ResMed Inc. $RMD Shares Purchased by Saudi Central Bank

Saudi Central Bank boosted its holdings in ResMed Inc. (NYSE:RMD) by 89.3% during the second quarter, Holdings Channel reports. The institutional investor owned 10,198 shares of the medical equipment provider’s stock after buying an additional 4,810 shares during the period. Saudi Central Bank’s holdings in ResMed were worth $1,987,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of RMD. American Capital Management Inc. acquired a new position in shares of ResMed in the 2nd quarter valued at about $44,522,000. Hsbc Holdings PLC raised its holdings in ResMed by 17.6% in the fourth quarter. Hsbc Holdings PLC now owns 328,785 shares of the medical equipment provider’s stock valued at $79,321,000 after buying an additional 49,253 shares during the period. BlackRock Inc. purchased a new position in ResMed in the second quarter valued at approximately $2,400,375,000. Goldman Sachs Group Inc. lifted its holdings in shares of ResMed by 13.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 979,087 shares of the medical equipment provider’s stock valued at $235,833,000 after acquiring an additional 118,296 shares in the last quarter. Finally, Polymer Capital Management HK LTD purchased a new stake in ResMed during the 2nd quarter worth $972,000. Institutional investors and hedge funds own 54.98% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Weiss Ratings upgraded ResMed from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Jefferies Financial Group reduced their price objective on ResMed from $240.00 to $225.00 and set a “hold” rating on the stock in a research note on Friday, July 10th. KeyCorp upped their target price on ResMed from $255.00 to $267.00 and gave the stock an “overweight” rating in a research report on Monday, August 31st. Piper Sandler lowered their target price on ResMed from $233.00 to $225.00 and set a “neutral” rating for the company in a research note on Friday, August 7th. Finally, 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. Six research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $240.31.

Insider Buying and Selling

In related news, CEO Michael J. Farrell sold 4,991 shares of the firm’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 owned 466,256 shares of the company’s stock, valued at $95,904,196.64. This trade represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, 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 970 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $234.73, for a total transaction of $227,688.10. Following the transaction, the director owned 51,803 shares of the company’s stock, valued at approximately $12,159,718.19. This trade represents a 1.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 18,952 shares of company stock valued at $4,145,070. Company insiders own 0.65% of the company’s stock.

ResMed Stock Down 0.0%

Shares of ResMed stock opened at $228.25 on Tuesday. 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 firm has a market cap of $32.93 billion, a P/E ratio of 21.88, a P/E/G ratio of 1.44 and a beta of 0.77. ResMed Inc. has a fifty-two week low of $180.26 and a fifty-two week high of $284.87. The business has a 50-day moving average price of $216.10 and a 200 day moving average price of $217.79.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.89 by $0.06. ResMed had a return on equity of 25.58% and a net margin of 26.94%.The business had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.46 billion. During the same quarter in the previous year, the firm posted $2.55 EPS. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. On average, sell-side analysts forecast that ResMed Inc. will post 12.02 earnings per share 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 paid a $0.66 dividend. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.2%. This is an increase from ResMed’s previous quarterly dividend of $0.60. ResMed’s dividend payout ratio (DPR) 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.