North Star Asset Management Inc. Takes $2.92 Million Position in ResMed Inc. $RMD

North Star Asset Management Inc. bought a new stake in shares of ResMed Inc. (NYSE:RMD) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 15,002 shares of the medical equipment provider’s stock, valued at approximately $2,924,000.

Several other institutional investors and hedge funds have also bought and sold shares of RMD. International Assets Investment Management LLC purchased a new position in ResMed in the 4th quarter worth approximately $25,000. Bell Investment Advisors Inc purchased a new stake in shares of ResMed during the second quarter valued at approximately $26,000. Imprint Wealth LLC purchased a new stake in shares of ResMed during the third quarter valued at approximately $26,000. WFA of San Diego LLC bought a new position in shares of ResMed in the second quarter worth approximately $26,000. Finally, Sunbelt Securities Inc. bought a new position in shares of ResMed in the third quarter worth approximately $31,000. 54.98% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Peter C. Farrell sold 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total value of $1,800,000.00. Following the sale, the director owned 52,773 shares in the company, valued at $11,873,925. This represents a 13.16% decrease in their position. The transaction was disclosed in a filing 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 company’s stock in a transaction that occurred 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 completion of 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 22,973 shares of company stock worth $4,885,436. Insiders own 0.65% of the company’s stock.

ResMed Stock Performance

Shares of RMD stock opened at $235.64 on Friday. The company’s fifty day moving average price is $210.78 and its 200-day moving average price is $219.03. The stock has a market cap of $33.99 billion, a PE ratio of 22.59, a price-to-earnings-growth ratio of 1.48 and a beta of 0.76. The company has a current ratio of 3.10, a quick ratio of 2.42 and a debt-to-equity ratio of 0.06. ResMed Inc. has a 12 month low of $180.26 and a 12 month high of $284.87.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share (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 company had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.46 billion. During the same period last year, the business earned $2.55 EPS. ResMed’s quarterly revenue was up 8.6% compared to the same quarter last year. On average, equities analysts expect that ResMed Inc. will post 12.03 EPS for the current fiscal year.

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, August 20th will be issued a dividend of $0.66 per share. The ex-dividend date is Thursday, August 20th. This is a positive change from ResMed’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a dividend yield of 1.1%. ResMed’s dividend payout ratio (DPR) is 25.31%.

Analyst Ratings Changes

A number of research firms recently commented on RMD. Piper Sandler lowered their price target on shares of ResMed from $233.00 to $225.00 and set a “neutral” rating for the company in a report on Friday, August 7th. Robert W. Baird set a $213.00 price target on shares of ResMed in a report on Friday, August 7th. Royal Bank Of Canada boosted their price objective on shares of ResMed from $234.00 to $244.00 and gave the company a “sector perform” rating in a research report on Friday, August 7th. Weiss Ratings raised shares of ResMed from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $230.00 price objective (down from $286.00) on shares of ResMed in a research note on Wednesday, June 17th. Seven analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $239.38.

About ResMed

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.