Perigon Wealth Management LLC Invests $4.60 Million in ResMed Inc. $RMD

Perigon Wealth Management LLC acquired a new position in shares of ResMed Inc. (NYSE:RMD) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 23,587 shares of the medical equipment provider’s stock, valued at approximately $4,597,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Terra Nova Asset Management LLC lifted its holdings in shares of ResMed by 0.6% in the third quarter. Terra Nova Asset Management LLC now owns 7,805 shares of the medical equipment provider’s stock valued at $2,136,000 after purchasing an additional 46 shares in the last quarter. Kera Capital Partners Inc. raised its position in ResMed by 6.6% in the 4th quarter. Kera Capital Partners Inc. now owns 841 shares of the medical equipment provider’s stock valued at $217,000 after buying an additional 52 shares during the last quarter. Andina Capital Management LLC lifted its stake in ResMed by 2.9% in the 4th quarter. Andina Capital Management LLC now owns 1,988 shares of the medical equipment provider’s stock valued at $479,000 after acquiring an additional 56 shares in the last quarter. Turtle Creek Wealth Advisors LLC grew its position in ResMed by 6.2% in the first quarter. Turtle Creek Wealth Advisors LLC now owns 994 shares of the medical equipment provider’s stock valued at $223,000 after purchasing an additional 58 shares in the last quarter. Finally, Inspire Investing LLC grew its holdings in shares of ResMed by 7.9% in the 4th quarter. Inspire Investing LLC now owns 902 shares of the medical equipment provider’s stock valued at $217,000 after acquiring an additional 66 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on RMD. Jefferies Financial Group reduced their price target on ResMed from $240.00 to $225.00 and set a “hold” rating for the company in a report on Friday, July 10th. Morgan Stanley reiterated an “equal weight” rating and issued a $230.00 price target (down from $286.00) on shares of ResMed in a research note on Wednesday, June 17th. Piper Sandler cut 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. Citigroup restated a “neutral” rating and set a $235.00 price objective (down from $270.00) on shares of ResMed in a report on Sunday, July 12th. Finally, Royal Bank Of Canada upped their target price on ResMed from $234.00 to $244.00 and gave the company a “sector perform” rating in a research report on Friday, August 7th. Seven research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $240.17.

Insider Transactions at ResMed

In related news, Director Peter C. Farrell sold 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the completion of the sale, the director owned 52,773 shares of the company’s stock, valued at $11,873,925. This trade represents a 13.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $205.69, for a total value of $1,026,598.79. Following the transaction, the chief executive officer owned 466,256 shares in the company, valued at $95,904,196.64. The trade was a 1.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 22,973 shares of company stock worth $4,885,436 in the last quarter. Corporate insiders own 0.65% of the company’s stock.

ResMed Stock Performance

NYSE RMD opened at $220.37 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. The firm has a market capitalization of $31.97 billion, a price-to-earnings ratio of 21.13, a P/E/G ratio of 1.41 and a beta of 0.76. The firm’s 50 day simple moving average is $204.54 and its 200 day simple moving average is $220.64. ResMed Inc. has a 1 year low of $180.26 and a 1 year high of $293.81.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 EPS 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 company had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter in the previous year, the firm earned $2.55 EPS. ResMed’s revenue was up 8.6% on a year-over-year basis. As a group, research analysts expect that ResMed Inc. will post 12.03 earnings per share for the current fiscal year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, August 20th will be paid a dividend of $0.66 per share. The ex-dividend date of this dividend is 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 1.2%. ResMed’s payout ratio is 23.01%.

About ResMed

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.