ResMed Inc. (NYSE:RMD) General Counsel Michael J. Rider Sells 50 Shares

Key Points

• Michael J. Rider, General Counsel of ResMed Inc., sold 50 shares of the company at an average price of $281.90, resulting in a total transaction of $14,095 and decreasing his ownership to 8,486 shares.
• ResMed recently declared a $0.60 quarterly dividend, an increase from its previous dividend of $0.53, reflecting a positive outlook for the company's earnings, which beat analysts' estimates.
• Several analysts have raised their price targets for ResMed, with targets reaching as high as $300, amidst a consensus rating of "Moderate Buy" for the stock.

ResMed Inc. (NYSE:RMD - Get Free Report) General Counsel Michael J. Rider sold 50 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $281.90, for a total transaction of $14,095.00. Following the transaction, the general counsel owned 8,486 shares of the company's stock, valued at approximately $2,392,203.40. This represents a 0.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

ResMed Stock Performance

RMD traded up $12.10 during trading on Monday, hitting $291.30. The stock had a trading volume of 1,581,283 shares, compared to its average volume of 1,034,621. 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 Inc. has a twelve month low of $199.92 and a twelve month high of $293.08. The firm has a market capitalization of $42.71 billion, a P/E ratio of 30.63, a PEG ratio of 1.72 and a beta of 0.77. The company's 50-day moving average price is $256.59 and its 200 day moving average price is $240.39.

ResMed (NYSE:RMD - Get Free Report) last issued 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 net margin of 27.22% and a return on equity of 25.62%. 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 company earned $2.08 EPS. The firm's revenue was up 10.2% on a year-over-year basis. On average, equities research analysts forecast that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 14th will be issued a $0.60 dividend. The ex-dividend date is Wednesday, August 13th. This is a positive change from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 annualized dividend and a yield of 0.8%. ResMed's payout ratio is 22.29%.

Analysts Set New Price Targets

RMD has been the topic of several recent analyst reports. Morgan Stanley set a $286.00 target price on shares of ResMed and gave the company an "overweight" rating in a research note on Tuesday, May 20th. Mizuho raised their target price on shares of ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a research report on Friday. Piper Sandler raised their target price on shares of ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a research report on Friday. Royal Bank Of Canada raised their price target on shares of ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a report on Friday. Finally, KeyCorp lifted their target price on shares of ResMed from $274.00 to $298.00 and gave the stock an "overweight" rating in a research note on Friday. One analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $274.83.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Global X Japan Co. Ltd. raised its position in ResMed by 121.4% in the first quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock worth $28,000 after acquiring an additional 68 shares in the last quarter. Colonial Trust Co SC boosted its position in ResMed by 6,250.0% during the fourth quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock worth $29,000 after purchasing an additional 125 shares during the period. Optiver Holding B.V. bought a new stake in ResMed during the fourth quarter worth approximately $33,000. Golden State Wealth Management LLC boosted its position in shares of ResMed by 384.8% in the first quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock valued at $36,000 after acquiring an additional 127 shares during the period. Finally, Itau Unibanco Holding S.A. boosted its position in shares of ResMed by 1,000.0% in the fourth quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider's stock valued at $38,000 after acquiring an additional 150 shares during the period. Hedge funds and other institutional investors own 54.98% of the company's stock.

About ResMed

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.

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