Key Points
- Insider sale: ResMed General Counsel Michael Rider sold 400 shares at an average price of $255, generating $102,000. The transaction, conducted under a Rule 10b5-1 plan, reduced his holdings by 3.15% to 12,318 shares.
- Financial performance: ResMed reported quarterly earnings of $2.95 per share, exceeding estimates by $0.06, while revenue reached $1.46 billion and increased 8.6% year over year.
- Dividend and analyst view: The company raised its quarterly dividend from $0.60 to $0.66, equivalent to a 1.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $243.23.
ResMed Inc. (NYSE:RMD - Get Free Report) General Counsel Michael Rider sold 400 shares of the firm's stock in a transaction that occurred on Friday, October 23rd. The stock was sold at an average price of $255.00, for a total transaction of $102,000.00. Following the completion of the sale, the general counsel owned 12,318 shares in the company, valued at $3,141,090. This represents a 3.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
ResMed Trading Up 0.2%
NYSE:RMD opened at $253.43 on Tuesday. The company has a current ratio of 3.10, a quick ratio of 2.42 and a debt-to-equity ratio of 0.06. ResMed Inc. has a 12 month low of $180.26 and a 12 month high of $277.67. The company has a market cap of $35.64 billion, a PE ratio of 22.64, a price-to-earnings-growth ratio of 1.55 and a beta of 0.75. The company has a 50 day simple moving average of $229.63 and a two-hundred day simple moving average of $225.54.
ResMed (NYSE:RMD - Get Free Report) last announced its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share for the quarter, beating analysts' consensus estimates of $2.89 by $0.06. The business had revenue of $1.46 billion during the quarter, compared to analyst estimates 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 business earned $2.55 EPS. Research analysts forecast that ResMed Inc. will post 12.11 earnings per share for the current year.
ResMed Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 24th. Investors of record on Thursday, August 20th were issued a $0.66 dividend. The ex-dividend date of this dividend was Thursday, August 20th. 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 1.0%. ResMed's dividend payout ratio is presently 25.31%.
Institutional Investors Weigh In On ResMed
Several hedge funds and other institutional investors have recently modified their holdings of RMD. BlackRock Inc. bought a new position in ResMed in the 2nd quarter worth $2,400,375,000. State Street Corp grew its holdings in ResMed by 0.6% during the second quarter. State Street Corp now owns 6,680,735 shares of the medical equipment provider's stock valued at $1,301,942,000 after purchasing an additional 37,567 shares during the period. Bank of New York Mellon Corp grew its stake in shares of ResMed by 0.7% during the 1st quarter. Bank of New York Mellon Corp now owns 4,925,386 shares of the medical equipment provider's stock valued at $1,105,651,000 after acquiring an additional 34,732 shares during the period. First Trust Advisors LP boosted its position in shares of ResMed by 1.3% in the first quarter. First Trust Advisors LP now owns 1,537,825 shares of the medical equipment provider's stock worth $345,211,000 after purchasing an additional 20,233 shares during the period. Finally, Swedbank AB increased its stake in ResMed by 22.5% in the 1st quarter. Swedbank AB now owns 1,350,234 shares of the medical equipment provider's stock worth $303,101,000 after buying an additional 247,758 shares in the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research firms have weighed in on RMD. Citigroup reissued a "neutral" rating on shares of ResMed in a report on Thursday, September 10th. Wells Fargo & Company dropped their target price on ResMed from $225.00 to $215.00 and set an "equal weight" rating on the stock in a research report on Friday, August 7th. Robert W. Baird set a $213.00 price target on ResMed in a research note on Friday, August 7th. UBS Group reaffirmed a "buy" rating and set a $300.00 price target on shares of ResMed in a research report on Tuesday, July 21st. Finally, Rothschild & Co Redburn started coverage on shares of ResMed in a research note on Wednesday, August 19th. They issued a "neutral" rating and a $230.00 price objective on the stock. Seven research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $243.23.
View Our Latest Research Report on RMD
ResMed Company Profile
(
Get Free Report)
ResMed Inc is a medical equipment and software company that develops solutions for sleep-disordered breathing, respiratory conditions and other chronic diseases. The company is best known for its positive airway pressure (PAP) devices used to treat obstructive sleep apnea, along with masks, accessories and related patient support services.
ResMed also provides cloud-connected health technology, including remote-monitoring platforms and software used by healthcare providers, medical equipment suppliers and care organizations.
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