ResMed Inc. $RMD Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. decreased its holdings in shares of ResMed Inc. (NYSE:RMD) by 28.9% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 3,587 shares of the medical equipment provider’s stock after selling 1,458 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in ResMed were worth $925,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Golden State Wealth Management LLC boosted its stake in shares of 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 buying an additional 127 shares during the period. Zions Bancorporation National Association UT acquired a new stake in shares of ResMed during the first quarter worth about $45,000. Groupe la Francaise acquired a new stake in shares of ResMed during the first quarter worth about $45,000. Larson Financial Group LLC boosted its stake in shares of ResMed by 926.7% during the first quarter. Larson Financial Group LLC now owns 308 shares of the medical equipment provider’s stock worth $69,000 after buying an additional 278 shares during the period. Finally, Quarry LP boosted its stake in shares of ResMed by 141.1% during the first quarter. Quarry LP now owns 311 shares of the medical equipment provider’s stock worth $70,000 after buying an additional 182 shares during the period. Institutional investors and hedge funds own 54.98% of the company’s stock.

ResMed Trading Down 0.8%

Shares of ResMed stock opened at $267.96 on Monday. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $293.81. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11. The stock has a market cap of $39.11 billion, a PE ratio of 28.18, a price-to-earnings-growth ratio of 1.79 and a beta of 0.83. The company has a 50-day moving average of $277.13 and a two-hundred day moving average of $257.67.

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

ResMed Increases Dividend

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

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 that occurred on 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 completion of the transaction, the chief executive officer directly 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 document filed with the SEC, which is available at this hyperlink. Also, Director John Hernandez sold 2,575 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $287.10, for a total transaction of $739,282.50. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,743 shares of company stock valued at $5,284,514. Corporate insiders own 0.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. KeyCorp increased their target price on shares of ResMed from $274.00 to $298.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. UBS Group raised shares of ResMed to a “strong-buy” rating in a report on Tuesday, September 16th. Royal Bank Of Canada increased their price target on shares of ResMed from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. William Blair raised shares of ResMed to a “strong-buy” rating in a report on Friday, August 1st. Finally, Wells Fargo & Company began coverage on shares of ResMed in a report on Monday, October 13th. They set an “equal weight” rating and a $280.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $292.91.

ResMed 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.