Passumpsic Savings Bank Invests $2.16 Million in ResMed Inc. $RMD

Passumpsic Savings Bank purchased a new position in shares of ResMed Inc. (NYSE:RMD) in the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 8,952 shares of the medical equipment provider’s stock, valued at approximately $2,156,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. North Dakota State Investment Board bought a new position in ResMed in the 4th quarter worth about $1,206,000. Elyxium Wealth LLC bought a new position in ResMed in the 4th quarter worth about $44,000. iA Global Asset Management Inc. boosted its stake in ResMed by 15.3% in the 4th quarter. iA Global Asset Management Inc. now owns 11,250 shares of the medical equipment provider’s stock worth $2,710,000 after purchasing an additional 1,496 shares during the period. Canada Post Corp Registered Pension Plan boosted its stake in ResMed by 22.7% in the 4th quarter. Canada Post Corp Registered Pension Plan now owns 6,304 shares of the medical equipment provider’s stock worth $1,518,000 after purchasing an additional 1,168 shares during the period. Finally, Dana Investment Advisors Inc. boosted its stake in ResMed by 4.1% in the 4th quarter. Dana Investment Advisors Inc. now owns 27,826 shares of the medical equipment provider’s stock worth $6,702,000 after purchasing an additional 1,102 shares during the period. Institutional investors own 54.98% of the company’s stock.

Wall Street Analyst Weigh In

RMD has been the subject of several analyst reports. Wall Street Zen downgraded ResMed from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. Weiss Ratings downgraded ResMed from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, March 19th. Wells Fargo & Company cut their target price on ResMed from $270.00 to $227.00 and set an “equal weight” rating for the company in a research note on Friday, May 1st. Piper Sandler raised their target price on ResMed from $270.00 to $275.00 and gave the stock a “neutral” rating in a research note on Friday, January 30th. Finally, JPMorgan Chase & Co. initiated coverage on ResMed in a research note on Wednesday, April 15th. They issued an “overweight” rating for the company. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $286.18.

Insider Activity at ResMed

In other news, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total transaction of $450,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Michael J. Farrell sold 4,991 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $251.03, for a total value of $1,252,890.73. Following the transaction, the chief executive officer directly owned 466,223 shares in the company, valued at $117,035,959.69. This trade represents a 1.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 18,973 shares of company stock worth $4,386,031 over the last three months. Insiders own 0.65% of the company’s stock.

ResMed Price Performance

Shares of ResMed stock opened at $202.03 on Monday. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.01 and a quick ratio of 2.33. The business’s 50 day simple moving average is $223.93 and its two-hundred day simple moving average is $242.41. The stock has a market capitalization of $29.43 billion, a P/E ratio of 19.48, a price-to-earnings-growth ratio of 1.29 and a beta of 0.84. ResMed Inc. has a one year low of $198.61 and a one year high of $293.81.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, topping analysts’ consensus estimates of $2.79 by $0.07. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the previous year, the firm earned $2.37 EPS. The business’s quarterly revenue was up 10.8% on a year-over-year basis. Analysts forecast that ResMed Inc. will post 11.13 EPS for the current year.

ResMed Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Thursday, May 14th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, May 14th. This represents a $2.40 annualized dividend and a dividend yield of 1.2%. ResMed’s payout ratio is 23.14%.

About ResMed

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.