Callan Family Office LLC Makes New Investment in ResMed Inc. $RMD

Callan Family Office LLC acquired a new position in ResMed Inc. (NYSE:RMD) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,773 shares of the medical equipment provider’s stock, valued at approximately $1,905,000.

Other hedge funds have also made changes to their positions in the company. C M Bidwell & Associates Ltd. acquired a new position in shares of ResMed during the 2nd quarter valued at $290,000. Keating Financial Advisory Services Inc. acquired a new stake in ResMed in the 2nd quarter valued at $105,000. Paralel Advisors LLC purchased a new position in ResMed in the second quarter valued at about $2,006,000. Allworth Financial LP purchased a new position in ResMed in the second quarter valued at about $251,000. Finally, B. Metzler seel. Sohn & Co. AG acquired a new position in shares of ResMed during the second quarter worth about $1,772,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

ResMed Trading Up 0.0%

RMD opened at $231.62 on Monday. ResMed Inc. has a 12-month low of $180.26 and a 12-month high of $293.81. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 2.42. The stock has a market capitalization of $33.41 billion, a PE ratio of 22.21, a P/E/G ratio of 1.45 and a beta of 0.76. The firm’s fifty day moving average price is $207.22 and its 200 day moving average price is $219.82.

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

ResMed Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, August 20th will be given a dividend of $0.66 per share. 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. This represents a $2.64 annualized dividend and a dividend yield of 1.1%. ResMed’s dividend payout ratio is 25.31%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RMD. Morgan Stanley reaffirmed an “equal weight” rating and issued a $230.00 target price (down from $286.00) on shares of ResMed in a research report on Wednesday, June 17th. Citigroup reiterated a “neutral” rating and set a $235.00 target price (down from $270.00) on shares of ResMed in a report on Sunday, July 12th. 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 report on Friday, August 7th. Robert W. Baird set a $213.00 price target on ResMed in a report on Friday, August 7th. Finally, Wells Fargo & Company dropped their price objective on shares of ResMed from $225.00 to $215.00 and set an “equal weight” rating on the stock in a research note on Friday, August 7th. Seven 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.com, ResMed presently has an average rating of “Hold” and a consensus target price of $239.38.

Insider Transactions at ResMed

In related news, Director Peter C. Farrell sold 8,000 shares of ResMed stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total value of $1,800,000.00. Following the completion of the transaction, the director directly owned 52,773 shares in the company, valued at approximately $11,873,925. This trade represents a 13.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 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 sale, 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. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 22,973 shares of company stock valued at $4,885,436 over the last quarter. Insiders own 0.65% of the company’s stock.

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.