ResMed Inc. (NYSE:RMD – Get Free Report) shares gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $183.42, but opened at $203.02. ResMed shares last traded at $210.06, with a volume of 882,688 shares traded.
The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.91 by $0.22. ResMed had a return on equity of 24.92% and a net margin of 20.91%. The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the prior year, the firm posted $1.68 earnings per share. ResMed’s revenue for the quarter was up 7.2% compared to the same quarter last year.
ResMed Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 13th. Shareholders of record on Thursday, May 9th will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend is Wednesday, May 8th. ResMed’s payout ratio is currently 29.49%.
Wall Street Analysts Forecast Growth
Check Out Our Latest Report on ResMed
Insider Buying and Selling
In related news, Director Peter C. Farrell sold 10,935 shares of the stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $182.66, for a total value of $1,997,387.10. Following the completion of the transaction, the director now directly owns 157,404 shares of the company’s stock, valued at approximately $28,751,414.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Peter C. Farrell sold 10,935 shares of the stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $182.66, for a total value of $1,997,387.10. Following the completion of the transaction, the director now directly owns 157,404 shares of the company’s stock, valued at approximately $28,751,414.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Michael J. Rider sold 200 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $173.25, for a total value of $34,650.00. Following the completion of the transaction, the general counsel now directly owns 6,688 shares of the company’s stock, valued at $1,158,696. The disclosure for this sale can be found here. Insiders sold 11,216 shares of company stock valued at $2,046,617 in the last three months. 1.21% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On ResMed
A number of institutional investors and hedge funds have recently added to or reduced their stakes in RMD. AE Wealth Management LLC lifted its position in ResMed by 35.9% in the third quarter. AE Wealth Management LLC now owns 6,573 shares of the medical equipment provider’s stock worth $972,000 after purchasing an additional 1,738 shares during the period. Caprock Group LLC lifted its position in ResMed by 7.6% in the third quarter. Caprock Group LLC now owns 1,991 shares of the medical equipment provider’s stock worth $294,000 after purchasing an additional 141 shares during the period. Czech National Bank lifted its position in ResMed by 47.7% in the third quarter. Czech National Bank now owns 25,681 shares of the medical equipment provider’s stock worth $3,797,000 after purchasing an additional 8,288 shares during the period. Handelsbanken Fonder AB lifted its position in ResMed by 1.1% in the third quarter. Handelsbanken Fonder AB now owns 57,373 shares of the medical equipment provider’s stock worth $8,484,000 after purchasing an additional 644 shares during the period. Finally, Simplicity Solutions LLC lifted its position in ResMed by 41.6% in the third quarter. Simplicity Solutions LLC now owns 2,928 shares of the medical equipment provider’s stock worth $433,000 after purchasing an additional 860 shares during the period. 54.98% of the stock is owned by institutional investors.
ResMed Price Performance
The stock has a market capitalization of $32.07 billion, a price-to-earnings ratio of 33.50, a P/E/G ratio of 2.26 and a beta of 0.67. The company has a quick ratio of 1.89, a current ratio of 3.11 and a debt-to-equity ratio of 0.27. The business has a 50-day simple moving average of $187.07 and a two-hundred day simple moving average of $172.12.
About ResMed
ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.
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