Meeder Advisory Services Inc. Takes $442,000 Position in ResMed Inc. $RMD

Meeder Advisory Services Inc. acquired a new position in shares of ResMed Inc. (NYSE:RMD) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,268 shares of the medical equipment provider’s stock, valued at approximately $442,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. International Assets Investment Management LLC purchased a new stake in ResMed in the fourth quarter valued at approximately $25,000. Bell Investment Advisors Inc purchased a new position in ResMed in the 2nd quarter worth approximately $26,000. Imprint Wealth LLC purchased a new position in ResMed in the 3rd quarter worth approximately $26,000. WFA of San Diego LLC bought a new position in shares of ResMed in the 2nd quarter worth $26,000. Finally, Sunbelt Securities Inc. bought a new position in shares of ResMed in the 3rd quarter worth $31,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

ResMed Price Performance

Shares of ResMed stock opened at $228.81 on Friday. ResMed Inc. has a 52-week low of $180.26 and a 52-week high of $293.81. The stock has a market capitalization of $33.01 billion, a price-to-earnings ratio of 21.94, a price-to-earnings-growth ratio of 1.45 and a beta of 0.76. The company has a fifty day moving average of $206.48 and a 200-day moving average of $219.98. 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 (NYSE:RMD) last issued its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 EPS for the quarter, topping analysts’ consensus estimates of $2.89 by $0.06. The company had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.46 billion. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The firm’s revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.55 EPS. Equities research analysts expect that ResMed Inc. will post 12.03 EPS for the current year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, August 20th will be paid a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.2%. This is an increase from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Thursday, August 20th. ResMed’s payout ratio is 23.01%.

Insider Activity

In related news, Director Peter C. 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 completion of the sale, the director directly owned 52,773 shares in the company, valued at $11,873,925. This represents a 13.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $205.69, for a total value of $1,026,598.79. Following the transaction, the chief executive officer owned 466,256 shares in the company, valued at approximately $95,904,196.64. The trade was a 1.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 22,973 shares of company stock worth $4,885,436. Company insiders own 0.65% of the company’s stock.

Analyst Ratings Changes

RMD has been the subject of a number of research analyst reports. Piper Sandler dropped their price objective on shares of ResMed from $233.00 to $225.00 and set a “neutral” rating for the company in a report on Friday, August 7th. Robert W. Baird set a $213.00 target price on ResMed in a research note on Friday, August 7th. Wells Fargo & Company lowered their price target on ResMed from $225.00 to $215.00 and set an “equal weight” rating on the stock in a research report on Friday, August 7th. Rothschild & Co Redburn started coverage on ResMed in a research note on Wednesday. They set a “neutral” rating and a $230.00 price target for the company. Finally, KeyCorp dropped their price target on ResMed from $260.00 to $255.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Seven research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $239.38.

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.