Westpac Banking Corp Sells 2,959 Shares of ResMed Inc. (NYSE:RMD)

Key Points

• Westpac Banking Corp decreased its stake in ResMed Inc. by 13% during Q1, owning 19,766 shares worth approximately $4.43 million after selling 2,959 shares.
• Insider trading activity includes CEO Michael J. Farrell selling 8,009 shares for over $2.23 million, representing a 1.73% decrease in his ownership.
• ResMed's dividend was increased from $0.53 to $0.60 per share, with a yield of 0.8%, to be paid on September 18th.

Westpac Banking Corp reduced its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 13.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 19,766 shares of the medical equipment provider's stock after selling 2,959 shares during the quarter. Westpac Banking Corp's holdings in ResMed were worth $4,425,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of RMD. Global X Japan Co. Ltd. boosted its position in ResMed by 121.4% during 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 during the period. Colonial Trust Co SC boosted its position in ResMed by 6,250.0% during the 4th quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock valued at $29,000 after purchasing an additional 125 shares during the period. Optiver Holding B.V. acquired a new position in ResMed during the 4th quarter valued at approximately $33,000. Golden State Wealth Management LLC boosted its position in ResMed by 384.8% during 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 during the period. Finally, Itau Unibanco Holding S.A. boosted its position in ResMed by 1,000.0% during the 4th quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider's stock valued at $38,000 after purchasing an additional 150 shares during the period. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RMD has been the subject of a number of analyst reports. Mizuho boosted their price objective on ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. UBS Group boosted their price objective on ResMed from $285.00 to $325.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Piper Sandler boosted their price target on ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Royal Bank Of Canada boosted their price target on ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Finally, JPMorgan Chase & Co. boosted their price target on ResMed from $286.00 to $290.00 and gave the stock an "overweight" rating in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $274.83.

Insider Transactions at ResMed

In related news, Director Witte Jan De sold 2,000 shares of the stock in a transaction that occurred on 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 directly owned 5,806 shares in the company, valued at $1,413,586.82. This represents a 25.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $279.48, for a total value of $2,238,355.32. Following the sale, the chief executive officer owned 455,503 shares in the company, valued at approximately $127,303,978.44. This trade represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,063 shares of company stock valued at $7,058,835. Corporate insiders own 0.71% of the company's stock.

ResMed Stock Down 1.3%

NYSE:RMD traded down $3.72 during mid-day trading on Thursday, reaching $284.56. The stock had a trading volume of 903,953 shares, compared to its average volume of 1,003,150. The stock has a market cap of $41.66 billion, a P/E ratio of 29.92, a PEG ratio of 1.90 and a beta of 0.77. The business's 50 day moving average is $263.52 and its 200 day moving average is $242.81. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.08.

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

ResMed Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Wednesday, August 13th. This is a boost from ResMed's previous quarterly dividend of $0.53. ResMed's payout ratio is currently 25.24%.

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.