NewEdge Wealth LLC Cuts Position in ResMed Inc. $RMD

NewEdge Wealth LLC trimmed its holdings in shares of ResMed Inc. (NYSE:RMD) by 51.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,186 shares of the medical equipment provider’s stock after selling 2,350 shares during the period. NewEdge Wealth LLC’s holdings in ResMed were worth $598,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. SJS Investment Consulting Inc. lifted its holdings in shares of ResMed by 1,433.3% during the 3rd quarter. SJS Investment Consulting Inc. now owns 92 shares of the medical equipment provider’s stock valued at $25,000 after acquiring an additional 86 shares in the last quarter. WFA of San Diego LLC purchased a new position in ResMed in the second quarter valued at about $26,000. Westside Investment Management Inc. raised its position in ResMed by 100.0% in the third quarter. Westside Investment Management Inc. now owns 132 shares of the medical equipment provider’s stock valued at $36,000 after purchasing an additional 66 shares during the period. GoalVest Advisory LLC acquired a new position in shares of ResMed during the third quarter worth about $37,000. Finally, IMA Advisory Services Inc. boosted its position in shares of ResMed by 52.7% in the third quarter. IMA Advisory Services Inc. now owns 139 shares of the medical equipment provider’s stock worth $38,000 after buying an additional 48 shares during the period. Institutional investors and hedge funds own 54.98% of the company’s stock.

Insider Activity at ResMed

In related news, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $251.31, for a total transaction of $502,620.00. Following the transaction, the director directly owned 64,773 shares in the company, valued at $16,278,102.63. This trade represents a 3.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction on Monday, February 9th. The stock was sold at an average price of $273.78, for a total transaction of $1,366,435.98. Following the completion of the transaction, the chief executive officer directly owned 466,223 shares of the company’s stock, valued at approximately $127,642,532.94. This represents a 1.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 16,082 shares of company stock worth $4,134,807 in the last 90 days. 0.65% of the stock is currently owned by insiders.

ResMed Stock Up 0.7%

Shares of NYSE:RMD opened at $260.97 on Tuesday. The firm has a market cap of $38.02 billion, a PE ratio of 25.81, a price-to-earnings-growth ratio of 1.72 and a beta of 0.87. The company has a fifty day simple moving average of $253.32 and a 200 day simple moving average of $261.72. The company has a current ratio of 3.06, a quick ratio of 2.32 and a debt-to-equity ratio of 0.06. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $293.81.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Thursday, January 29th. The medical equipment provider reported $2.81 earnings per share for the quarter, topping the consensus estimate of $2.68 by $0.13. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. ResMed had a net margin of 27.53% and a return on equity of 25.20%. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period last year, the business earned $2.43 EPS. On average, equities research analysts anticipate that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Thursday, February 12th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Thursday, February 12th. ResMed’s payout ratio is currently 23.74%.

Analysts Set New Price Targets

RMD has been the topic of several analyst reports. UBS Group reiterated a “buy” rating and set a $345.00 target price on shares of ResMed in a report on Friday, December 12th. Piper Sandler lifted their price objective on shares of ResMed from $270.00 to $275.00 and gave the company a “neutral” rating in a research note on Friday, January 30th. Robert W. Baird set a $281.00 target price on shares of ResMed in a research note on Friday, January 30th. Citigroup raised their price target on shares of ResMed from $330.00 to $345.00 and gave the company a “buy” rating in a report on Monday, February 2nd. Finally, Morgan Stanley set a $305.00 price objective on shares of ResMed in a report on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $299.27.

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.