Empirical Asset Management LLC Takes $500,000 Position in ResMed Inc. $RMD

Empirical Asset Management LLC bought a new stake in shares of ResMed Inc. (NYSE:RMD) during the 2nd quarter, according to its most recent filing with the SEC. The firm bought 2,566 shares of the medical equipment provider’s stock, valued at approximately $500,000.

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

Insider Transactions at ResMed

In related news, 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 completion of the sale, the director directly owned 52,773 shares of the company’s stock, valued at $11,873,925. The trade was a 13.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 business’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $205.69, for a total value of $1,026,598.79. Following the completion of the sale, the chief executive officer directly owned 466,256 shares of the company’s stock, valued at approximately $95,904,196.64. This represents a 1.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 22,973 shares of company stock valued at $4,885,436 over the last quarter. Insiders own 0.65% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on RMD shares. Piper Sandler cut their price objective on shares of ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a report on Friday, August 7th. Jefferies Financial Group lowered their target price on ResMed from $240.00 to $225.00 and set a “hold” rating for the company in a research note on Friday, July 10th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of ResMed in a research report on Wednesday, July 1st. Wells Fargo & Company cut their price target on ResMed from $225.00 to $215.00 and set an “equal weight” rating on the stock in a research note on Friday, August 7th. Finally, KeyCorp reduced their price target on ResMed from $260.00 to $255.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Seven research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $240.17.

ResMed Trading Down 0.1%

RMD opened at $220.25 on Wednesday. ResMed Inc. has a 12-month low of $180.26 and a 12-month high of $293.81. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 2.42. The stock has a market capitalization of $31.95 billion, a PE ratio of 21.12, a P/E/G ratio of 1.41 and a beta of 0.76. The firm’s fifty day moving average price is $205.01 and its 200 day moving average price is $220.38.

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

ResMed Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders 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 is a positive change from ResMed’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a dividend yield of 1.2%. ResMed’s dividend payout ratio is 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.