Commerce Bank Invests $1.49 Million in ResMed Inc. $RMD

Commerce Bank bought a new position in ResMed Inc. (NYSE:RMD) during the second quarter, Holdings Channel reports. The fund bought 7,647 shares of the medical equipment provider’s stock, valued at approximately $1,490,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. International Assets Investment Management LLC purchased a new stake in shares of ResMed during the fourth quarter valued at $25,000. Bell Investment Advisors Inc purchased a new position in ResMed in the 2nd quarter worth about $26,000. Imprint Wealth LLC purchased a new position in ResMed in the 3rd quarter worth about $26,000. WFA of San Diego LLC acquired a new stake in ResMed during the 2nd quarter worth about $26,000. Finally, Sunbelt Securities Inc. acquired a new stake in ResMed during the 3rd quarter worth about $31,000. 54.98% of the stock is owned by institutional investors and hedge funds.

ResMed Stock Performance

RMD stock opened at $236.36 on Wednesday. The firm has a 50 day simple moving average of $208.86 and a 200 day simple moving average of $219.51. ResMed Inc. has a 52 week low of $180.26 and a 52 week high of $286.91. The stock has a market cap of $34.09 billion, a P/E ratio of 22.66, a P/E/G ratio of 1.46 and a beta of 0.76. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.42 and a current ratio of 3.10.

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. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The firm had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same quarter in the prior year, the business earned $2.55 EPS. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. Research analysts anticipate that ResMed Inc. will post 12.03 earnings per share for the current fiscal year.

ResMed Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Investors 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 dividend on an annualized basis and a yield of 1.1%. ResMed’s payout ratio is 25.31%.

Analysts Set New Price Targets

Several brokerages have commented on RMD. Robert W. Baird set a $213.00 target price on shares of ResMed in a report on Friday, August 7th. Royal Bank Of Canada upped their price target on shares of ResMed from $234.00 to $244.00 and gave the company a “sector perform” rating in a research report on Friday, August 7th. Citigroup reaffirmed a “neutral” rating and issued a $235.00 price objective (down from $270.00) on shares of ResMed in a research note on Sunday, July 12th. Piper Sandler lowered their price objective on shares of ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a research report on Friday, August 7th. Finally, Weiss Ratings raised shares of ResMed from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Seven investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $239.38.

Insider Transactions at ResMed

In other news, Director Peter C. Farrell sold 8,000 shares of the firm’s stock in a transaction dated 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 sale, the director directly owned 52,773 shares of the company’s stock, valued at $11,873,925. This trade represents a 13.16% decrease in their position. The transaction was disclosed in a document filed 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, CEO Michael J. Farrell sold 4,991 shares of ResMed 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 sale, the chief executive officer 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 22,973 shares of company stock worth $4,885,436 in the last 90 days. Corporate 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.