Van ECK Associates Corp Reduces Stock Position in ResMed Inc. $RMD

Van ECK Associates Corp decreased its position in ResMed Inc. (NYSE:RMD) by 23.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 38,969 shares of the medical equipment provider’s stock after selling 11,821 shares during the quarter. Van ECK Associates Corp’s holdings in ResMed were worth $7,594,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Imprint Wealth LLC purchased a new stake in shares of ResMed during the third quarter worth about $26,000. WFA of San Diego LLC purchased a new position in shares of ResMed during the second quarter valued at approximately $26,000. International Assets Investment Management LLC purchased a new stake in ResMed in the 4th quarter worth approximately $25,000. Sunbelt Securities Inc. purchased a new stake in ResMed in the 3rd quarter worth approximately $31,000. Finally, Bell Investment Advisors Inc acquired a new position in ResMed in the 2nd quarter valued at $26,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RMD. Piper Sandler reduced their price target on ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a research note on Friday, August 7th. Citigroup reiterated a “neutral” rating and issued a $235.00 target price (down from $270.00) on shares of ResMed in a research note on Sunday, July 12th. Jefferies Financial Group reduced their target price on ResMed from $240.00 to $225.00 and set a “hold” rating on the stock in a research report on Friday, July 10th. Weiss Ratings raised ResMed from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Finally, Robert W. Baird set a $213.00 price target on ResMed in a report on Friday, August 7th. Six investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $240.31.

Insider Activity

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the company’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 value of $1,026,598.79. Following the completion of the transaction, the chief executive officer owned 466,256 shares in the company, valued at $95,904,196.64. This represents a 1.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 8,000 shares of the 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. This trade represents a 13.16% decrease in their position. 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 quarter, insiders have sold 22,973 shares of company stock worth $4,885,436. Company insiders own 0.65% of the company’s stock.

ResMed Stock Performance

Shares of RMD stock opened at $231.62 on Wednesday. The company’s fifty day simple moving average is $213.65 and its 200-day simple moving average is $218.42. ResMed Inc. has a 52 week low of $180.26 and a 52 week 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 company has a market cap of $33.41 billion, a PE ratio of 22.21, a P/E/G ratio of 1.51 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.89 by $0.06. ResMed had a return on equity of 25.58% and a net margin of 26.94%.The firm had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same period in the prior year, the firm earned $2.55 EPS. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. As a group, equities research analysts anticipate that ResMed Inc. will post 12.03 EPS for the current year.

ResMed Increases Dividend

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

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.