Key Points
- ResMed CEO Michael Farrell sold 4,991 shares worth about $1.04 million in a pre-arranged Rule 10b5-1 transaction, reducing his ownership by 1.06%.
- The stock was trading lower, opening at $198.87, near its 12-month low of $198.61 and well below its 50-day and 200-day moving averages.
- Despite the recent pullback, ResMed beat quarterly expectations with EPS of $2.86 on revenue of $1.43 billion, and it also announced a quarterly dividend of $0.60 per share.
ResMed Inc. (NYSE:RMD - Get Free Report) CEO Michael Farrell sold 4,991 shares of the business's stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $207.82, for a total value of $1,037,229.62. Following the transaction, the chief executive officer owned 466,223 shares of the company's stock, valued at approximately $96,890,463.86. This trade represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
ResMed Trading Down 3.8%
Shares of NYSE:RMD opened at $198.87 on Tuesday. The stock has a 50 day moving average of $228.34 and a 200 day moving average of $244.10. The company has a market cap of $28.97 billion, a PE ratio of 19.18, a price-to-earnings-growth ratio of 1.32 and a beta of 0.84. The company has a current ratio of 3.01, a quick ratio of 2.33 and a debt-to-equity ratio of 0.06. ResMed Inc. has a 12-month low of $198.61 and a 12-month high of $293.81.
ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.79 by $0.07. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The firm's revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.37 EPS. As a group, equities research analysts expect that ResMed Inc. will post 11.13 EPS for the current year.
ResMed Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Thursday, May 14th will be paid a dividend of $0.60 per share. The ex-dividend date is Thursday, May 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.2%. ResMed's payout ratio is 23.14%.
Analyst Ratings Changes
Several research analysts have weighed in on RMD shares. Stifel Nicolaus upped their price target on ResMed from $260.00 to $265.00 and gave the stock a "hold" rating in a research note on Friday, January 30th. KeyCorp dropped their price target on ResMed from $302.00 to $290.00 and set an "overweight" rating for the company in a research note on Monday, April 27th. Weiss Ratings downgraded ResMed from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, March 19th. Piper Sandler upped their price target on ResMed from $270.00 to $275.00 and gave the stock a "neutral" rating in a research note on Friday, January 30th. Finally, Citigroup dropped their price target on ResMed from $345.00 to $340.00 and set a "buy" rating for the company in a research note on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $286.18.
Get Our Latest Research Report on ResMed
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in RMD. Jones Financial Companies Lllp raised its holdings in shares of ResMed by 52.6% during the 1st quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider's stock worth $645,000 after acquiring an additional 994 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of ResMed during the 2nd quarter worth approximately $389,000. Brown Advisory Inc. raised its holdings in shares of ResMed by 17.8% during the 2nd quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider's stock worth $409,000 after acquiring an additional 240 shares in the last quarter. Cresset Asset Management LLC purchased a new stake in shares of ResMed during the 2nd quarter worth approximately $206,000. Finally, Alliancebernstein L.P. raised its holdings in shares of ResMed by 24.2% during the 2nd quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider's stock worth $73,808,000 after acquiring an additional 55,790 shares in the last quarter. 54.98% of the stock is currently owned by institutional investors.
ResMed Company Profile
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Get Free Report)
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.
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