23,761 Shares in ResMed Inc. $RMD Bought by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. bought a new stake in ResMed Inc. (NYSE:RMD) during the second quarter, Holdings Channel reports. The firm bought 23,761 shares of the medical equipment provider’s stock, valued at approximately $4,715,000.

Other institutional investors have also recently bought and sold shares of the company. American Capital Management Inc. acquired a new stake in ResMed in the 2nd quarter valued at approximately $44,522,000. Hsbc Holdings PLC increased its position in ResMed by 17.6% in the 4th quarter. Hsbc Holdings PLC now owns 328,785 shares of the medical equipment provider’s stock worth $79,321,000 after buying an additional 49,253 shares during the period. BlackRock Inc. acquired a new position in shares of ResMed during the second quarter worth approximately $2,400,375,000. Goldman Sachs Group Inc. lifted its holdings in shares of ResMed by 13.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 979,087 shares of the medical equipment provider’s stock worth $235,833,000 after buying an additional 118,296 shares during the last quarter. Finally, Polymer Capital Management HK LTD bought a new stake in shares of ResMed in the second quarter valued at approximately $972,000. Institutional investors own 54.98% of the company’s stock.

Insider Activity

In related news, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction dated 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 transaction, 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 document filed with the SEC, 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 8,000 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the transaction, the director owned 52,773 shares of the company’s stock, valued at approximately $11,873,925. This represents a 13.16% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 22,973 shares of company stock worth $4,885,436. 0.65% of the stock is owned by company insiders.

ResMed Stock Performance

Shares of NYSE RMD opened at $240.47 on Monday. The business has a fifty day simple moving average of $211.81 and a 200 day simple moving average of $218.78. 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 firm has a market capitalization of $34.69 billion, a price-to-earnings ratio of 23.06, a PEG ratio of 1.51 and a beta of 0.76. ResMed Inc. has a one year low of $180.26 and a one year high of $284.87.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share for the quarter, topping analysts’ consensus estimates of $2.89 by $0.06. The firm had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.46 billion. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.55 earnings per share. Sell-side analysts expect that ResMed Inc. will post 12.03 EPS for the current year.

ResMed Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, August 20th will be issued a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Thursday, August 20th. This is a positive change from ResMed’s previous quarterly dividend of $0.60. ResMed’s payout ratio is 25.31%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. KeyCorp lowered their price objective on shares of ResMed from $260.00 to $255.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Piper Sandler cut 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. The Goldman Sachs Group reissued a “buy” rating on shares of ResMed in a report on Wednesday, July 1st. Jefferies Financial Group decreased their price target on shares of ResMed from $240.00 to $225.00 and set a “hold” rating on the stock in a research report on Friday, July 10th. Finally, 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. Seven research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $239.38.

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.