Wealthfront Advisers LLC acquired a new position in shares of ResMed Inc. (NYSE:RMD - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 8,748 shares of the medical equipment provider's stock, valued at approximately $1,705,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. International Assets Investment Management LLC bought a new position in ResMed in the fourth quarter valued at $25,000. Bell Investment Advisors Inc bought a new stake in ResMed during the 2nd quarter worth about $26,000. Imprint Wealth LLC acquired a new position in shares of ResMed during the 3rd quarter worth about $26,000. WFA of San Diego LLC acquired a new position in shares of ResMed during the 2nd quarter worth about $26,000. Finally, Sunbelt Securities Inc. bought a new position in shares of ResMed in the 3rd quarter valued at about $31,000. 54.98% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several analysts recently issued reports on the company. The Goldman Sachs Group reiterated a "buy" rating on shares of ResMed in a report on Wednesday, July 1st. Wells Fargo & Company decreased their price target 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. Robert W. Baird set a $213.00 price objective on ResMed in a research note on Friday, August 7th. Royal Bank Of Canada increased their price objective on ResMed from $234.00 to $244.00 and gave the company a "sector perform" rating in a report on Friday, August 7th. Finally, Piper Sandler decreased their target price on shares of ResMed from $233.00 to $225.00 and set a "neutral" rating for the company in a research note on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $239.38.
Check Out Our Latest Research Report on ResMed
ResMed Trading Down 0.8%
ResMed stock opened at $228.81 on Friday. ResMed Inc. has a 52 week low of $180.26 and a 52 week high of $293.81. 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 stock has a market capitalization of $33.01 billion, a P/E ratio of 21.94, a PEG ratio of 1.45 and a beta of 0.76. The stock has a 50-day simple moving average of $206.48 and a 200 day simple moving average of $219.98.
ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share for the quarter, topping analysts' consensus estimates of $2.89 by $0.06. ResMed had a return on equity of 25.58% and a net margin of 26.94%.The firm had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the previous year, the business earned $2.55 earnings per share. The business's revenue was up 8.6% compared to the same quarter last year. Analysts expect that ResMed Inc. will post 12.03 earnings per share for the current year.
ResMed Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, August 20th will be paid a $0.66 dividend. This is a boost from ResMed's previous quarterly dividend of $0.60. The ex-dividend date is Thursday, August 20th. This represents a $2.64 dividend on an annualized basis and a yield of 1.2%. ResMed's dividend payout ratio (DPR) is currently 23.01%.
Insiders Place Their Bets
In other news, Director Peter C. Farrell sold 8,000 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total value of $1,800,000.00. Following the transaction, the director directly owned 52,773 shares of the company's stock, valued at $11,873,925. This represents a 13.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $205.69, for a total transaction of $1,026,598.79. Following the completion of the transaction, the chief executive officer directly owned 466,256 shares in the company, valued at $95,904,196.64. The trade was a 1.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 22,973 shares of company stock worth $4,885,436. 0.65% of the stock is owned by company insiders.
About ResMed
(
Free Report)
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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