Washington Trust Advisors Inc. Lowers Stock Holdings in ResMed Inc. $RMD

Washington Trust Advisors Inc. cut its holdings in ResMed Inc. (NYSE:RMD) by 3.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 115,745 shares of the medical equipment provider’s stock after selling 4,079 shares during the period. ResMed accounts for about 1.7% of Washington Trust Advisors Inc.’s holdings, making the stock its 15th biggest position. Washington Trust Advisors Inc. owned 0.08% of ResMed worth $22,556,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Saudi Central Bank lifted its stake in shares of ResMed by 89.3% during the 2nd quarter. Saudi Central Bank now owns 10,198 shares of the medical equipment provider’s stock worth $1,987,000 after purchasing an additional 4,810 shares during the period. Azimuth Capital Investment Management LLC grew its position in shares of ResMed by 0.4% in the second quarter. Azimuth Capital Investment Management LLC now owns 54,490 shares of the medical equipment provider’s stock valued at $10,619,000 after purchasing an additional 215 shares during the period. AlphaGrep UK Ltd purchased a new stake in shares of ResMed in the second quarter valued at $544,000. OceanIQ Capital LLC acquired a new position in ResMed in the second quarter valued at $574,000. Finally, Syon Capital LLC increased its stake in ResMed by 56.0% in the second quarter. Syon Capital LLC now owns 5,311 shares of the medical equipment provider’s stock valued at $1,035,000 after purchasing an additional 1,907 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Buying and Selling

In other news, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction on Friday, August 7th. The shares were sold at an average price of $205.69, for a total value of $1,026,598.79. Following the completion of the sale, the chief executive officer owned 466,256 shares of the company’s stock, valued at $95,904,196.64. This represents a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 970 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $234.73, for a total transaction of $227,688.10. Following the completion of the transaction, the director directly owned 51,803 shares in the company, valued at approximately $12,159,718.19. This represents a 1.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 18,952 shares of company stock valued at $4,145,070. Corporate insiders own 0.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RMD. The Goldman Sachs Group reissued a “buy” rating on shares of ResMed in a research note on Wednesday, July 1st. KeyCorp increased their price objective on shares of ResMed from $255.00 to $267.00 and gave the stock an “overweight” rating in a report on Monday, August 31st. Piper Sandler decreased their target price on shares of ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a research report on Friday, August 7th. Mizuho lowered their target price on shares of ResMed from $235.00 to $220.00 and set an “outperform” rating for the company in a report on Wednesday, July 15th. Finally, Jefferies Financial Group lowered their target price on shares of ResMed from $240.00 to $225.00 and set a “hold” rating for the company in a report on Friday, July 10th. Six analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $240.31.

ResMed Price Performance

Shares of ResMed stock opened at $228.25 on Monday. The business’s fifty day moving average price is $215.51 and its 200 day moving average price is $217.98. ResMed Inc. has a twelve month low of $180.26 and a twelve month high of $284.87. 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 stock has a market capitalization of $32.93 billion, a P/E ratio of 21.88, a PEG ratio of 1.44 and a beta of 0.77.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 EPS for the quarter, topping the consensus estimate of $2.89 by $0.06. The company had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.46 billion. ResMed had a return on equity of 25.58% and a net margin of 26.94%.The firm’s revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.55 earnings per share. As a group, research analysts anticipate that ResMed Inc. will post 12.02 earnings per share for the current year.

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, August 20th will be given a dividend of $0.66 per share. This is a boost from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $2.64 dividend on an annualized basis and a yield of 1.2%. ResMed’s dividend payout ratio is currently 25.31%.

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.