ResMed Inc. $RMD Shares Sold by Sterling Capital Management LLC

Sterling Capital Management LLC trimmed its holdings in shares of ResMed Inc. (NYSE:RMD) by 41.6% in the first quarter, Holdings Channel reports. The firm owned 4,016 shares of the medical equipment provider’s stock after selling 2,855 shares during the period. Sterling Capital Management LLC’s holdings in ResMed were worth $902,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in RMD. Imprint Wealth LLC acquired a new stake in shares of ResMed in the third quarter valued at about $26,000. WFA of San Diego LLC acquired a new position in ResMed during the 2nd quarter worth approximately $26,000. International Assets Investment Management LLC acquired a new position in ResMed during the 4th quarter worth approximately $25,000. ORG Partners LLC boosted its holdings in ResMed by 181.6% in the 4th quarter. ORG Partners LLC now owns 107 shares of the medical equipment provider’s stock worth $26,000 after acquiring an additional 69 shares during the period. Finally, Sunbelt Securities Inc. acquired a new stake in ResMed in the third quarter valued at approximately $31,000. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Stock Performance

Shares of RMD opened at $195.04 on Wednesday. The business’s 50 day moving average is $202.14 and its two-hundred day moving average is $230.31. ResMed Inc. has a 52-week low of $180.26 and a 52-week high of $293.81. The firm has a market cap of $28.29 billion, a price-to-earnings ratio of 18.81, a PEG ratio of 1.26 and a beta of 0.80. The company has a quick ratio of 2.33, a current ratio of 3.01 and a debt-to-equity ratio of 0.06.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share for the quarter, topping analysts’ consensus estimates of $2.79 by $0.07. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. ResMed had a net margin of 27.44% and a return on equity of 25.35%. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the company earned $2.37 earnings per share. Analysts forecast that ResMed Inc. will post 11.13 EPS for the current fiscal year.

ResMed Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, May 14th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Thursday, May 14th. ResMed’s dividend payout ratio (DPR) is currently 23.14%.

Insider Buying and Selling at ResMed

In other news, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $193.96, for a total value of $968,054.36. Following the sale, the chief executive officer owned 466,256 shares in the company, valued at approximately $90,435,013.76. This represents a 1.06% decrease in their position. 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. Over the last ninety days, insiders have sold 14,973 shares of company stock valued at $3,130,754. 0.65% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on RMD. KeyCorp dropped their price objective on shares of ResMed from $290.00 to $266.00 and set an “overweight” rating on the stock in a research note on Monday, June 22nd. Wall Street Zen downgraded shares of ResMed from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. JPMorgan Chase & Co. started coverage on shares of ResMed in a report on Wednesday, April 15th. They set an “overweight” rating for the company. Royal Bank Of Canada lifted their price target on shares of ResMed from $314.00 to $321.00 and gave the stock an “outperform” rating in a research note on Friday, May 1st. Finally, Wells Fargo & Company cut their price objective on shares of ResMed from $270.00 to $227.00 and set an “equal weight” rating on the stock in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $270.82.

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.