ResMed Inc. $RMD Shares Sold by Corient Private Wealth LP

Corient Private Wealth LP cut its stake in ResMed Inc. (NYSE:RMD) by 9.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 83,995 shares of the medical equipment provider’s stock after selling 8,507 shares during the period. Corient Private Wealth LP’s holdings in ResMed were worth $16,370,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of RMD. International Assets Investment Management LLC purchased a new stake in shares of ResMed during the 4th quarter worth approximately $25,000. Bell Investment Advisors Inc acquired a new stake in shares of ResMed in the 2nd quarter worth approximately $26,000. Reflection Asset Management purchased a new position in ResMed in the 4th quarter valued at approximately $34,000. Elyxium Wealth LLC purchased a new position in ResMed in the 4th quarter valued at approximately $44,000. Finally, Trust Co. of Vermont purchased a new position in ResMed in the 2nd quarter valued at approximately $39,000. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RMD has been the subject of several research reports. The Goldman Sachs Group reaffirmed a “buy” rating on shares of ResMed in a report on Wednesday, July 1st. UBS Group reissued a “buy” rating and issued a $300.00 target price on shares of ResMed in a report on Tuesday, July 21st. Wells Fargo & Company dropped their price target on ResMed from $225.00 to $215.00 and set an “equal weight” rating for the company in a research 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, Jefferies Financial Group decreased their price objective on shares of ResMed from $240.00 to $225.00 and set a “hold” rating on the stock in a research report on Friday, July 10th. Six analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $240.31.

Insider Buying and Selling at ResMed

In related news, Director Peter Farrell sold 970 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $234.73, for a total transaction of $227,688.10. Following the sale, the director owned 51,803 shares of the company’s stock, valued at $12,159,718.19. This trade represents a 1.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 ResMed stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $222.44, for a total value of $1,110,198.04. Following the sale, the chief executive officer owned 466,256 shares of the company’s stock, valued at approximately $103,713,984.64. This represents 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 23,943 shares of company stock worth $5,255,268 over the last 90 days. Company insiders own 0.65% of the company’s stock.

ResMed Trading Up 2.2%

Shares of ResMed stock opened at $223.05 on Tuesday. 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 Inc. has a 1 year low of $180.26 and a 1 year high of $284.87. The company has a market capitalization of $32.18 billion, a P/E ratio of 21.39, a P/E/G ratio of 1.38 and a beta of 0.77. The business has a 50 day moving average price of $217.48 and a 200 day moving average price of $216.49.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.89 by $0.06. The firm had revenue of $1.46 billion for 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%.ResMed’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.55 EPS. Sell-side analysts anticipate that ResMed Inc. will post 12.02 EPS for the current fiscal year.

ResMed Increases Dividend

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

ResMed Profile

ResMed Inc is a medical equipment and software company that develops products and services for the diagnosis and treatment of sleep-disordered breathing and other respiratory conditions. Its offerings include continuous positive airway pressure (CPAP) and other positive airway pressure devices, masks, ventilation systems, oxygen-related solutions, and connected health technologies.

The company also provides cloud-based software and digital health platforms that help clinicians, home medical equipment providers, and patients monitor therapy, manage equipment, and support adherence to treatment.