ResMed Inc. $RMD Shares Sold by Meiji Yasuda Asset Management Co Ltd.

Meiji Yasuda Asset Management Co Ltd. cut its holdings in shares of ResMed Inc. (NYSE:RMD) by 5.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,759 shares of the medical equipment provider’s stock after selling 144 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in ResMed were worth $618,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Great Lakes Advisors LLC grew its stake in ResMed by 5.0% during the 1st quarter. Great Lakes Advisors LLC now owns 1,668 shares of the medical equipment provider’s stock worth $373,000 after buying an additional 80 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in ResMed by 8.5% in the first quarter. Goldman Sachs Group Inc. now owns 739,007 shares of the medical equipment provider’s stock worth $165,427,000 after acquiring an additional 58,155 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in ResMed by 52.6% in the first quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider’s stock worth $645,000 after acquiring an additional 994 shares in the last quarter. UniSuper Management Pty Ltd grew its stake in shares of ResMed by 0.9% during the first quarter. UniSuper Management Pty Ltd now owns 66,184 shares of the medical equipment provider’s stock worth $14,815,000 after acquiring an additional 574 shares during the last quarter. Finally, Parkman Healthcare Partners LLC acquired a new position in shares of ResMed during the first quarter valued at about $5,064,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Activity at ResMed

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of the firm’s stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $279.48, for a total value of $2,238,355.32. Following the sale, the chief executive officer directly owned 455,503 shares of the company’s stock, valued at approximately $127,303,978.44. This trade represents a 1.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Hernandez sold 2,575 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $287.10, for a total value of $739,282.50. Following the completion of the sale, the director owned 4,045 shares of the company’s stock, valued at $1,161,319.50. This trade represents a 38.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,588 shares of company stock worth $5,289,241 in the last 90 days. Corporate insiders own 0.71% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on RMD shares. Wall Street Zen cut shares of ResMed from a “buy” rating to a “hold” rating in a research note on Sunday, August 10th. William Blair raised shares of ResMed to a “strong-buy” rating in a report on Friday, August 1st. Piper Sandler boosted their price objective on shares of ResMed from $248.00 to $270.00 and gave the company a “neutral” rating in a report on Friday, August 1st. Mizuho upped their target price on ResMed from $270.00 to $290.00 and gave the company an “outperform” rating in a research report on Friday, August 1st. Finally, Morgan Stanley set a $286.00 price target on ResMed and gave the stock an “overweight” rating in a research report on Tuesday, May 20th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, ResMed has an average rating of “Moderate Buy” and a consensus target price of $278.36.

ResMed Price Performance

Shares of NYSE RMD opened at $270.16 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. The stock has a market capitalization of $39.55 billion, a price-to-earnings ratio of 28.41, a PEG ratio of 1.87 and a beta of 0.85. The firm’s 50 day simple moving average is $273.71 and its 200-day simple moving average is $248.21. ResMed Inc. has a 12 month low of $199.92 and a 12 month high of $293.81.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.08. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.08 earnings per share. Analysts expect that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th will be given a dividend of $0.60 per share. This is a boost from ResMed’s previous quarterly dividend of $0.53. The ex-dividend date is Thursday, August 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. ResMed’s payout ratio is 25.24%.

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.