ResMed Inc. (NYSE:RMD) CEO Sells $1,948,029.07 in Stock

ResMed Inc. (NYSE:RMD) CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $243.23, for a total transaction of $1,948,029.07. Following the sale, the chief executive officer now directly owns 455,503 shares of the company’s stock, valued at $110,791,994.69. The trade was a 1.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

ResMed Price Performance

RMD stock opened at $245.12 on Monday. The company has a 50 day simple moving average of $223.37 and a 200 day simple moving average of $234.04. The stock has a market cap of $35.94 billion, a price-to-earnings ratio of 28.94, a P/E/G ratio of 1.53 and a beta of 0.78. ResMed Inc. has a 1 year low of $179.42 and a 1 year high of $263.05. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.33 and a quick ratio of 2.29.

ResMed (NYSE:RMD) last released its quarterly earnings data on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.01. ResMed had a net margin of 25.34% and a return on equity of 26.17%. The business had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same period in the prior year, the company earned $2.13 EPS. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. Research analysts anticipate that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 8th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.86%. The ex-dividend date is Thursday, May 8th. ResMed’s dividend payout ratio (DPR) is currently 23.79%.

Hedge Funds Weigh In On ResMed

Several institutional investors and hedge funds have recently added to or reduced their stakes in RMD. Global X Japan Co. Ltd. increased its position in ResMed by 121.4% in the 1st 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 period. Colonial Trust Co SC increased its position in ResMed by 6,250.0% in the 4th quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider’s stock valued at $29,000 after acquiring an additional 125 shares during the period. Optiver Holding B.V. acquired a new position in ResMed in the 4th quarter valued at approximately $33,000. Golden State Wealth Management LLC increased its position in ResMed by 384.8% in the 1st 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. increased its position in ResMed by 1,000.0% in the 4th 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. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently commented on RMD. Royal Bank of Canada boosted their target price on shares of ResMed from $247.00 to $255.00 and gave the company a “sector perform” rating in a research report on Thursday, April 24th. Piper Sandler dropped their target price on shares of ResMed from $260.00 to $248.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. Stifel Nicolaus dropped their target price on shares of ResMed from $250.00 to $240.00 and set a “hold” rating for the company in a research report on Wednesday, March 5th. Mizuho set a $265.00 target price on shares of ResMed in a research report on Wednesday, April 16th. Finally, KeyCorp set a $274.00 target price on shares of ResMed in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $258.83.

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.