Marks Group Wealth Management Inc Trims Position in ResMed Inc. $RMD

Marks Group Wealth Management Inc decreased its holdings in shares of ResMed Inc. (NYSE:RMD) by 11.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,242 shares of the medical equipment provider’s stock after selling 3,397 shares during the quarter. Marks Group Wealth Management Inc’s holdings in ResMed were worth $6,115,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. International Assets Investment Management LLC acquired a new stake in ResMed in the 4th quarter worth about $25,000. WFA of San Diego LLC acquired a new position in shares of ResMed during the 2nd quarter valued at about $26,000. Imprint Wealth LLC purchased a new position in shares of ResMed during the 3rd quarter worth about $26,000. ORG Partners LLC lifted its holdings in shares of ResMed by 181.6% during the 4th quarter. ORG Partners LLC now owns 107 shares of the medical equipment provider’s stock worth $26,000 after acquiring an additional 69 shares during the period. Finally, Sunbelt Securities Inc. acquired a new stake in shares of ResMed in the third quarter worth approximately $31,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Transactions at ResMed

In other news, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $218.55, for a total transaction of $1,090,783.05. Following the sale, the chief executive officer owned 466,223 shares in the company, valued at $101,893,036.65. This trade represents a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 14,973 shares of company stock valued at $3,096,067 over the last three months. 0.65% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. The Goldman Sachs Group reaffirmed a “buy” rating on shares of ResMed in a research report on Wednesday, July 1st. Robert W. Baird set a $225.00 price target on shares of ResMed in a report on Friday, May 1st. Wells Fargo & Company lowered their price objective on shares of ResMed from $227.00 to $225.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 8th. Evercore set a $255.00 price objective on ResMed and gave the stock an “outperform” rating in a report on Monday, April 13th. Finally, Royal Bank Of Canada cut their target price on ResMed from $321.00 to $276.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $253.50.

ResMed Trading Up 2.8%

Shares of RMD opened at $198.46 on Thursday. The stock’s 50-day moving average is $199.64 and its two-hundred day moving average is $227.13. The stock has a market cap of $28.79 billion, a PE ratio of 19.14, a P/E/G ratio of 1.15 and a beta of 0.78. ResMed Inc. has a 12 month low of $180.26 and a 12 month high of $293.81. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.01 and a quick ratio of 2.33.

ResMed (NYSE:RMD) last posted its earnings results 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 business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter last year, the firm earned $2.37 earnings per share. Equities analysts forecast that ResMed Inc. will post 11.13 earnings per share for the current fiscal year.

ResMed Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, May 14th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Thursday, May 14th. ResMed’s dividend payout ratio is currently 23.14%.

ResMed Company 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.