3,000 Shares in ResMed Inc. $RMD Purchased by K.J. Harrison & Partners Inc

K.J. Harrison & Partners Inc acquired a new stake in ResMed Inc. (NYSE:RMD) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 3,000 shares of the medical equipment provider’s stock, valued at approximately $585,000.

A number of other large investors also recently bought and sold shares of RMD. BlackRock Inc. purchased a new position in ResMed during the second quarter worth about $2,400,375,000. Bank of New York Mellon Corp acquired a new position in shares of ResMed in the 2nd quarter worth approximately $818,030,000. Deutsche Bank AG acquired a new position in shares of ResMed in the 2nd quarter worth approximately $257,692,000. First Trust Advisors LP boosted its position in shares of ResMed by 240.9% during the 4th quarter. First Trust Advisors LP now owns 1,517,592 shares of the medical equipment provider’s stock worth $365,542,000 after purchasing an additional 1,072,394 shares during the period. Finally, Norges Bank purchased a new position in shares of ResMed during the 4th quarter worth approximately $249,068,000. Institutional investors and hedge funds own 54.98% of the company’s stock.

Insiders Place Their Bets

In related news, Director Peter C. Farrell sold 8,000 shares of the business’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the completion of the transaction, the director directly owned 52,773 shares of the company’s stock, valued at $11,873,925. The trade was a 13.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $205.69, for a total value of $1,026,598.79. Following the sale, the chief executive officer owned 466,256 shares in the company, valued at approximately $95,904,196.64. This trade represents a 1.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 22,973 shares of company stock worth $4,885,436 in the last ninety days. Corporate insiders own 0.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on RMD shares. UBS Group reissued a “buy” rating and issued a $300.00 target price on shares of ResMed in a research report on Tuesday, July 21st. Jefferies Financial Group lowered their price target on ResMed from $240.00 to $225.00 and set a “hold” rating for the company in a research report on Friday, July 10th. Piper Sandler dropped their price objective on ResMed from $233.00 to $225.00 and set a “neutral” rating for the company in a research note on Friday, August 7th. KeyCorp cut their price objective on ResMed from $260.00 to $255.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Finally, Robert W. Baird set a $213.00 target price on ResMed in a research note on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $240.17.

ResMed Trading Down 1.8%

Shares of RMD stock opened at $220.37 on Tuesday. ResMed Inc. has a fifty-two week low of $180.26 and a fifty-two week high of $293.81. The company has a 50 day moving average price of $204.54 and a 200 day moving average price of $220.64. The stock has a market capitalization of $31.97 billion, a P/E ratio of 21.13, a price-to-earnings-growth ratio of 1.41 and a beta of 0.76. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.42 and a current ratio of 3.10.

ResMed (NYSE:RMD) last released its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.89 by $0.06. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The company had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same period in the prior year, the business earned $2.55 EPS. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. Equities research analysts predict that ResMed Inc. will post 12.03 EPS for the current fiscal year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, August 20th will be given a dividend of $0.66 per share. This is an increase from ResMed’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, August 20th. ResMed’s dividend payout ratio is currently 23.01%.

About ResMed

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.