NEOS Investment Management LLC Has $4.60 Million Holdings in ResMed Inc. $RMD

NEOS Investment Management LLC grew its holdings in shares of ResMed Inc. (NYSE:RMD) by 13.9% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 23,606 shares of the medical equipment provider’s stock after buying an additional 2,887 shares during the period. NEOS Investment Management LLC’s holdings in ResMed were worth $4,600,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of RMD. BlackRock Inc. acquired a new stake in ResMed in the second quarter worth $2,400,375,000. Bank of New York Mellon Corp acquired a new position in shares of ResMed during the second quarter valued at about $818,030,000. Deutsche Bank AG acquired a new position in shares of ResMed during the second quarter valued at about $257,692,000. First Trust Advisors LP boosted its position in shares of ResMed by 240.9% during the 4th quarter. First Trust Advisors LP now owns 1,517,592 shares of the medical equipment provider’s stock worth $365,542,000 after purchasing an additional 1,072,394 shares in the last quarter. Finally, Norges Bank bought a new position in shares of ResMed during the 4th quarter worth about $249,068,000. Institutional investors and hedge funds own 54.98% of the company’s stock.

Insiders Place Their Bets

In other ResMed news, Director Peter Farrell sold 970 shares of ResMed stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $234.73, for a total transaction of $227,688.10. Following the transaction, the director directly owned 51,803 shares of the company’s stock, valued at $12,159,718.19. The trade was a 1.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Farrell sold 4,991 shares of the company’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $205.69, for a total transaction of $1,026,598.79. Following the completion of the sale, the chief executive officer owned 466,256 shares of the company’s stock, valued at approximately $95,904,196.64. The trade was a 1.06% 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 sold a total of 18,952 shares of company stock valued at $4,145,070 over the last three months. 0.65% of the stock is currently owned by insiders.

ResMed Trading Down 0.0%

RMD opened at $228.25 on Monday. ResMed Inc. has a fifty-two week low of $180.26 and a fifty-two week high of $284.87. The firm has a market capitalization of $32.93 billion, a PE ratio of 21.88, a P/E/G ratio of 1.44 and a beta of 0.77. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 2.42. The company’s 50-day moving average is $215.51 and its 200 day moving average is $217.98.

ResMed (NYSE:RMD) last issued its quarterly earnings data 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 firm had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.46 billion. ResMed had a return on equity of 25.58% and a net margin of 26.94%.The company’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.55 EPS. As a group, research analysts predict that ResMed Inc. will post 12.02 earnings per share for the current fiscal year.

ResMed Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, August 20th will be issued a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a yield of 1.2%. This is an increase from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date is Thursday, August 20th. ResMed’s dividend payout ratio is currently 25.31%.

Analysts Set New Price Targets

RMD has been the subject of a number of research analyst reports. Royal Bank Of Canada boosted their target price on ResMed from $234.00 to $244.00 and gave the company a “sector perform” rating in a research report on Friday, August 7th. Piper Sandler cut their price target on ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a report on Friday, August 7th. KeyCorp raised their price objective on ResMed from $255.00 to $267.00 and gave the company an “overweight” rating in a research note on Monday, August 31st. Morgan Stanley restated an “equal weight” rating and set a $230.00 price objective (down from $286.00) on shares of ResMed in a report on Wednesday, June 17th. Finally, Citigroup reaffirmed a “neutral” rating and set a $235.00 target price (down from $270.00) on shares of ResMed in a research report on Sunday, July 12th. Six investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $240.31.

ResMed 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.