ResMed Inc. (NYSE:RMD) CEO Sells $1,948,029.07 in Stock

ResMed Inc. (NYSE:RMD) CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $243.23, for a total transaction of $1,948,029.07. Following the sale, the chief executive officer now directly owns 455,503 shares in the company, valued at $110,791,994.69. This trade represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

ResMed Trading Up 0.8%

Shares of NYSE:RMD opened at $245.12 on Monday. ResMed Inc. has a 12 month low of $179.42 and a 12 month high of $263.05. The company has a quick ratio of 2.29, a current ratio of 3.33 and a debt-to-equity ratio of 0.13. The company’s fifty day simple moving average is $223.37 and its 200 day simple moving average is $234.04. The firm has a market cap of $35.94 billion, a price-to-earnings ratio of 28.94, a PEG ratio of 1.53 and a beta of 0.78.

ResMed (NYSE:RMD) last issued its quarterly earnings data on Wednesday, April 23rd. The medical equipment provider reported $2.37 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.01. ResMed had a net margin of 25.34% and a return on equity of 26.17%. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same period last year, the business posted $2.13 earnings per share. The firm’s quarterly revenue was up 7.9% on a year-over-year basis. As a group, research analysts forecast that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Thursday, May 8th will be issued a dividend of $0.53 per share. The ex-dividend date is Thursday, May 8th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.86%. ResMed’s payout ratio is 23.79%.

Institutional Investors Weigh In On ResMed

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Franklin Resources Inc. increased its stake in ResMed by 56.5% in the 3rd quarter. Franklin Resources Inc. now owns 174,113 shares of the medical equipment provider’s stock valued at $41,909,000 after buying an additional 62,882 shares during the last quarter. Principal Financial Group Inc. increased its stake in ResMed by 2.9% in the 3rd quarter. Principal Financial Group Inc. now owns 186,776 shares of the medical equipment provider’s stock valued at $45,596,000 after buying an additional 5,284 shares during the last quarter. Harbor Capital Advisors Inc. increased its stake in ResMed by 2.6% in the 4th quarter. Harbor Capital Advisors Inc. now owns 3,107 shares of the medical equipment provider’s stock valued at $711,000 after buying an additional 80 shares during the last quarter. Czech National Bank increased its stake in ResMed by 6.3% in the 4th quarter. Czech National Bank now owns 31,829 shares of the medical equipment provider’s stock valued at $7,279,000 after buying an additional 1,898 shares during the last quarter. Finally, Wedmont Private Capital increased its stake in ResMed by 2.6% in the 4th quarter. Wedmont Private Capital now owns 2,032 shares of the medical equipment provider’s stock valued at $475,000 after buying an additional 52 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RMD has been the topic of several research analyst reports. KeyCorp set a $274.00 price target on shares of ResMed in a research note on Thursday, April 24th. Royal Bank of Canada raised their price objective on shares of ResMed from $247.00 to $255.00 and gave the company a “sector perform” rating in a research note on Thursday, April 24th. Piper Sandler reduced their price objective on shares of ResMed from $260.00 to $248.00 and set a “neutral” rating on the stock in a research note on Thursday, April 24th. JPMorgan Chase & Co. raised their price objective on shares of ResMed from $286.00 to $290.00 and gave the company an “overweight” rating in a research note on Thursday, April 24th. Finally, Morgan Stanley started coverage on shares of ResMed in a research note on Wednesday, March 19th. They issued an “overweight” rating and a $280.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, ResMed has a consensus rating of “Moderate Buy” and an average price target of $258.83.

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.