Corient Private Wealth LP Makes New Investment in ResMed Inc. $RMD

Corient Private Wealth LP acquired a new position in shares of ResMed Inc. (NYSE:RMD) in the 2nd quarter, HoldingsChannel reports. The firm acquired 85,266 shares of the medical equipment provider’s stock, valued at approximately $16,616,000.

A number of other institutional investors also recently modified their holdings of RMD. International Assets Investment Management LLC bought a new stake in ResMed during the 4th quarter worth approximately $25,000. Bell Investment Advisors Inc acquired a new stake in ResMed during the 2nd quarter valued at $26,000. Imprint Wealth LLC bought a new position in ResMed in the 3rd quarter valued at $26,000. WFA of San Diego LLC bought a new position in ResMed in the 2nd quarter valued at $26,000. Finally, Sunbelt Securities Inc. acquired a new position in ResMed in the third quarter worth $31,000. Institutional investors own 54.98% of the company’s stock.

Analysts Set New Price Targets

RMD has been the topic of several research analyst reports. Morgan Stanley restated an “equal weight” rating and set a $230.00 target price (down from $286.00) on shares of ResMed in a report on Wednesday, June 17th. Royal Bank Of Canada upped their price target on shares of ResMed from $234.00 to $244.00 and gave the stock a “sector perform” rating in a research report on Friday, August 7th. Rothschild & Co Redburn started 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. Jefferies Financial Group lowered their price objective on shares of ResMed from $240.00 to $225.00 and set a “hold” rating for the company in a research report on Friday, July 10th. Finally, UBS Group reaffirmed a “buy” rating and issued a $300.00 target price on shares of ResMed in a research note on Tuesday, July 21st. Seven equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $239.38.

Insider Transactions at ResMed

In related news, Director Peter C. Farrell sold 8,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the completion of the sale, the director directly owned 52,773 shares of the company’s stock, valued at $11,873,925. The trade was a 13.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 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 that occurred on 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 sale, the chief executive officer directly owned 466,256 shares of the company’s stock, valued at approximately $95,904,196.64. This trade 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. Over the last 90 days, insiders have sold 22,973 shares of company stock worth $4,885,436. Corporate insiders own 0.65% of the company’s stock.

ResMed Trading Up 2.0%

RMD stock opened at $240.47 on Friday. The company has a market cap of $34.69 billion, a P/E ratio of 23.06, a PEG ratio of 1.48 and a beta of 0.76. ResMed Inc. has a twelve month low of $180.26 and a twelve month high of $284.87. The company has a quick ratio of 2.42, a current ratio of 3.10 and a debt-to-equity ratio of 0.06. The business has a fifty day moving average of $211.81 and a 200-day moving average of $219.18.

ResMed (NYSE:RMD) last posted its quarterly earnings results 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 business had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.46 billion. ResMed had a return on equity of 25.58% and a net margin of 26.94%.The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the business earned $2.55 earnings per share. As a group, equities research analysts expect that ResMed Inc. will post 12.03 EPS for the current year.

ResMed Increases Dividend

The firm 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 dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Thursday, August 20th. This is a boost from ResMed’s previous quarterly dividend of $0.60. 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.