Ieq Capital LLC Purchases Shares of 9,387 ResMed Inc. $RMD

Ieq Capital LLC purchased a new position in ResMed Inc. (NYSE:RMD) during the 2nd quarter, Holdings Channel reports. The firm purchased 9,387 shares of the medical equipment provider’s stock, valued at approximately $1,829,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Terra Nova Asset Management LLC lifted its stake in shares of ResMed by 0.6% in the third quarter. Terra Nova Asset Management LLC now owns 7,805 shares of the medical equipment provider’s stock valued at $2,136,000 after buying an additional 46 shares during the period. Kera Capital Partners Inc. raised its holdings in ResMed by 6.6% in the 4th quarter. Kera Capital Partners Inc. now owns 841 shares of the medical equipment provider’s stock valued at $217,000 after acquiring an additional 52 shares in the last quarter. Andina Capital Management LLC raised its holdings in ResMed by 2.9% in the 4th quarter. Andina Capital Management LLC now owns 1,988 shares of the medical equipment provider’s stock valued at $479,000 after acquiring an additional 56 shares in the last quarter. Turtle Creek Wealth Advisors LLC lifted its position in shares of ResMed by 6.2% in the 1st quarter. Turtle Creek Wealth Advisors LLC now owns 994 shares of the medical equipment provider’s stock worth $223,000 after acquiring an additional 58 shares during the period. Finally, Inspire Investing LLC grew its holdings in shares of ResMed by 7.9% during the 4th quarter. Inspire Investing LLC now owns 902 shares of the medical equipment provider’s stock worth $217,000 after purchasing an additional 66 shares in the last quarter. Institutional investors own 54.98% of the company’s stock.

ResMed Price Performance

Shares of ResMed stock opened at $236.36 on Wednesday. The company has a current ratio of 3.10, a quick ratio of 2.42 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $34.09 billion, a price-to-earnings ratio of 22.66, a P/E/G ratio of 1.46 and a beta of 0.76. ResMed Inc. has a 1-year low of $180.26 and a 1-year high of $286.91. The firm’s 50-day moving average price is $208.86 and its two-hundred day moving average price is $219.51.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter in the previous year, the company posted $2.55 earnings per share. ResMed’s quarterly revenue was up 8.6% compared to the same quarter last year. On average, equities analysts predict that ResMed Inc. will post 12.03 earnings per share for the current fiscal year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, August 20th will be issued a dividend of $0.66 per share. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $2.64 dividend on an annualized basis and a yield of 1.1%. This is a positive change from ResMed’s previous quarterly dividend of $0.60. ResMed’s payout ratio is 25.31%.

Analyst Upgrades and Downgrades

RMD has been the subject of a number of recent research reports. Jefferies Financial Group cut their target price on ResMed from $240.00 to $225.00 and set a “hold” rating for the company in a research note on Friday, July 10th. Piper Sandler dropped their price objective on shares of ResMed from $233.00 to $225.00 and set a “neutral” rating for the company in a research note on Friday, August 7th. The Goldman Sachs Group reiterated a “buy” rating on shares of ResMed in a research report on Wednesday, July 1st. Morgan Stanley reissued an “equal weight” rating and issued a $230.00 price target (down from $286.00) on shares of ResMed in a research report on Wednesday, June 17th. Finally, Wells Fargo & Company cut their price target on shares of ResMed from $225.00 to $215.00 and set an “equal weight” rating for the company in a research note on Friday, August 7th. Seven analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $239.38.

Insiders Place Their Bets

In other news, Director Peter C. Farrell sold 8,000 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total value of $1,800,000.00. Following the completion of the sale, the director directly 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. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $205.69, for a total value of $1,026,598.79. Following the completion of the transaction, the chief executive officer directly owned 466,256 shares of the company’s stock, valued at $95,904,196.64. This represents a 1.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 22,973 shares of company stock worth $4,885,436. Insiders own 0.65% of the company’s stock.

ResMed Company Profile

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.