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Insider Selling: ResMed Inc. (NYSE:RMD) Director Sells 594 Shares of Stock

Financial News Live · Feb 3, 2023 22:31

ResMed Inc. (NYSE:RMD – Get Rating) Director Karen Drexler sold 594 shares of ResMed stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $226.58, for a total transaction of $134,588.52. Following the completion of the sale, the director now owns 7,987 shares of the company's stock, valued at $1,809,694.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

ResMed Price Performance

NYSE RMD traded down $2.01 on Friday, hitting $224.60. The company had a trading volume of 536,423 shares, compared to its average volume of 710,047. ResMed Inc. has a 12-month low of $189.40 and a 12-month high of $262.38. The company has a market capitalization of $33.00 billion, a PE ratio of 41.10, a PEG ratio of 2.15 and a beta of 0.47. The company's fifty day moving average price is $219.13 and its 200-day moving average price is $223.51. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.17 and a quick ratio of 1.82.

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ResMed (NYSE:RMD – Get Rating) last released its earnings results on Thursday, January 26th. The medical equipment provider reported $1.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.62 by $0.04. ResMed had a net margin of 21.51% and a return on equity of 25.46%. The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $996.22 million. During the same quarter in the prior year, the firm earned $1.47 earnings per share. The company's revenue for the quarter was up 15.5% compared to the same quarter last year. As a group, analysts predict that ResMed Inc. will post 6.41 earnings per share for the current year.

ResMed Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 16th. Stockholders of record on Thursday, February 9th will be issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.78%. The ex-dividend date is Wednesday, February 8th. ResMed's payout ratio is 31.94%.

Institutional Investors Weigh In On ResMed

A number of large investors have recently modified their holdings of the business. Aviva PLC boosted its position in shares of ResMed by 18.3% during the 2nd quarter. Aviva PLC now owns 91,642 shares of the medical equipment provider's stock valued at $19,211,000 after acquiring an additional 14,196 shares during the last quarter. Edgestream Partners L.P. boosted its position in shares of ResMed by 17.2% during the 2nd quarter. Edgestream Partners L.P. now owns 6,660 shares of the medical equipment provider's stock valued at $1,396,000 after acquiring an additional 977 shares during the last quarter. Clarius Group LLC boosted its position in shares of ResMed by 10.7% during the 2nd quarter. Clarius Group LLC now owns 1,369 shares of the medical equipment provider's stock valued at $287,000 after acquiring an additional 132 shares during the last quarter. Mirabella Financial Services LLP lifted its position in ResMed by 23.1% in the third quarter. Mirabella Financial Services LLP now owns 61,436 shares of the medical equipment provider's stock valued at $13,412,000 after buying an additional 11,514 shares during the last quarter. Finally, Credit Suisse AG lifted its position in ResMed by 1.4% in the second quarter. Credit Suisse AG now owns 268,421 shares of the medical equipment provider's stock valued at $56,267,000 after buying an additional 3,784 shares during the last quarter. Hedge funds and other institutional investors own 64.73% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on RMD. William Blair restated an "outperform" rating on shares of ResMed in a research note on Tuesday. JPMorgan Chase & Co. lifted their price objective on shares of ResMed from $245.00 to $260.00 and gave the company an "overweight" rating in a research note on Friday, January 27th. Bank of America upgraded shares of ResMed from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $245.00 to $260.00 in a research note on Thursday, October 20th. Royal Bank of Canada lifted their target price on shares of ResMed from $252.00 to $254.00 and gave the company a "sector perform" rating in a report on Friday, October 28th. Finally, StockNews.com lowered shares of ResMed from a "buy" rating to a "hold" rating in a report on Thursday, November 10th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $263.17.

About ResMed

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ResMed, Inc engages in providing digital health and cloud-connected medical devices. Its digital health technologies and cloud-connected medical devices transform care for people with sleep apnea, chronic obstructive pulmonary disease, or COPD, and other chronic diseases. The firm operates through the Sleep and Respiratory Care and Software as a Service segments.