WBI Investments LLC Trims Position in ResMed Inc. $RMD

Key Points

• WBI Investments LLC has reduced its holdings in ResMed Inc. by 52.3% during the first quarter, now owning 7,440 shares worth approximately $1.67 million.
• ResMed has announced a quarterly dividend increase to $0.60 per share, with the ex-dividend date on August 14th, raising its annualized yield to 0.9%.
• Analysts have mixed ratings for ResMed, with a consensus of Moderate Buy and target prices ranging from $240 to $298, reflecting differing outlooks on the stock's performance.

WBI Investments LLC lessened its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 52.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,440 shares of the medical equipment provider's stock after selling 8,172 shares during the quarter. WBI Investments LLC's holdings in ResMed were worth $1,665,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Global X Japan Co. Ltd. increased its position in ResMed by 121.4% during the first quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock valued at $28,000 after acquiring an additional 68 shares during the last quarter. Golden State Wealth Management LLC grew its holdings in ResMed by 384.8% during the first 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 during the period. Zions Bancorporation National Association UT bought a new stake in ResMed during the first quarter valued at about $45,000. Groupe la Francaise bought a new stake in ResMed during the first quarter valued at about $45,000. Finally, CVA Family Office LLC grew its holdings in ResMed by 29.8% during the first quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider's stock valued at $47,000 after purchasing an additional 48 shares during the period. Hedge funds and other institutional investors own 54.98% of the company's stock.

Insider Activity at ResMed

In related news, Director Peter C. Farrell sold 945 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $255.49, for a total transaction of $241,438.05. Following the completion of the transaction, the director directly owned 68,273 shares of the company's stock, valued at approximately $17,443,068.77. This represents a 1.37% decrease in their ownership of the stock. 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 stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $279.48, for a total value of $2,238,355.32. Following the transaction, the chief executive officer directly owned 455,503 shares of the company's stock, valued at approximately $127,303,978.44. The trade was a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 19,588 shares of company stock valued at $5,289,241. Insiders own 0.71% of the company's stock.

ResMed Stock Performance

NYSE RMD opened at $270.16 on Thursday. The business has a 50-day moving average price of $273.71 and a 200-day moving average price of $248.21. ResMed Inc. has a twelve month low of $199.92 and a twelve month high of $293.81. The firm has a market cap of $39.55 billion, a price-to-earnings ratio of 28.41, a price-to-earnings-growth ratio of 1.87 and a beta of 0.85. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11.

ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the company earned $2.08 earnings per share. The firm's revenue was up 10.2% on a year-over-year basis. As a group, equities research analysts predict that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 14th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, August 14th. 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%. ResMed's dividend payout ratio is currently 25.24%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on RMD shares. Stifel Nicolaus boosted their price target on ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a report on Friday, August 1st. CLSA raised ResMed from a "hold" rating to an "outperform" rating in a report on Tuesday, September 2nd. KeyCorp raised their price objective on shares of ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Wall Street Zen downgraded shares of ResMed from a "buy" rating to a "hold" rating in a research report on Sunday, August 10th. Finally, Piper Sandler raised their price objective on shares of ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, ResMed currently has a consensus rating of "Moderate Buy" and a consensus target price of $278.36.

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.