Perigon Wealth Management LLC Invests $4.60 Million in ResMed Inc. $RMD

Perigon Wealth Management LLC purchased a new position in ResMed Inc. (NYSE:RMD) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 23,587 shares of the medical equipment provider’s stock, valued at approximately $4,597,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. International Assets Investment Management LLC bought a new stake in shares of ResMed in the 4th quarter valued at approximately $25,000. Bell Investment Advisors Inc bought a new position in ResMed during the second quarter worth $26,000. Imprint Wealth LLC acquired a new position in ResMed in the third quarter worth $26,000. WFA of San Diego LLC bought a new stake in ResMed during the second quarter valued at $26,000. Finally, Sunbelt Securities Inc. bought a new position in shares of ResMed in the 3rd quarter worth about $31,000. Institutional investors and hedge funds own 54.98% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on RMD shares. Citigroup reaffirmed a “neutral” rating and set a $235.00 target price (down from $270.00) on shares of ResMed in a report on Sunday, July 12th. Jefferies Financial Group decreased their price objective on shares of ResMed from $240.00 to $225.00 and set a “hold” rating for the company in a report on Friday, July 10th. Robert W. Baird set a $213.00 price target on ResMed in a research report on Friday, August 7th. Royal Bank Of Canada boosted their price objective on ResMed from $234.00 to $244.00 and gave the stock a “sector perform” rating in a research note on Friday, August 7th. Finally, Wells Fargo & Company decreased their target price on ResMed from $225.00 to $215.00 and set an “equal weight” rating for the company in a research note on Friday, August 7th. Seven equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $240.17.

Insiders Place Their Bets

In related news, Director Peter C. Farrell sold 8,000 shares of ResMed stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the completion of the transaction, the director directly owned 52,773 shares of the company’s stock, valued at $11,873,925. This trade represents a 13.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $205.69, for a total value of $1,026,598.79. Following the sale, the chief executive officer owned 466,256 shares in the company, valued at $95,904,196.64. The trade was a 1.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 22,973 shares of company stock valued at $4,885,436. Company insiders own 0.65% of the company’s stock.

ResMed Trading Down 1.8%

Shares of NYSE RMD opened at $220.37 on Tuesday. The business has a fifty day simple moving average of $204.54 and a 200-day simple moving average of $220.64. The company has a market cap of $31.97 billion, a price-to-earnings ratio of 21.13, a P/E/G ratio of 1.41 and a beta of 0.76. ResMed Inc. has a 12 month low of $180.26 and a 12 month high of $293.81. The company has a quick ratio of 2.42, a current ratio of 3.10 and a debt-to-equity ratio of 0.06.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 EPS for the quarter, topping the consensus estimate of $2.89 by $0.06. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The business had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same period last year, the company posted $2.55 earnings per share. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. Sell-side analysts predict that ResMed Inc. will post 12.03 EPS for the current year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, August 20th will be given a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 1.2%. This is a boost from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Thursday, August 20th. ResMed’s dividend payout ratio (DPR) is currently 23.01%.

ResMed Company Profile

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.