ResMed (NYSE:RMD) General Counsel Sells $102,000.00 in Stock

ResMed Inc. (NYSE:RMD) General Counsel Michael Rider sold 400 shares of the stock in a transaction that occurred on Friday, October 23rd. The shares were sold at an average price of $255.00, for a total value of $102,000.00. Following the sale, the general counsel owned 12,318 shares of the company’s stock, valued at approximately $3,141,090. The trade was a 3.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

ResMed Stock Performance

RMD opened at $250.04 on Thursday. The company has a quick ratio of 2.42, a current ratio of 3.10 and a debt-to-equity ratio of 0.06. The stock’s 50 day moving average price is $231.40 and its two-hundred day moving average price is $225.57. The firm has a market capitalization of $35.16 billion, a P/E ratio of 23.97, a price-to-earnings-growth ratio of 1.55 and a beta of 0.75. ResMed Inc. has a 12-month low of $180.26 and a 12-month high of $277.67.

ResMed (NYSE:RMD) last issued 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 analyst estimates of $1.46 billion. During the same period in the previous year, the company earned $2.55 earnings per share. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. On average, equities analysts forecast that ResMed Inc. will post 12.11 earnings per share for the current year.

ResMed Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 24th. Investors of record on Thursday, August 20th were given a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 1.1%. This is an increase from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Thursday, August 20th. ResMed’s payout ratio is presently 25.31%.

Wall Street Analyst Weigh In

RMD has been the subject of a number of research reports. Weiss Ratings raised shares of ResMed from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. Wells Fargo & Company decreased their price target on shares of ResMed from $225.00 to $215.00 and set an “equal weight” rating on the stock in a research report on Friday, August 7th. Rothschild & Co Redburn began coverage on shares of ResMed in a report on Wednesday, August 19th. They set a “neutral” rating and a $230.00 price objective on the stock. The Goldman Sachs Group reaffirmed a “buy” rating on shares of ResMed in a research report on Wednesday, July 1st. Finally, Piper Sandler reduced their target price on shares of ResMed from $233.00 to $225.00 and set a “neutral” rating for the company in a research note on Friday, August 7th. Seven equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $243.23.

Institutional Trading of ResMed

A number of institutional investors and hedge funds have recently modified their holdings of the company. American Capital Management Inc. acquired a new stake in ResMed in the 2nd quarter valued at $44,522,000. Hsbc Holdings PLC raised its stake in ResMed by 17.6% during the fourth quarter. Hsbc Holdings PLC now owns 328,785 shares of the medical equipment provider’s stock worth $79,321,000 after acquiring an additional 49,253 shares in the last quarter. BlackRock Inc. acquired a new position in ResMed during the second quarter worth $2,400,375,000. Polymer Capital Management HK LTD acquired a new position in ResMed during the second quarter worth $972,000. Finally, United Capital Financial Advisors LLC bought a new position in shares of ResMed during the second quarter valued at $1,105,000. 54.98% of the stock is currently owned by institutional investors.

About ResMed

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.