Key Points
- ResMed director Peter Farrell sold 970 shares for approximately $227,688 under a pre-arranged Rule 10b5-1 trading plan, reducing his direct stake by 1.84% to 51,803 shares.
- ResMed’s latest quarterly results exceeded expectations, with earnings of $2.95 per share and revenue of $1.46 billion, while revenue increased 8.6% year over year.
- The company raised its quarterly dividend to $0.66 per share, or $2.64 annualized. Analysts maintain a consensus “Hold” rating, with an average price target of $240.31.
ResMed Inc. (NYSE:RMD - Get Free Report) Director Peter Farrell sold 970 shares of the company's stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $234.73, for a total value of $227,688.10. Following the completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
ResMed Stock Performance
Shares of NYSE:RMD opened at $228.25 on Friday. The business's 50-day simple moving average is $215.51 and its 200 day simple moving average is $218.22. The company has a market cap of $32.93 billion, a P/E ratio of 21.88, a PEG ratio of 1.44 and a beta of 0.77. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.42 and a current ratio of 3.10. ResMed Inc. has a one year low of $180.26 and a one year high of $284.87.
ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share for the quarter, topping analysts' consensus estimates of $2.89 by $0.06. ResMed had a return on equity of 25.58% and a net margin of 26.94%.The firm had revenue of $1.46 billion during the quarter, compared to analysts' expectations of $1.46 billion. During the same quarter in the prior year, the business earned $2.55 EPS. ResMed's quarterly revenue was up 8.6% compared to the same quarter last year. On average, sell-side analysts forecast that ResMed Inc. will post 12.03 earnings per share for the current fiscal year.
ResMed Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, August 20th will be paid a $0.66 dividend. This represents a $2.64 annualized dividend and a dividend yield of 1.2%. This is a boost from ResMed's previous quarterly dividend of $0.60. The ex-dividend date is Thursday, August 20th. ResMed's payout ratio is currently 25.31%.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in RMD. California State Teachers Retirement System increased its stake in shares of ResMed by 19,648.1% during the second quarter. California State Teachers Retirement System now owns 43,963,369 shares of the medical equipment provider's stock valued at $8,567,581,000 after acquiring an additional 43,740,748 shares during the period. BlackRock Inc. acquired a new position in shares of ResMed during the 2nd quarter valued at $2,400,375,000. State Street Corp increased its position in shares of ResMed by 1.2% during the 4th quarter. State Street Corp now owns 6,625,408 shares of the medical equipment provider's stock valued at $1,595,862,000 after purchasing an additional 76,244 shares during the period. Bank of New York Mellon Corp raised its stake in shares of ResMed by 0.7% in the 1st quarter. Bank of New York Mellon Corp now owns 4,925,386 shares of the medical equipment provider's stock worth $1,105,651,000 after buying an additional 34,732 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in ResMed by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 4,302,906 shares of the medical equipment provider's stock valued at $1,032,877,000 after buying an additional 51,218 shares in the last quarter. 54.98% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
RMD has been the subject of a number of recent analyst reports. Weiss Ratings raised shares of ResMed from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 11th. Piper Sandler decreased their price objective on shares of ResMed from $233.00 to $225.00 and set a "neutral" rating for the company in a research report on Friday, August 7th. UBS Group restated a "buy" rating and set a $300.00 target price on shares of ResMed in a research note on Tuesday, July 21st. KeyCorp boosted their price target on ResMed from $255.00 to $267.00 and gave the stock an "overweight" rating in a research note on Monday. Finally, Morgan Stanley restated an "equal weight" rating and issued a $230.00 target price (down from $286.00) on shares of ResMed in a research note on Wednesday, June 17th. Six investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $240.31.
Read Our Latest Stock Report on RMD
About ResMed
(
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.
Further Reading
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