Insider Selling: ResMed (NYSE:RMD) Director Sells $1,800,000.00 in Stock

ResMed Inc. (NYSE:RMD) Director Peter Farrell sold 8,000 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the sale, the director owned 52,773 shares in the company, valued at approximately $11,873,925. This trade represents a 13.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

ResMed Stock Performance

RMD stock traded up $0.23 during midday trading on Thursday, reaching $224.26. The company had a trading volume of 1,061,031 shares, compared to its average volume of 1,285,706. ResMed Inc. has a fifty-two week low of $180.26 and a fifty-two week high of $293.81. The firm has a market capitalization of $32.53 billion, a PE ratio of 21.63, a P/E/G ratio of 1.36 and a beta of 0.76. The company has a quick ratio of 2.33, a current ratio of 3.01 and a debt-to-equity ratio of 0.06. The stock has a 50 day moving average price of $199.66 and a 200 day moving average price of $222.54.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. State Street Corp raised its stake in ResMed by 1.2% during the 4th quarter. State Street Corp now owns 6,625,408 shares of the medical equipment provider’s stock valued at $1,595,862,000 after purchasing an additional 76,244 shares during the period. Bank of New York Mellon Corp lifted its position in shares of ResMed by 0.7% in the first quarter. Bank of New York Mellon Corp now owns 4,925,386 shares of the medical equipment provider’s stock worth $1,105,651,000 after purchasing an additional 34,732 shares in the last quarter. Geode Capital Management LLC increased its stake in ResMed by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 4,302,906 shares of the medical equipment provider’s stock valued at $1,032,877,000 after buying an additional 51,218 shares during the period. Morgan Stanley lifted its position in ResMed by 25.0% in the 4th quarter. Morgan Stanley now owns 2,891,697 shares of the medical equipment provider’s stock worth $696,523,000 after buying an additional 578,559 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of ResMed by 5.2% during the 4th quarter. Northern Trust Corp now owns 1,785,384 shares of the medical equipment provider’s stock valued at $430,045,000 after buying an additional 87,502 shares during the period. 54.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RMD. The Goldman Sachs Group reaffirmed a “buy” rating on shares of ResMed in a report on Wednesday, July 1st. Weiss Ratings downgraded ResMed from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, July 24th. Mizuho dropped their price objective 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 dropped their price target on shares of ResMed from $240.00 to $225.00 and set a “hold” rating on the stock in a research report on Friday, July 10th. Finally, Citigroup restated a “neutral” rating and set a $235.00 price objective (down from $270.00) on shares of ResMed in a research report on Sunday, July 12th. Seven equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $246.25.

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.