Sanctuary Advisors LLC Makes New $746,000 Investment in ResMed Inc. $RMD

Sanctuary Advisors LLC bought a new stake in ResMed Inc. (NYSE:RMD) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,826 shares of the medical equipment provider’s stock, valued at approximately $746,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in ResMed during the second quarter valued at about $2,400,375,000. State Street Corp increased its stake in shares of ResMed by 1.2% in the fourth quarter. State Street Corp now owns 6,625,408 shares of the medical equipment provider’s stock worth $1,595,862,000 after purchasing an additional 76,244 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of ResMed by 0.7% in the first quarter. Bank of New York Mellon Corp now owns 4,925,386 shares of the medical equipment provider’s stock worth $1,105,651,000 after purchasing an additional 34,732 shares in the last quarter. Geode Capital Management LLC raised its position in shares of ResMed by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 4,302,906 shares of the medical equipment provider’s stock valued at $1,032,877,000 after purchasing an additional 51,218 shares during the period. Finally, Morgan Stanley lifted its stake in shares of ResMed by 25.0% during the 4th quarter. Morgan Stanley now owns 2,891,697 shares of the medical equipment provider’s stock valued at $696,523,000 after buying an additional 578,559 shares in the last quarter. Institutional investors own 54.98% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on RMD. Robert W. Baird set a $213.00 price objective on shares of ResMed in a report on Friday, August 7th. UBS Group reissued a “buy” rating and set a $300.00 target price on shares of ResMed in a report on Tuesday, July 21st. Royal Bank Of Canada increased their target price on ResMed from $234.00 to $244.00 and gave the stock a “sector perform” rating in a research report on Friday, August 7th. Piper Sandler cut their price target on ResMed from $233.00 to $225.00 and set a “neutral” rating for the company in a report on Friday, August 7th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $230.00 price target (down from $286.00) on shares of ResMed in a research report on Wednesday, June 17th. Seven analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $239.38.

ResMed Price Performance

RMD stock opened at $240.47 on Friday. The firm has a 50 day moving average of $211.81 and a 200-day moving average of $219.18. 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. The firm has a market capitalization of $34.69 billion, a P/E ratio of 23.06, a price-to-earnings-growth ratio of 1.48 and a beta of 0.76.

ResMed (NYSE:RMD) last issued its quarterly earnings data on Thursday, August 6th. The medical equipment provider reported $2.95 EPS for the quarter, beating 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 analysts’ expectations of $1.46 billion. During the same quarter in the previous year, the company earned $2.55 earnings per share. ResMed’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, sell-side analysts predict that ResMed Inc. will post 12.03 earnings per share for the current fiscal year.

ResMed Increases Dividend

The company 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 dividend of $0.66 per share. This is an increase from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date is Thursday, August 20th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.1%. ResMed’s dividend payout ratio (DPR) is presently 25.31%.

Insider Buying and Selling at ResMed

In related news, Director Peter C. Farrell sold 8,000 shares of the stock in a transaction 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 approximately $11,873,925. This trade represents a 13.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 completion of the sale, the chief executive officer owned 466,256 shares in the company, valued at $95,904,196.64. This trade represents 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. In the last ninety days, insiders sold 22,973 shares of company stock worth $4,885,436. Insiders own 0.65% of the company’s stock.

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.