analyst has rated the stock with a sell rating, three have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, ResMed currently has an average rating of "Moderate Buy" and a consensus price target of $274.83.

Insiders Place Their Bets

In related news, Director Peter C. Farrell sold 945 shares of the business's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total value of $241,438.05. Following the sale, the director directly owned 68,273 shares in the company, valued at approximately $17,443,068.77. The trade was a 1.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the business's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $256.72, for a total transaction of $2,056,070.48. Following the sale, the chief executive officer owned 455,503 shares in the company, valued at $116,936,730.16. This trade 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 29,013 shares of company stock valued at $7,238,913 in the last 90 days. 0.71% of the stock is owned by 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.