Wealth Enhancement Advisory Services LLC Sells 20,300 Shares of ResMed Inc. (NYSE:RMD)

Wealth Enhancement Advisory Services LLC lessened its stake in ResMed Inc. (NYSE:RMD - Free Report) by 68.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,249 shares of the medical equipment provider's stock after selling 20,300 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in ResMed were worth $2,070,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. IFP Advisors Inc raised its holdings in shares of ResMed by 37.1% in the 4th quarter. IFP Advisors Inc now owns 373 shares of the medical equipment provider's stock worth $85,000 after purchasing an additional 101 shares during the period. Jones Financial Companies Lllp raised its holdings in shares of ResMed by 38.3% in the 4th quarter. Jones Financial Companies Lllp now owns 1,888 shares of the medical equipment provider's stock worth $432,000 after purchasing an additional 523 shares during the period. Atria Investments Inc raised its holdings in ResMed by 21.5% during the 4th quarter. Atria Investments Inc now owns 2,106 shares of the medical equipment provider's stock valued at $482,000 after acquiring an additional 372 shares during the period. EntryPoint Capital LLC bought a new stake in ResMed during the 4th quarter valued at $347,000. Finally, MML Investors Services LLC raised its holdings in ResMed by 31.9% during the 4th quarter. MML Investors Services LLC now owns 11,468 shares of the medical equipment provider's stock valued at $2,623,000 after acquiring an additional 2,771 shares during the period. Institutional investors own 54.98% of the company's stock.

Insider Transactions at ResMed

In other news, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $242.25, for a total transaction of $484,500.00. Following the completion of the sale, the director directly owned 71,218 shares in the company, valued at approximately $17,252,560.50. This represents a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Witte Jan De sold 2,000 shares of the stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $243.47, for a total transaction of $486,940.00. Following the sale, the director owned 5,806 shares of the company's stock, valued at approximately $1,413,586.82. This represents a 25.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,068 shares of company stock worth $7,061,574. Company insiders own 0.71% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on RMD. Stifel Nicolaus lowered their target price on shares of ResMed from $250.00 to $240.00 and set a "hold" rating on the stock in a report on Wednesday, March 5th. Piper Sandler lowered their target price on shares of ResMed from $260.00 to $248.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Wall Street Zen cut shares of ResMed from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Morgan Stanley set a $286.00 target price on shares of ResMed and gave the company an "overweight" rating in a report on Tuesday, May 20th. Finally, JPMorgan Chase & Co. boosted their target price on shares of ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $259.33.

ResMed Price Performance

NYSE:RMD traded down $1.76 during midday trading on Tuesday, hitting $256.24. The company had a trading volume of 905,361 shares, compared to its average volume of 970,550. The stock's fifty day moving average price is $245.93 and its 200-day moving average price is $235.41. The company has a quick ratio of 2.49, a current ratio of 3.41 and a debt-to-equity ratio of 0.12. ResMed Inc. has a 52-week low of $187.50 and a 52-week high of $263.05. The company has a market capitalization of $37.57 billion, a PE ratio of 28.76, a P/E/G ratio of 1.78 and a beta of 0.77.

ResMed (NYSE:RMD - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.01. ResMed had a net margin of 26.15% and a return on equity of 25.67%. The business had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same period in the prior year, the business posted $2.13 earnings per share. The company's revenue was up 7.9% on a year-over-year basis. As a group, research analysts expect that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Thursday, May 8th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 0.83%. The ex-dividend date was Thursday, May 8th. ResMed's dividend payout ratio (DPR) is 23.79%.

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.