State of Wyoming Invests $446,000 in ResMed Inc. $RMD

State of Wyoming purchased a new position in shares of ResMed Inc. (NYSE:RMD) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,288 shares of the medical equipment provider’s stock, valued at approximately $446,000.

A number of other hedge funds have also recently added to or reduced their stakes in RMD. Hsbc Holdings PLC boosted its position in shares of ResMed by 17.6% during the 4th quarter. Hsbc Holdings PLC now owns 328,785 shares of the medical equipment provider’s stock worth $79,321,000 after purchasing an additional 49,253 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of ResMed by 13.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 979,087 shares of the medical equipment provider’s stock valued at $235,833,000 after purchasing an additional 118,296 shares in the last quarter. Fideuram Asset Management Ireland dac acquired a new stake in shares of ResMed in the fourth quarter valued at about $4,712,000. Legal & General Group Plc lifted its stake in shares of ResMed by 3.6% in the fourth quarter. Legal & General Group Plc now owns 992,527 shares of the medical equipment provider’s stock valued at $239,070,000 after purchasing an additional 34,317 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in ResMed by 23.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 23,810 shares of the medical equipment provider’s stock worth $5,735,000 after buying an additional 4,541 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

ResMed Price Performance

ResMed stock opened at $220.37 on Tuesday. ResMed Inc. has a 12-month low of $180.26 and a 12-month high of $293.81. The stock has a market capitalization of $31.97 billion, a P/E ratio of 21.13, a P/E/G ratio of 1.41 and a beta of 0.76. The firm’s 50-day moving average is $204.54 and its two-hundred day moving average is $220.64. 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 (NYSE:RMD) last issued its quarterly earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 EPS for the quarter, topping analysts’ consensus estimates of $2.89 by $0.06. The business had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.46 billion. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.55 earnings per share. Equities analysts predict that ResMed Inc. will post 12.03 earnings per share for the current 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 $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, August 20th. This is an increase from ResMed’s previous quarterly dividend of $0.60. ResMed’s dividend payout ratio is presently 23.01%.

Insider Activity at ResMed

In other ResMed news, 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 value of $1,800,000.00. Following the completion of the transaction, the director directly owned 52,773 shares in the company, valued at approximately $11,873,925. The trade was a 13.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible 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 firm’s stock in a transaction on 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 sale, the chief executive officer owned 466,256 shares in the company, valued at $95,904,196.64. This trade represents a 1.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 22,973 shares of company stock valued at $4,885,436 over the last ninety days. 0.65% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Wells Fargo & Company lowered 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 report on Friday, August 7th. Piper Sandler decreased their price target on ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a research note on Friday, August 7th. Robert W. Baird set a $213.00 price target on ResMed in a report on Friday, August 7th. Weiss Ratings raised ResMed from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Finally, Mizuho dropped their price objective on ResMed from $235.00 to $220.00 and set an “outperform” rating for the company in a research note on Wednesday, July 15th. Seven research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $240.17.

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.