CFO4Life Group LLC Buys New Position in ResMed Inc. $RMD

CFO4Life Group LLC purchased a new position in ResMed Inc. (NYSE:RMD) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 2,272 shares of the medical equipment provider’s stock, valued at approximately $443,000.

Other hedge funds also recently modified their holdings of the company. Jones Financial Companies Lllp raised its stake in ResMed by 52.6% during the 1st quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider’s stock valued at $645,000 after purchasing an additional 994 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of ResMed during the second quarter valued at about $389,000. Brown Advisory Inc. lifted its stake in shares of ResMed by 17.8% in the second quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider’s stock valued at $409,000 after buying an additional 240 shares during the period. Cresset Asset Management LLC acquired a new stake in ResMed during the second quarter worth about $206,000. Finally, Alliancebernstein L.P. increased its stake in ResMed by 24.2% during the second quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider’s stock valued at $73,808,000 after acquiring an additional 55,790 shares during the period. 54.98% of the stock is owned by institutional investors.

ResMed Stock Up 1.4%

Shares of RMD opened at $231.62 on Friday. The company has a market capitalization of $33.41 billion, a P/E ratio of 22.21, a PEG ratio of 1.45 and a beta of 0.76. ResMed Inc. has a one year low of $180.26 and a one year high of $293.81. The business’s 50 day simple moving average is $207.22 and its 200-day simple moving average is $220.07. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 2.42.

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

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, August 20th will be issued a $0.66 dividend. This is a positive change from ResMed’s previous quarterly dividend of $0.60. 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. ResMed’s dividend payout ratio (DPR) is presently 25.31%.

Insider Activity

In other ResMed news, Director Peter C. Farrell sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total value of $1,800,000.00. Following the completion of the sale, the director owned 52,773 shares in the company, valued at approximately $11,873,925. This trade represents a 13.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $205.69, for a total transaction of $1,026,598.79. Following the completion of the transaction, the chief executive officer directly owned 466,256 shares of the company’s stock, valued at approximately $95,904,196.64. This represents a 1.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 22,973 shares of company stock worth $4,885,436. 0.65% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RMD. Mizuho reduced their price objective on ResMed from $235.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday, July 15th. The Goldman Sachs Group restated a “buy” rating on shares of ResMed in a research note on Wednesday, July 1st. UBS Group reaffirmed a “buy” rating and issued a $300.00 target price on shares of ResMed in a research report on Tuesday, July 21st. Royal Bank Of Canada lifted their price target on shares of ResMed from $234.00 to $244.00 and gave the stock a “sector perform” rating in a research note on Friday, August 7th. Finally, Piper Sandler lowered their price target on shares of ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a report on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, ResMed presently has a consensus rating of “Hold” and an average price target of $239.38.

ResMed 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.