Westpac Banking Corp Purchases Shares of 21,568 ResMed Inc. $RMD

Westpac Banking Corp purchased a new stake in shares of ResMed Inc. (NYSE:RMD) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 21,568 shares of the medical equipment provider’s stock, valued at approximately $4,203,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Imprint Wealth LLC purchased a new stake in ResMed in the 3rd quarter worth approximately $26,000. WFA of San Diego LLC purchased a new position in shares of ResMed during the second quarter valued at approximately $26,000. International Assets Investment Management LLC bought a new position in shares of ResMed during the fourth quarter valued at approximately $25,000. Sunbelt Securities Inc. bought a new position in shares of ResMed during the third quarter valued at approximately $31,000. Finally, Bell Investment Advisors Inc purchased a new stake in ResMed in the second quarter worth $26,000. 54.98% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RMD. Wells Fargo & Company cut their target price on shares of ResMed from $225.00 to $215.00 and set an “equal weight” rating on the stock in a research note on Friday, August 7th. Morgan Stanley restated an “equal weight” rating and issued a $230.00 price objective (down from $286.00) on shares of ResMed in a report on Wednesday, June 17th. Mizuho reduced their target price on ResMed from $235.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday, July 15th. 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. Finally, Weiss Ratings upgraded ResMed from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. Seven research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, ResMed presently has an average rating of “Hold” and an average price target of $239.38.

ResMed Stock Up 1.4%

RMD stock opened at $231.62 on Friday. The stock has a market capitalization of $33.41 billion, a P/E ratio of 22.21, a P/E/G ratio of 1.43 and a beta of 0.76. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 2.42. ResMed Inc. has a 1-year low of $180.26 and a 1-year high of $293.81. The business has a fifty day moving average price of $207.22 and a 200-day moving average price of $220.07.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share for the quarter, beating the consensus estimate of $2.89 by $0.06. The firm had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.46 billion. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the company earned $2.55 earnings per share. Equities analysts forecast that ResMed Inc. will post 12.03 earnings per share for the current fiscal 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 paid a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Thursday, August 20th. This is a positive change from ResMed’s previous quarterly dividend of $0.60. ResMed’s dividend payout ratio (DPR) is 25.31%.

Insider Activity at ResMed

In other 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 value of $1,026,598.79. Following the transaction, the chief executive officer directly owned 466,256 shares in the company, valued at $95,904,196.64. The trade was a 1.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 on Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the completion of the transaction, the director directly owned 52,773 shares in the company, valued at $11,873,925. This trade represents a 13.16% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 22,973 shares of company stock worth $4,885,436 in the last ninety days. Insiders own 0.65% of the company’s stock.

ResMed Company 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.