Insider Selling: ResMed Inc. (RMD) Director Sells 20,000 Shares of Stock
ResMed Inc. (NYSE:RMD) Director Peter C. Farrell sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $75.15, for a total value of $1,503,000.00. Following the sale, the director now directly owns 321,557 shares of the company’s stock, valued at approximately $24,165,008.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Shares of ResMed Inc. (NYSE:RMD) traded up 0.38% during mid-day trading on Friday, reaching $73.07. The company had a trading volume of 529,536 shares. The company has a market capitalization of $10.39 billion, a price-to-earnings ratio of 30.45 and a beta of 0.83. The company has a 50 day moving average price of $75.87 and a 200 day moving average price of $72.42. ResMed Inc. has a one year low of $56.59 and a one year high of $79.63.
ResMed (NYSE:RMD) last released its quarterly earnings data on Tuesday, August 1st. The medical equipment provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.02. The business had revenue of $556.69 million for the quarter, compared to analysts’ expectations of $557.68 million. ResMed had a return on equity of 21.99% and a net margin of 16.56%. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.74 EPS. On average, analysts anticipate that ResMed Inc. will post $3.03 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, August 17th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.92%. This is a boost from ResMed’s previous quarterly dividend of $0.33. The ex-dividend date is Tuesday, August 15th. ResMed’s dividend payout ratio is presently 58.09%.
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Several research analysts have issued reports on the company. BMO Capital Markets increased their price target on ResMed from $61.00 to $70.00 and gave the stock a “market perform” rating in a report on Wednesday, August 2nd. Needham & Company LLC reiterated a “sell” rating on shares of ResMed in a report on Wednesday, August 2nd. Zacks Investment Research lowered ResMed from a “buy” rating to a “hold” rating in a report on Thursday, August 3rd. Credit Suisse Group lowered ResMed from an “outperform” rating to a “neutral” rating in a report on Wednesday, August 2nd. Finally, Bank of America Corporation lowered ResMed from a “buy” rating to a “neutral” rating in a report on Wednesday, August 2nd. Four analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. ResMed presently has an average rating of “Hold” and a consensus price target of $65.63.
Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in ResMed by 5,439.8% in the first quarter. BlackRock Inc. now owns 13,335,138 shares of the medical equipment provider’s stock valued at $959,731,000 after buying an additional 13,094,421 shares during the last quarter. FMR LLC boosted its position in ResMed by 38.2% in the second quarter. FMR LLC now owns 5,542,582 shares of the medical equipment provider’s stock valued at $431,601,000 after buying an additional 1,531,772 shares during the last quarter. Koch Industries Inc. boosted its position in ResMed by 17,065.2% in the second quarter. Koch Industries Inc. now owns 985,796 shares of the medical equipment provider’s stock valued at $973,000 after buying an additional 980,053 shares during the last quarter. Morgan Stanley boosted its position in ResMed by 69.1% in the first quarter. Morgan Stanley now owns 1,344,234 shares of the medical equipment provider’s stock valued at $96,744,000 after buying an additional 549,279 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in ResMed by 4.6% in the first quarter. Vanguard Group Inc. now owns 11,535,707 shares of the medical equipment provider’s stock valued at $830,225,000 after buying an additional 508,392 shares during the last quarter. 60.66% of the stock is currently owned by hedge funds and other institutional investors.
ResMed Inc is a holding company. The Company is engaged in the development, manufacturing, distribution and marketing of medical devices and cloud-based software applications that diagnose, treat and manage respiratory disorders, including sleep disordered breathing (SDB), chronic obstructive pulmonary disease (COPD), neuromuscular disease and other diseases.
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