Ieq Capital LLC Acquires New Position in ResMed Inc. $RMD

Ieq Capital LLC acquired a new stake in ResMed Inc. (NYSE:RMD) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 9,387 shares of the medical equipment provider’s stock, valued at approximately $1,829,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RMD. Imprint Wealth LLC acquired a new stake in ResMed during the third quarter valued at $26,000. WFA of San Diego LLC acquired a new position in ResMed in the 2nd quarter worth about $26,000. International Assets Investment Management LLC purchased a new stake in shares of ResMed during the 4th quarter worth about $25,000. Sunbelt Securities Inc. acquired a new stake in shares of ResMed during the 3rd quarter valued at about $31,000. Finally, Bell Investment Advisors Inc acquired a new stake in shares of ResMed during the 2nd quarter valued at about $26,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Transactions at ResMed

In related news, CEO Michael J. Farrell sold 4,991 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $205.69, for a total transaction of $1,026,598.79. Following the completion of the transaction, the chief executive officer owned 466,256 shares of the company’s stock, valued at approximately $95,904,196.64. The trade was a 1.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 8,000 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total value of $1,800,000.00. Following the transaction, the director directly owned 52,773 shares of the company’s stock, valued at $11,873,925. This represents a 13.16% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 22,973 shares of company stock valued at $4,885,436 over the last 90 days. Corporate insiders own 0.65% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. KeyCorp dropped their price objective on ResMed from $260.00 to $255.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Wells Fargo & Company decreased their target price on shares of ResMed from $225.00 to $215.00 and set an “equal weight” rating for the company in a research report on Friday, August 7th. 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 note on Friday, July 10th. Piper Sandler reduced their price objective on shares of ResMed from $233.00 to $225.00 and set a “neutral” rating for the company in a research note on Friday, August 7th. Finally, Rothschild & Co Redburn began coverage on shares of ResMed in a report on Wednesday, August 19th. They issued a “neutral” rating and a $230.00 price objective for the company. Seven investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, ResMed currently has a consensus rating of “Hold” and an average price target of $239.38.

ResMed Trading Up 1.7%

Shares of RMD stock opened at $236.36 on Wednesday. ResMed Inc. has a 12 month low of $180.26 and a 12 month high of $286.91. The company has a quick ratio of 2.42, a current ratio of 3.10 and a debt-to-equity ratio of 0.06. The business’s 50 day moving average is $208.86 and its two-hundred day moving average is $219.51. The company has a market cap of $34.09 billion, a PE ratio of 22.66, a price-to-earnings-growth ratio of 1.46 and a beta of 0.76.

ResMed (NYSE:RMD) last issued its quarterly earnings data on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share for the quarter, topping analysts’ consensus estimates of $2.89 by $0.06. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The business had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same period in the previous year, the company earned $2.55 earnings per share. ResMed’s revenue for the quarter was up 8.6% on a year-over-year basis. Equities analysts predict that ResMed Inc. will post 12.03 EPS for the current year.

ResMed Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th will be given a dividend of $0.66 per share. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $2.64 dividend on an annualized basis and a yield of 1.1%. This is a positive change from ResMed’s previous quarterly dividend of $0.60. ResMed’s dividend payout ratio (DPR) is presently 25.31%.

ResMed 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.