Stegent Equity Advisors Inc. Cuts Stock Position in ResMed Inc. $RMD

Stegent Equity Advisors Inc. cut its holdings in ResMed Inc. (NYSE:RMD) by 5.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,064 shares of the medical equipment provider’s stock after selling 169 shares during the quarter. Stegent Equity Advisors Inc.’s holdings in ResMed were worth $791,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Linden Thomas Advisory Services LLC grew its holdings in shares of ResMed by 104.7% in the second quarter. Linden Thomas Advisory Services LLC now owns 32,523 shares of the medical equipment provider’s stock valued at $8,391,000 after purchasing an additional 16,631 shares in the last quarter. AG2R LA Mondiale Gestion D Actifs boosted its stake in ResMed by 7.1% during the second quarter. AG2R LA Mondiale Gestion D Actifs now owns 6,770 shares of the medical equipment provider’s stock worth $1,747,000 after buying an additional 448 shares during the period. Keeler Thomas Management LLC purchased a new stake in shares of ResMed during the second quarter valued at $1,362,000. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of ResMed by 2.1% in the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 372,834 shares of the medical equipment provider’s stock valued at $96,191,000 after acquiring an additional 7,644 shares in the last quarter. Finally, Catalyst Capital Advisors LLC bought a new stake in shares of ResMed in the second quarter valued at about $117,000. 54.98% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Michael J. Farrell sold 8,009 shares of the company’s stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $282.85, for a total transaction of $2,265,345.65. Following the transaction, the chief executive officer owned 467,792 shares in the company, valued at $132,314,967.20. This represents a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John Hernandez sold 2,575 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $287.10, for a total transaction of $739,282.50. Following the transaction, the director owned 4,045 shares in the company, valued at approximately $1,161,319.50. This trade represents a 38.90% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,743 shares of company stock worth $5,284,514 over the last 90 days. 0.65% of the stock is currently owned by corporate insiders.

ResMed Stock Performance

Shares of ResMed stock opened at $259.87 on Friday. The company has a market capitalization of $37.93 billion, a PE ratio of 27.33, a P/E/G ratio of 1.79 and a beta of 0.83. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. The company has a 50-day simple moving average of $275.26 and a two-hundred day simple moving average of $259.39. ResMed Inc. has a one year low of $199.92 and a one year high of $293.81.

ResMed (NYSE:RMD) last announced its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.08. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The firm’s revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.08 earnings per share. Research analysts expect that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.9%. This is an increase from ResMed’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, August 14th. ResMed’s dividend payout ratio is currently 25.24%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on RMD shares. Royal Bank Of Canada lifted their price objective on ResMed from $294.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, August 1st. Mizuho lifted their price objective on ResMed from $270.00 to $290.00 and gave the company an “outperform” rating in a report on Friday, August 1st. Weiss Ratings restated a “buy (b-)” rating on shares of ResMed in a report on Saturday. CLSA upgraded ResMed from a “hold” rating to an “outperform” rating in a report on Tuesday, September 2nd. Finally, Morgan Stanley lifted their price objective on ResMed from $298.00 to $304.00 and gave the company an “overweight” rating in a report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, ResMed has an average rating of “Moderate Buy” and an average price target of $295.70.

About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company operates in two segments, Sleep and Respiratory Care, and Software as a Service. It offers various products and solutions for a range of respiratory disorders, including ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.