ResMed Inc. $RMD Shares Sold by Greenleaf Trust

Greenleaf Trust decreased its position in ResMed Inc. (NYSE:RMD) by 10.3% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 2,965 shares of the medical equipment provider’s stock after selling 341 shares during the period. Greenleaf Trust’s holdings in ResMed were worth $765,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RMD. Procyon Advisors LLC acquired a new position in ResMed in the 1st quarter worth approximately $207,000. Portside Wealth Group LLC boosted its stake in ResMed by 3.8% in the 1st quarter. Portside Wealth Group LLC now owns 1,457 shares of the medical equipment provider’s stock worth $326,000 after purchasing an additional 54 shares during the period. Pallas Capital Advisors LLC boosted its stake in ResMed by 11.9% in the 1st quarter. Pallas Capital Advisors LLC now owns 3,098 shares of the medical equipment provider’s stock worth $693,000 after purchasing an additional 330 shares during the period. Yousif Capital Management LLC boosted its stake in ResMed by 0.5% in the 1st quarter. Yousif Capital Management LLC now owns 22,482 shares of the medical equipment provider’s stock worth $5,033,000 after purchasing an additional 101 shares during the period. Finally, GAMMA Investing LLC boosted its stake in ResMed by 7.6% in the 1st quarter. GAMMA Investing LLC now owns 3,277 shares of the medical equipment provider’s stock worth $734,000 after purchasing an additional 231 shares during the period. Institutional investors and hedge funds own 54.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. UBS Group raised shares of ResMed to a “strong-buy” rating in a research note on Tuesday, September 16th. KeyCorp lifted their target price 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. Piper Sandler lifted their target price 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. Wall Street Zen lowered shares of ResMed from a “buy” rating to a “hold” rating in a research note on Sunday, August 10th. Finally, Stifel Nicolaus lifted their target price on shares of ResMed from $240.00 to $270.00 and gave the company a “hold” rating in a research note on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $294.20.

ResMed Trading Up 2.3%

Shares of NYSE:RMD opened at $276.99 on Friday. The stock has a market capitalization of $40.56 billion, a PE ratio of 29.13, a P/E/G 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. The firm has a fifty day moving average price of $278.10 and a 200 day moving average price of $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.

ResMed (NYSE:RMD) last issued its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 25.62%. ResMed’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the company posted $2.08 earnings per share. Analysts expect that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, August 14th were issued a $0.60 dividend. This is a boost from ResMed’s previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Thursday, August 14th. ResMed’s dividend payout ratio is currently 25.24%.

Insider Buying and Selling

In related news, General Counsel Michael J. Rider sold 100 shares of the company’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total value of $27,436.00. Following the completion of the sale, the general counsel directly owned 11,327 shares in the company, valued at approximately $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 SEC, which is accessible through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the company’s stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $279.48, for a total transaction of $2,238,355.32. Following the completion of the sale, the chief executive officer owned 455,503 shares of the company’s stock, valued at $127,303,978.44. This represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,743 shares of company stock worth $5,075,239. Corporate insiders own 0.71% of the company’s stock.

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.