W.G. Shaheen & Associates DBA Whitney & Co Increases Stock Position in ResMed Inc. $RMD

W.G. Shaheen & Associates DBA Whitney & Co lifted its stake in ResMed Inc. (NYSE:RMD) by 2.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 53,531 shares of the medical equipment provider’s stock after purchasing an additional 1,043 shares during the period. ResMed accounts for about 1.4% of W.G. Shaheen & Associates DBA Whitney & Co’s investment portfolio, making the stock its 24th biggest holding. W.G. Shaheen & Associates DBA Whitney & Co’s holdings in ResMed were worth $13,811,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of RMD. Zions Bancorporation National Association UT purchased a new stake in shares of ResMed in the 1st quarter worth about $45,000. Groupe la Francaise purchased a new stake in shares of ResMed in the 1st quarter worth about $45,000. Harbour Investments Inc. lifted its position in shares of ResMed by 264.2% in the 2nd quarter. Harbour Investments Inc. now owns 244 shares of the medical equipment provider’s stock worth $63,000 after purchasing an additional 177 shares during the period. Larson Financial Group LLC lifted its position in shares of ResMed by 926.7% in the 1st quarter. Larson Financial Group LLC now owns 308 shares of the medical equipment provider’s stock worth $69,000 after purchasing an additional 278 shares during the period. Finally, Quarry LP lifted its position in shares of ResMed by 141.1% in the 1st quarter. Quarry LP now owns 311 shares of the medical equipment provider’s stock worth $70,000 after purchasing an additional 182 shares during the period. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Stock Down 2.2%

NYSE:RMD opened at $246.67 on Monday. The firm has a market cap of $36.00 billion, a P/E ratio of 25.94, a P/E/G ratio of 1.75 and a beta of 0.83. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.81. The firm has a 50-day simple moving average of $271.78 and a two-hundred day simple moving average of $261.43.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, October 30th. The medical equipment provider reported $2.55 earnings per share for the quarter, beating analysts’ consensus estimates of $2.49 by $0.06. The business had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 25.62%. ResMed’s revenue was up 9.1% compared to the same quarter last year. During the same period last year, the business earned $2.20 EPS. Analysts predict that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 18th. Shareholders of record on Thursday, November 13th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Thursday, November 13th. ResMed’s dividend payout ratio (DPR) is currently 24.56%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on RMD. Wells Fargo & Company began coverage on shares of ResMed in a research report on Monday, October 13th. They issued an “equal weight” rating and a $280.00 target price for the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of ResMed in a research note on Wednesday, October 8th. Morgan Stanley set a $305.00 price target on shares of ResMed in a research note on Friday. Piper Sandler increased their price target on shares of ResMed from $248.00 to $270.00 and gave the stock a “neutral” rating in a research note on Friday, August 1st. Finally, CLSA upgraded shares of ResMed from a “hold” rating to an “outperform” rating in a research note on Tuesday, September 2nd. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $297.20.

Insider Buying and Selling at ResMed

In other news, CEO Michael J. Farrell sold 8,009 shares of the firm’s stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $282.85, for a total transaction of $2,265,345.65. Following the sale, the chief executive officer owned 467,792 shares of the company’s stock, valued at $132,314,967.20. This trade represents a 1.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Michael J. Rider sold 100 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total transaction of $27,436.00. Following 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 position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 18,693 shares of company stock worth $5,270,419. 0.65% of the stock is owned by corporate insiders.

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.