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

GC Wealth Management RIA LLC purchased a new stake in shares of ResMed Inc. (NYSE:RMD) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 848 shares of the medical equipment provider’s stock, valued at approximately $219,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. V Square Quantitative Management LLC boosted its holdings in shares of ResMed by 3.0% during the second quarter. V Square Quantitative Management LLC now owns 1,747 shares of the medical equipment provider’s stock valued at $451,000 after acquiring an additional 51 shares during the period. Addenda Capital Inc. boosted its holdings in shares of ResMed by 2.1% during the second quarter. Addenda Capital Inc. now owns 54,715 shares of the medical equipment provider’s stock valued at $14,116,000 after acquiring an additional 1,113 shares during the period. Charles Schwab Trust Co acquired a new position in shares of ResMed during the second quarter valued at $425,000. Hengehold Capital Management LLC acquired a new position in shares of ResMed during the second quarter valued at $225,000. Finally, LVW Advisors LLC boosted its holdings in shares of ResMed by 34.0% during the second quarter. LVW Advisors LLC now owns 3,580 shares of the medical equipment provider’s stock valued at $924,000 after acquiring an additional 908 shares during the period. Institutional investors and hedge funds own 54.98% of the company’s stock.

Analyst Ratings Changes

RMD has been the subject of several analyst reports. Citigroup initiated coverage on shares of ResMed in a report on Thursday, September 18th. They set a “buy” rating and a $330.00 price target for the company. Mizuho lifted 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. William Blair upgraded shares of ResMed to a “strong-buy” rating in a research note on Friday, August 1st. KeyCorp lifted their price objective on shares of ResMed from $274.00 to $298.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Finally, Piper Sandler lifted their price objective on shares of ResMed from $248.00 to $270.00 and gave the company a “neutral” rating in a research note on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $294.20.

Insider Buying and Selling at ResMed

In other ResMed news, Director John Hernandez sold 2,575 shares of ResMed stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $287.10, for a total transaction of $739,282.50. Following the transaction, the director owned 4,045 shares of the company’s stock, valued at $1,161,319.50. The trade was a 38.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction dated 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 directly 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. Insiders have sold a total of 18,743 shares of company stock valued at $5,075,239 in the last 90 days. 0.71% of the stock is currently owned by corporate insiders.

ResMed Price Performance

NYSE RMD opened at $276.99 on Friday. The stock’s 50-day moving average price is $278.10 and its two-hundred day moving average price is $253.06. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11. The company has a market cap of $40.56 billion, a PE ratio of 29.13, a PEG ratio of 1.82 and a beta of 0.83. ResMed Inc. has a 1 year low of $199.92 and a 1 year high of $293.81.

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

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th were paid a dividend of $0.60 per share. This is a boost from ResMed’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $2.40 annualized dividend and a yield of 0.9%. ResMed’s dividend payout ratio (DPR) is presently 25.24%.

ResMed Company 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.