ResMed (NYSE:RMD) CEO Michael Farrell Sells 4,991 Shares of Stock

ResMed Inc. (NYSE:RMD) CEO Michael Farrell sold 4,991 shares of the stock in a transaction 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 completion of the sale, the chief executive officer directly owned 466,256 shares in the company, valued at $95,904,196.64. This represents a 1.06% decrease in their ownership of the stock. 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

Shares of RMD opened at $224.91 on Wednesday. ResMed Inc. has a 1 year low of $180.26 and a 1 year high of $293.81. The company has a market cap of $32.63 billion, a price-to-earnings ratio of 21.56, a price-to-earnings-growth ratio of 1.38 and a beta of 0.76. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.42 and a current ratio of 3.10. The firm has a fifty day moving average of $202.00 and a 200-day moving average of $221.50.

ResMed (NYSE:RMD) last released 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. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The business had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.46 billion. During the same quarter in the prior year, the firm earned $2.55 earnings per share. The company’s quarterly revenue was up 8.6% on a year-over-year basis. As a group, equities analysts anticipate that ResMed Inc. will post 12 earnings per share for the current year.

ResMed Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th will be given a $0.66 dividend. This is a positive change from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date is Thursday, August 20th. This represents a $2.64 annualized dividend and a yield of 1.2%. ResMed’s payout ratio is currently 23.01%.

Institutional Trading of ResMed

A number of institutional investors have recently made changes to their positions in RMD. BlackRock Inc. bought a new position in ResMed during the 2nd quarter valued at $2,400,375,000. Bank of New York Mellon Corp bought a new stake in shares of ResMed in the 2nd quarter worth $818,030,000. Deutsche Bank AG bought a new stake in shares of ResMed in the 2nd quarter worth $257,692,000. First Trust Advisors LP lifted its holdings in shares of ResMed by 240.9% in the fourth quarter. First Trust Advisors LP now owns 1,517,592 shares of the medical equipment provider’s stock valued at $365,542,000 after buying an additional 1,072,394 shares during the period. Finally, Norges Bank acquired a new stake in shares of ResMed in the fourth quarter valued at $249,068,000. 54.98% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RMD has been the topic of a number of recent analyst reports. The Goldman Sachs Group reaffirmed a “buy” rating on shares of ResMed in a report on Wednesday, July 1st. Royal Bank Of Canada increased their price objective on ResMed from $234.00 to $244.00 and gave the stock a “sector perform” rating in a report on Friday, August 7th. Weiss Ratings cut ResMed from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, July 24th. Citigroup reaffirmed a “neutral” rating and set a $235.00 target price (down from $270.00) on shares of ResMed in a research note on Sunday, July 12th. Finally, Robert W. Baird set a $213.00 price target on ResMed in a research report on Friday. Seven equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $240.17.

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.