ResMed Inc. (NYSE:RMD) Shares Purchased by Frank Rimerman Advisors LLC

Frank Rimerman Advisors LLC lifted its holdings in ResMed Inc. (NYSE:RMD) by 8.1% in the first quarter, HoldingsChannel reports. The firm owned 1,472 shares of the medical equipment provider’s stock after buying an additional 110 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in ResMed were worth $330,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of ResMed by 8.3% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 67,106 shares of the medical equipment provider’s stock valued at $15,022,000 after purchasing an additional 5,166 shares in the last quarter. Zions Bancorporation National Association UT acquired a new position in ResMed during the 1st quarter worth approximately $45,000. Morton Community Bank grew its holdings in ResMed by 1.4% during the 1st quarter. Morton Community Bank now owns 17,554 shares of the medical equipment provider’s stock worth $3,929,000 after acquiring an additional 250 shares in the last quarter. Founders Financial Alliance LLC acquired a new position in ResMed during the 1st quarter worth approximately $330,000. Finally, National Bank of Canada FI grew its holdings in ResMed by 135.0% during the 1st quarter. National Bank of Canada FI now owns 89,574 shares of the medical equipment provider’s stock worth $20,052,000 after acquiring an additional 51,453 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on RMD shares. Wall Street Zen cut shares of ResMed from a “buy” rating to a “hold” rating in a report on Sunday. Piper Sandler boosted their price target on shares of ResMed from $248.00 to $270.00 and gave the stock a “neutral” rating in a report on Friday, August 1st. KeyCorp boosted their price target on shares of ResMed from $274.00 to $298.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. UBS Group boosted their price target on shares of ResMed from $285.00 to $325.00 and gave the stock a “buy” rating in a report on Friday, August 1st. Finally, Royal Bank Of Canada boosted their price target on shares of ResMed from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $274.83.

ResMed Stock Up 0.2%

Shares of NYSE:RMD opened at $284.33 on Tuesday. The firm has a 50 day simple moving average of $261.33 and a 200-day simple moving average of $242.01. ResMed Inc. has a twelve month low of $199.92 and a twelve month high of $293.08. The company has a market capitalization of $41.69 billion, a PE ratio of 29.90, a P/E/G ratio of 1.91 and a beta of 0.77. 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 released its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, beating 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 firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the prior year, the firm earned $2.08 EPS. ResMed’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, equities analysts predict that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 14th will be given a $0.60 dividend. This is a positive change from ResMed’s previous quarterly dividend of $0.53. The ex-dividend date is Wednesday, August 13th. This represents a $2.40 annualized dividend and a yield of 0.8%. ResMed’s payout ratio is currently 22.29%.

Insider Activity at ResMed

In related news, CEO Michael J. Farrell sold 8,009 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer owned 455,503 shares in the company, valued at $127,303,978.44. This represents a 1.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Witte Jan De sold 2,000 shares of the company’s stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total transaction of $486,940.00. Following the completion of the sale, the director owned 5,806 shares of the company’s stock, valued at approximately $1,413,586.82. This trade represents a 25.62% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,063 shares of company stock worth $7,058,835 in the last 90 days. 0.71% of the stock is owned by insiders.

About ResMed

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.