Relyea Zuckerberg Hanson LLC Takes Position in ResMed Inc. $RMD

Relyea Zuckerberg Hanson LLC bought a new stake in shares of ResMed Inc. (NYSE:RMD) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 819 shares of the medical equipment provider’s stock, valued at approximately $211,000.

A number of other institutional investors and hedge funds have also bought and sold shares of RMD. Ballentine Partners LLC boosted its holdings in ResMed by 6.3% during the 1st quarter. Ballentine Partners LLC now owns 1,782 shares of the medical equipment provider’s stock worth $399,000 after acquiring an additional 105 shares during the last quarter. Inspire Investing LLC lifted its position in shares of ResMed by 29.3% during the first quarter. Inspire Investing LLC now owns 28,578 shares of the medical equipment provider’s stock valued at $6,397,000 after purchasing an additional 6,472 shares in the last quarter. Intech Investment Management LLC boosted its holdings in ResMed by 63.2% during the first quarter. Intech Investment Management LLC now owns 15,325 shares of the medical equipment provider’s stock worth $3,430,000 after purchasing an additional 5,934 shares during the last quarter. Goldman Sachs Group Inc. grew its position in ResMed by 8.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 739,007 shares of the medical equipment provider’s stock worth $165,427,000 after purchasing an additional 58,155 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in ResMed by 2.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 977,401 shares of the medical equipment provider’s stock valued at $218,791,000 after buying an additional 22,789 shares during the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RMD. Wall Street Zen downgraded ResMed from a “buy” rating to a “hold” rating in a research note on Sunday, August 10th. William Blair raised ResMed to a “strong-buy” rating in a report on Friday, August 1st. Stifel Nicolaus raised their target price on ResMed from $240.00 to $270.00 and gave the stock a “hold” rating in a research report on Friday, August 1st. Piper Sandler upped their price target on ResMed from $248.00 to $270.00 and gave the company a “neutral” rating in a research report on Friday, August 1st. Finally, KeyCorp increased their price target on ResMed from $274.00 to $298.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $294.20.

ResMed Stock Up 1.1%

Shares of NYSE RMD opened at $281.76 on Tuesday. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11. The company has a market cap of $41.12 billion, a P/E ratio of 29.63, a P/E/G ratio of 1.87 and a beta of 0.83. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $293.81. The business has a 50-day simple moving average of $278.33 and a two-hundred day simple moving average of $254.34.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.08. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the prior year, the firm posted $2.08 earnings per share. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. Research analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th were 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 was Thursday, August 14th. This is a positive change from ResMed’s previous quarterly dividend of $0.53. ResMed’s payout ratio is 25.24%.

Insider Activity

In related news, General Counsel Michael J. Rider sold 100 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $274.36, for a total value of $27,436.00. Following the sale, the general counsel owned 11,327 shares in the company, valued at approximately $3,107,675.72. This trade represents a 0.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John Hernandez sold 2,575 shares of ResMed stock in a transaction on Monday, August 18th. The shares were sold at an average price of $287.10, for a total value of $739,282.50. Following the sale, the director directly owned 4,045 shares of the company’s stock, valued at $1,161,319.50. This represents a 38.90% decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,734 shares of company stock worth $3,019,169 in the last three months. Corporate insiders own 0.71% of the company’s stock.

About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company operates in two segments, Sleep and Respiratory Care, and Software as a Service. It offers various products and solutions for a range of respiratory disorders, including ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.