ResMed Inc. $RMD Position Trimmed by Maridea Wealth Management LLC

Maridea Wealth Management LLC lessened its stake in shares of ResMed Inc. (NYSE:RMD) by 14.7% in the second quarter, according to its most recent filing with the SEC. The fund owned 1,243 shares of the medical equipment provider’s stock after selling 215 shares during the period. Maridea Wealth Management LLC’s holdings in ResMed were worth $321,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. ICW Investment Advisors LLC boosted its position in shares of ResMed by 0.4% in the 1st quarter. ICW Investment Advisors LLC now owns 11,394 shares of the medical equipment provider’s stock valued at $2,551,000 after purchasing an additional 41 shares during the period. Smartleaf Asset Management LLC raised its stake in ResMed by 3.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 1,222 shares of the medical equipment provider’s stock valued at $269,000 after purchasing an additional 46 shares during the period. E Fund Management Co. Ltd. grew its stake in ResMed by 2.8% during the 1st quarter. E Fund Management Co. Ltd. now owns 1,719 shares of the medical equipment provider’s stock valued at $385,000 after acquiring an additional 47 shares in the last quarter. CVA Family Office LLC lifted its position in ResMed by 29.8% in the 1st quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider’s stock worth $47,000 after buying an additional 48 shares in the last quarter. Finally, Central Pacific Bank Trust Division grew its stake in ResMed by 9.7% in the first quarter. Central Pacific Bank Trust Division now owns 565 shares of the medical equipment provider’s stock valued at $126,000 after purchasing an additional 50 shares in the last quarter. 54.98% of the stock is owned by institutional investors and hedge funds.

ResMed Stock Performance

NYSE RMD opened at $267.62 on Friday. The company has a market capitalization of $39.18 billion, a P/E ratio of 28.14, a P/E/G ratio of 1.84 and a beta of 0.85. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $293.81. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11. The firm has a 50-day moving average price of $277.50 and a two-hundred day moving average price of $251.34.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.47 by $0.08. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same period last year, the firm posted $2.08 earnings per share. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. Analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, August 14th were issued a dividend of $0.60 per share. This is a boost from ResMed’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $2.40 annualized dividend and a dividend yield of 0.9%. ResMed’s payout ratio is presently 25.24%.

Insider Activity at ResMed

In related news, Director John Hernandez sold 2,575 shares of the business’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $287.10, for a total value of $739,282.50. Following the sale, the director owned 4,045 shares of the company’s stock, valued at $1,161,319.50. The trade was a 38.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $279.48, for a total value of $2,238,355.32. Following the completion of the sale, the chief executive officer directly owned 455,503 shares of the company’s stock, valued at approximately $127,303,978.44. The trade was a 1.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,588 shares of company stock valued at $5,289,241 in the last 90 days. 0.71% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RMD. Wall Street Zen cut ResMed from a “buy” rating to a “hold” rating in a research report on Sunday, August 10th. Piper Sandler raised their price objective on shares of ResMed from $248.00 to $270.00 and gave the stock a “neutral” rating in a report on Friday, August 1st. KeyCorp lifted their target price on shares of ResMed from $274.00 to $298.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. UBS Group raised ResMed to a “strong-buy” rating in a research note on Tuesday, September 16th. Finally, Citigroup started coverage on ResMed in a research report on Thursday, September 18th. They set a “buy” rating and a $330.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, ResMed has an average rating of “Moderate Buy” and an average target price of $294.20.

ResMed Profile

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.