Insider Selling: ResMed (NYSE:RMD) CEO Sells $1,026,598.79 in Stock

ResMed Inc. (NYSE:RMD) CEO Michael Farrell sold 4,991 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $205.69, for a total value of $1,026,598.79. Following the completion of the transaction, the chief executive officer owned 466,256 shares in the company, valued at approximately $95,904,196.64. The trade was a 1.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

ResMed Price Performance

Shares of NYSE RMD opened at $220.06 on Tuesday. The company has a current ratio of 3.10, a quick ratio of 2.42 and a debt-to-equity ratio of 0.06. The stock has a fifty day simple moving average of $201.16 and a two-hundred day simple moving average of $221.75. ResMed Inc. has a 1-year low of $180.26 and a 1-year high of $293.81. The firm has a market cap of $31.92 billion, a price-to-earnings ratio of 21.10, a price-to-earnings-growth ratio of 1.29 and a beta of 0.76.

ResMed (NYSE:RMD) last issued its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.89 by $0.06. ResMed had a return on equity of 25.58% and a net margin of 26.94%.The firm had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same period in the previous year, the company posted $2.55 earnings per share. The business’s revenue was up 8.6% on a year-over-year basis. Analysts anticipate that ResMed Inc. will post 12 earnings per share for the current year.

ResMed Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RMD. The Goldman Sachs Group reissued a “buy” rating on shares of ResMed in a report on Wednesday, July 1st. JPMorgan Chase & Co. initiated coverage on ResMed in a report on Wednesday, April 15th. They issued an “overweight” rating on the stock. UBS Group reiterated a “buy” rating and set a $300.00 price target on shares of ResMed in a research report on Tuesday, July 21st. Jefferies Financial Group cut their price objective on ResMed from $240.00 to $225.00 and set a “hold” rating for the company in a report on Friday, July 10th. Finally, Piper Sandler decreased their price objective on shares of ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a research report on Friday. Seven analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $240.17.

Hedge Funds Weigh In On ResMed

A number of large investors have recently bought and sold shares of RMD. 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 stake in ResMed during the 2nd quarter valued at $26,000. International Assets Investment Management LLC bought a new stake in ResMed during the 4th quarter valued at $25,000. Sunbelt Securities Inc. purchased a new stake in ResMed during the 3rd quarter valued at $31,000. Finally, Bell Investment Advisors Inc bought a new stake in ResMed in the 2nd quarter worth $26,000. 54.98% of the stock is owned by hedge funds and other institutional investors.

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.