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

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

ResMed Stock Performance

RMD opened at $219.81 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.42 and a current ratio of 3.10. ResMed Inc. has a 52-week low of $180.26 and a 52-week high of $284.87. The firm has a market cap of $31.71 billion, a P/E ratio of 21.07, a price-to-earnings-growth ratio of 1.39 and a beta of 0.77. The business’s fifty day moving average is $217.21 and its 200-day moving average is $216.99.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 EPS 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 the consensus estimate of $1.46 billion. ResMed had a return on equity of 25.58% and a net margin of 26.94%.ResMed’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.55 earnings per share. Sell-side analysts expect that ResMed Inc. will post 12.02 EPS for the current fiscal year.

ResMed Increases Dividend

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

Institutional Investors Weigh In On ResMed

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System lifted its stake in ResMed by 19,648.1% in the 2nd quarter. California State Teachers Retirement System now owns 43,963,369 shares of the medical equipment provider’s stock valued at $8,567,581,000 after purchasing an additional 43,740,748 shares during the last quarter. BlackRock Inc. bought a new stake in shares of ResMed during the second quarter worth $2,400,375,000. State Street Corp grew its stake in shares of ResMed by 1.2% during the fourth quarter. State Street Corp now owns 6,625,408 shares of the medical equipment provider’s stock worth $1,595,862,000 after buying an additional 76,244 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of ResMed by 0.7% during 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 buying an additional 34,732 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of ResMed by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 4,302,906 shares of the medical equipment provider’s stock worth $1,032,877,000 after buying an additional 51,218 shares in the last quarter. 54.98% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

RMD has been the topic of several analyst reports. Morgan Stanley reiterated an “equal weight” rating and set a $230.00 price target (down from $286.00) on shares of ResMed in a research report on Wednesday, June 17th. Mizuho lowered their price objective on shares of ResMed from $235.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday, July 15th. Rothschild & Co Redburn assumed coverage on ResMed in a research note on Wednesday, August 19th. They set a “neutral” rating and a $230.00 target price for the company. Robert W. Baird set a $213.00 target price on ResMed in a report on Friday, August 7th. Finally, Jefferies Financial Group decreased their price target on ResMed from $240.00 to $225.00 and set a “hold” rating on the stock in a research note on Friday, July 10th. Six analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, ResMed 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.