EP Wealth Advisors LLC Acquires Shares of 2,677 ResMed Inc. $RMD

EP Wealth Advisors LLC purchased a new stake in ResMed Inc. (NYSE:RMD) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 2,677 shares of the medical equipment provider’s stock, valued at approximately $522,000.

Several other hedge funds and other institutional investors have also bought and sold shares of RMD. BlackRock Inc. acquired a new stake in ResMed during the second quarter worth approximately $2,400,375,000. State Street Corp grew its holdings in shares of ResMed by 1.2% during the 4th quarter. State Street Corp now owns 6,625,408 shares of the medical equipment provider’s stock worth $1,595,862,000 after purchasing an additional 76,244 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of ResMed by 0.7% in the first quarter. Bank of New York Mellon Corp now owns 4,925,386 shares of the medical equipment provider’s stock worth $1,105,651,000 after purchasing an additional 34,732 shares during the period. Geode Capital Management LLC raised its stake in ResMed by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 4,302,906 shares of the medical equipment provider’s stock valued at $1,032,877,000 after purchasing an additional 51,218 shares in the last quarter. Finally, Morgan Stanley lifted its position in ResMed by 25.0% during the fourth quarter. Morgan Stanley now owns 2,891,697 shares of the medical equipment provider’s stock worth $696,523,000 after purchasing an additional 578,559 shares during the period. Institutional investors and hedge funds own 54.98% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on RMD shares. Rothschild & Co Redburn started coverage on shares of ResMed in a research report on Wednesday, August 19th. They set a “neutral” rating and a $230.00 price objective for the company. KeyCorp decreased their price objective on ResMed from $260.00 to $255.00 and set an “overweight” rating for the company in a report on Friday, August 7th. The Goldman Sachs Group restated a “buy” rating on shares of ResMed in a research report on Wednesday, July 1st. Robert W. Baird set a $213.00 price target on shares of ResMed in a research report on Friday, August 7th. Finally, Piper Sandler cut their target price on shares of ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a research note on Friday, August 7th. Seven research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat.com, ResMed presently has a consensus rating of “Hold” and an average price target of $239.38.

Insider Buying and Selling

In other news, CEO Michael J. Farrell sold 4,991 shares of ResMed 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 directly owned 466,256 shares of the company’s stock, valued at approximately $95,904,196.64. The trade was a 1.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 8,000 shares of the company’s stock in a transaction that occurred on 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 sale, the director owned 52,773 shares in the company, valued at approximately $11,873,925. This trade represents a 13.16% decrease in their ownership of the stock. 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. In the last ninety days, insiders have sold 22,973 shares of company stock valued at $4,885,436. 0.65% of the stock is owned by corporate insiders.

ResMed Price Performance

ResMed stock opened at $232.57 on Tuesday. ResMed Inc. has a 52 week low of $180.26 and a 52 week high of $293.58. The company’s 50 day moving average price is $208.01 and its two-hundred day moving average price is $219.69. The company has a quick ratio of 2.42, a current ratio of 3.10 and a debt-to-equity ratio of 0.06. The stock has a market cap of $33.55 billion, a P/E ratio of 22.30, a P/E/G ratio of 1.45 and a beta of 0.76.

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

ResMed Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders 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 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Thursday, August 20th. ResMed’s payout ratio is 25.31%.

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.