ResMed Inc. $RMD Shares Sold by Ritholtz Wealth Management

Ritholtz Wealth Management lessened its holdings in shares of ResMed Inc. (NYSE:RMD) by 74.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,590 shares of the medical equipment provider’s stock after selling 7,521 shares during the period. Ritholtz Wealth Management’s holdings in ResMed were worth $668,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RMD. Golden State Wealth Management LLC grew its holdings in ResMed by 384.8% during the first quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider’s stock worth $36,000 after acquiring an additional 127 shares during the period. Zions Bancorporation National Association UT purchased a new position in shares of ResMed in the first quarter valued at $45,000. Groupe la Francaise purchased a new position in shares of ResMed in the first quarter valued at $45,000. Harbour Investments Inc. increased its position in shares of ResMed by 264.2% in the second quarter. Harbour Investments Inc. now owns 244 shares of the medical equipment provider’s stock valued at $63,000 after buying an additional 177 shares in the last quarter. Finally, Larson Financial Group LLC increased its position in shares of ResMed by 926.7% in the first quarter. Larson Financial Group LLC now owns 308 shares of the medical equipment provider’s stock valued at $69,000 after buying an additional 278 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RMD. Stifel Nicolaus raised their price target on ResMed from $240.00 to $270.00 and gave the company a “hold” rating in a research report on Friday, August 1st. Mizuho raised their price target on ResMed from $270.00 to $290.00 and gave the company an “outperform” rating in a research report on Friday, August 1st. William Blair upgraded ResMed to a “strong-buy” rating in a research report on Friday, August 1st. Piper Sandler raised their price target on ResMed from $248.00 to $270.00 and gave the company a “neutral” rating in a research report on Friday, August 1st. Finally, CLSA upgraded ResMed from a “hold” rating to an “outperform” rating in a research report on Tuesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $292.91.

ResMed Stock Down 0.8%

RMD opened at $267.96 on Friday. 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 market cap of $39.11 billion, a P/E ratio of 28.18, a PEG ratio of 1.79 and a beta of 0.83. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $293.81. The business’s fifty day simple moving average is $277.13 and its 200 day simple moving average is $257.36.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.08. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period last year, the company earned $2.08 EPS. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. As a group, equities research analysts anticipate that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Thursday, August 14th. This is a positive change from ResMed’s previous quarterly dividend of $0.53. ResMed’s dividend payout ratio is 25.24%.

Insiders Place Their Bets

In other ResMed news, Director John Hernandez sold 2,575 shares of the firm’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $287.10, for a total value of $739,282.50. Following the sale, the director directly owned 4,045 shares of the company’s stock, valued at approximately $1,161,319.50. This trade represents a 38.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Michael J. Rider sold 100 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $274.36, for a total value of $27,436.00. Following the completion of the sale, the general counsel directly owned 11,327 shares in the company, valued at approximately $3,107,675.72. The trade was a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,743 shares of company stock valued at $5,284,514. Insiders own 0.65% of the company’s stock.

ResMed Company 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.