Michael Farrell Sells 4,991 Shares of ResMed (NYSE:RMD) Stock

ResMed Inc. (NYSE:RMD) CEO Michael Farrell sold 4,991 shares of the company’s stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $222.44, for a total transaction of $1,110,198.04. Following the completion of the transaction, the chief executive officer owned 466,256 shares in the company, valued at approximately $103,713,984.64. This trade represents a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

ResMed Price Performance

ResMed stock opened at $218.28 on Friday. The stock has a market capitalization of $31.49 billion, a P/E ratio of 20.93, a P/E/G ratio of 1.39 and a beta of 0.77. ResMed Inc. has a 12-month low of $180.26 and a 12-month high of $284.87. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 2.42. The firm’s 50-day moving average is $217.39 and its two-hundred day moving average is $217.00.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share for the quarter, beating analysts’ consensus estimates of $2.89 by $0.06. The business had revenue of $1.46 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.55 earnings per share. Equities analysts predict that ResMed Inc. will post 12.02 earnings per share for the current year.

ResMed Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th will be paid a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, August 20th. This is an increase from ResMed’s previous quarterly dividend of $0.60. ResMed’s dividend payout ratio is presently 25.31%.

Hedge Funds Weigh In On ResMed

A number of hedge funds have recently made changes to their positions in RMD. Imprint Wealth LLC acquired a new stake in shares of ResMed during the 3rd quarter worth $26,000. WFA of San Diego LLC purchased a new position in shares of ResMed in the 2nd quarter worth $26,000. International Assets Investment Management LLC acquired a new position in ResMed in the fourth quarter valued at $25,000. Sunbelt Securities Inc. acquired a new position in ResMed in the third quarter valued at $31,000. Finally, Bell Investment Advisors Inc purchased a new stake in ResMed during the second quarter valued at about $26,000. Institutional investors and hedge funds own 54.98% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on RMD shares. Mizuho reduced their price target on ResMed from $235.00 to $220.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 15th. Jefferies Financial Group lowered their price objective 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 target price on ResMed from $233.00 to $225.00 and set a “neutral” rating for the company in a research note on Friday, August 7th. Rothschild & Co Redburn initiated coverage on ResMed in a research report on Wednesday, August 19th. They set a “neutral” rating and a $230.00 target price on the stock. Finally, Royal Bank Of Canada raised their price target on ResMed from $234.00 to $244.00 and gave the stock a “sector perform” rating in a research note on Friday, August 7th. Six research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $240.31.

ResMed Company Profile

ResMed Inc is a medical equipment and software company that develops products and services for the diagnosis and treatment of sleep-disordered breathing and other respiratory conditions. Its offerings include continuous positive airway pressure (CPAP) and other positive airway pressure devices, masks, ventilation systems, oxygen-related solutions, and connected health technologies.

The company also provides cloud-based software and digital health platforms that help clinicians, home medical equipment providers, and patients monitor therapy, manage equipment, and support adherence to treatment.