Capital Investment Services of America Inc. Sells 997 Shares of ResMed Inc. (NYSE:RMD)

Capital Investment Services of America Inc. trimmed its holdings in ResMed Inc. (NYSE:RMD) by 0.8% in the 1st quarter, Holdings Channel reports. The fund owned 117,430 shares of the medical equipment provider’s stock after selling 997 shares during the quarter. ResMed accounts for about 2.7% of Capital Investment Services of America Inc.’s investment portfolio, making the stock its 16th biggest position. Capital Investment Services of America Inc.’s holdings in ResMed were worth $26,287,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of RMD. CVA Family Office LLC increased its stake in ResMed by 29.8% during the 1st quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider’s stock valued at $47,000 after purchasing an additional 48 shares in the last quarter. NorthCrest Asset Manangement LLC raised its holdings in shares of ResMed by 3.0% during the first quarter. NorthCrest Asset Manangement LLC now owns 54,608 shares of the medical equipment provider’s stock valued at $12,224,000 after purchasing an additional 1,575 shares during the last quarter. Birch Capital Management LLC raised its holdings in shares of ResMed by 3.5% during the first quarter. Birch Capital Management LLC now owns 36,783 shares of the medical equipment provider’s stock valued at $8,234,000 after purchasing an additional 1,240 shares during the last quarter. Simon Quick Advisors LLC raised its holdings in shares of ResMed by 18.3% during the first quarter. Simon Quick Advisors LLC now owns 1,951 shares of the medical equipment provider’s stock valued at $437,000 after purchasing an additional 302 shares during the last quarter. Finally, CX Institutional grew its position in ResMed by 6.8% during the first quarter. CX Institutional now owns 1,530 shares of the medical equipment provider’s stock valued at $342,000 after buying an additional 97 shares during the period. 54.98% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RMD. JPMorgan Chase & Co. boosted their target price on shares of ResMed from $286.00 to $290.00 and gave the company an “overweight” rating in a research report on Thursday, April 24th. Citigroup upgraded shares of ResMed from a “neutral” rating to a “buy” rating in a research report on Wednesday, March 5th. Piper Sandler dropped their price target on shares of ResMed from $260.00 to $248.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. UBS Group dropped their price target on shares of ResMed from $290.00 to $285.00 and set a “buy” rating for the company in a research report on Thursday, April 24th. Finally, Mizuho set a $265.00 price target on shares of ResMed in a research report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $259.33.

ResMed Trading Down 1.2%

Shares of RMD opened at $249.16 on Friday. ResMed Inc. has a twelve month low of $179.42 and a twelve month high of $263.05. The company has a market cap of $36.53 billion, a P/E ratio of 29.42, a P/E/G ratio of 1.53 and a beta of 0.78. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13. The company’s fifty day simple moving average is $236.81 and its 200-day simple moving average is $234.84.

ResMed (NYSE:RMD) last announced its earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.01. The business had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.28 billion. ResMed had a net margin of 25.34% and a return on equity of 26.17%. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.13 earnings per share. As a group, analysts expect that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Thursday, May 8th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.85%. The ex-dividend date of this dividend was Thursday, May 8th. ResMed’s dividend payout ratio is presently 23.79%.

Insider Buying and Selling

In other news, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $219.74, for a total transaction of $439,480.00. Following the transaction, the director now directly owns 73,218 shares of the company’s stock, valued at approximately $16,088,923.32. This represents a 2.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the firm’s stock in a transaction on Monday, June 9th. The stock was sold at an average price of $251.21, for a total value of $2,011,940.89. Following the completion of the sale, the chief executive officer now directly owns 455,503 shares of the company’s stock, valued at $114,426,908.63. The trade was a 1.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 30,132 shares of company stock valued at $7,075,837 in the last 90 days. Company insiders own 0.71% of the company’s stock.

ResMed Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company operates in two segments, Sleep and Respiratory Care, and Software as a Service. It offers various products and solutions for a range of respiratory disorders, including ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.