TriaGen Wealth Management LLC Makes New Investment in ResMed Inc. $RMD

TriaGen Wealth Management LLC bought a new position in ResMed Inc. (NYSE:RMD) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 15,614 shares of the medical equipment provider’s stock, valued at approximately $4,028,000. ResMed makes up 1.2% of TriaGen Wealth Management LLC’s investment portfolio, making the stock its 19th largest position.

Several other institutional investors have also made changes to their positions in the company. Global X Japan Co. Ltd. lifted its position in shares of ResMed by 121.4% in the 1st quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider’s stock valued at $28,000 after acquiring an additional 68 shares in the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of ResMed by 384.8% in the first quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider’s stock valued at $36,000 after purchasing an additional 127 shares in the last quarter. Zions Bancorporation National Association UT acquired a new stake in shares of ResMed in the first quarter worth $45,000. Groupe la Francaise purchased a new position in shares of ResMed during the first quarter valued at $45,000. Finally, CVA Family Office LLC grew its holdings in shares of ResMed by 29.8% during the first quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider’s stock valued at $47,000 after buying an additional 48 shares in the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Trading Up 1.1%

NYSE:RMD opened at $281.76 on Tuesday. The company has a market capitalization of $41.12 billion, a P/E ratio of 29.63, a P/E/G ratio of 1.87 and a beta of 0.83. The stock’s 50 day moving average price is $278.33 and its 200 day moving average price is $254.34. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $293.81.

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

ResMed Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th were given a $0.60 dividend. This is an increase from ResMed’s previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Thursday, August 14th. ResMed’s payout ratio is presently 25.24%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on RMD shares. William Blair upgraded ResMed to a “strong-buy” rating in a research report on Friday, August 1st. KeyCorp increased their price target on shares of ResMed from $274.00 to $298.00 and gave the stock an “overweight” rating in a research 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 research report on Friday, August 1st. Mizuho upped their price objective on shares of ResMed from $270.00 to $290.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. Finally, Citigroup started coverage on shares of ResMed in a research report on Thursday, September 18th. They issued a “buy” rating and a $330.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $294.20.

Insider Transactions at ResMed

In other ResMed news, General Counsel Michael J. Rider sold 100 shares of the company’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $274.36, for a total transaction of $27,436.00. Following the completion of the sale, the general counsel owned 11,327 shares of the company’s stock, valued at $3,107,675.72. This represents a 0.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $279.48, for a total value of $2,238,355.32. Following the transaction, the chief executive officer owned 455,503 shares in the company, valued at approximately $127,303,978.44. This trade represents a 1.73% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,734 shares of company stock worth $3,019,169. 0.71% of the stock is owned by corporate insiders.

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.