US Bancorp DE Cuts Position in ResMed Inc. $RMD

Key Points

• US Bancorp DE reduced its position in ResMed Inc. by 20.4%, owning 23,584 shares after selling 6,060 shares during the second quarter, with holdings valued at $6,085,000.
• ResMed reported a quarterly earnings per share (EPS) of $2.55, exceeding analysts' expectations of $2.47, with a year-over-year revenue increase of 10.2%.
• The company recently increased its quarterly dividend from $0.53 to $0.60, indicating a commitment to returning value to shareholders.

US Bancorp DE lessened its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 20.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,584 shares of the medical equipment provider's stock after selling 6,060 shares during the period. US Bancorp DE's holdings in ResMed were worth $6,085,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Global X Japan Co. Ltd. increased its stake in shares of ResMed by 121.4% in the 1st quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock valued at $28,000 after purchasing an additional 68 shares in the last quarter. Golden State Wealth Management LLC increased its stake in shares of ResMed by 384.8% in the 1st quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock valued at $36,000 after purchasing an additional 127 shares in the last quarter. Zions Bancorporation National Association UT purchased a new stake in ResMed during the 1st quarter worth approximately $45,000. Groupe la Francaise purchased a new stake in ResMed during the 1st quarter worth approximately $45,000. Finally, CVA Family Office LLC increased its stake in ResMed by 29.8% during the 1st quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider's stock worth $47,000 after buying an additional 48 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company's stock.

ResMed Trading Down 2.1%

RMD opened at $271.96 on Monday. ResMed Inc. has a one year low of $199.92 and a one year high of $293.81. The stock has a market capitalization of $39.69 billion, a PE ratio of 28.60, a P/E/G ratio of 1.83 and a beta of 0.83. The business's 50 day moving average price is $278.51 and its 200 day moving average price is $255.92. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44.

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

ResMed Increases Dividend

The firm also recently disclosed 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 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 payout ratio is currently 25.24%.

Insider Activity at ResMed

In related news, General Counsel Michael J. Rider sold 100 shares of the company'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 value of $27,436.00. Following the transaction, the general counsel directly owned 11,327 shares in the company, valued at approximately $3,107,675.72. This represents a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the company'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 completion of the transaction, the chief executive officer owned 467,792 shares in the company, valued at $132,314,967.20. This represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,743 shares of company stock worth $5,284,514. Insiders own 0.65% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on RMD. Mizuho boosted their price objective on ResMed from $270.00 to $290.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Wall Street Zen lowered ResMed from a "buy" rating to a "hold" rating in a research note on Sunday, August 10th. UBS Group upgraded ResMed to a "strong-buy" rating in a research note on Tuesday, September 16th. KeyCorp boosted their target price on ResMed from $274.00 to $298.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Piper Sandler boosted their target price on ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $294.20.

ResMed Company 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.

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.