Michael J. Farrell Sells 6,651 Shares of ResMed Inc. (NYSE:RMD) Stock

ResMed Inc. (NYSE:RMD) CEO Michael J. Farrell sold 6,651 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $118.16, for a total transaction of $785,882.16. Following the completion of the transaction, the chief executive officer now owns 292,988 shares in the company, valued at $34,619,462.08. The transaction was disclosed in a filing with the SEC, which is available at this link.

Shares of RMD stock opened at $118.52 on Wednesday. The stock has a market cap of $16.83 billion, a PE ratio of 33.58, a P/E/G ratio of 3.05 and a beta of 0.43. ResMed Inc. has a 1-year low of $90.64 and a 1-year high of $120.00. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.69 and a current ratio of 2.38.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Thursday, May 2nd. The medical equipment provider reported $0.89 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.05. The business had revenue of $662.23 million for the quarter, compared to analyst estimates of $657.82 million. ResMed had a net margin of 17.65% and a return on equity of 26.46%. The company’s revenue was up 11.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.92 EPS. Analysts forecast that ResMed Inc. will post 3.63 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Thursday, May 9th will be issued a dividend of $0.37 per share. The ex-dividend date is Wednesday, May 8th. This represents a $1.48 annualized dividend and a dividend yield of 1.25%. ResMed’s payout ratio is currently 41.93%.

Hedge funds have recently made changes to their positions in the company. Commonwealth Bank of Australia raised its holdings in ResMed by 6.4% in the first quarter. Commonwealth Bank of Australia now owns 1,502 shares of the medical equipment provider’s stock valued at $154,000 after buying an additional 90 shares during the period. Farmers & Merchants Investments Inc. raised its holdings in ResMed by 49.0% in the first quarter. Farmers & Merchants Investments Inc. now owns 295 shares of the medical equipment provider’s stock valued at $31,000 after buying an additional 97 shares during the period. Louisiana State Employees Retirement System raised its holdings in ResMed by 1.3% in the first quarter. Louisiana State Employees Retirement System now owns 7,600 shares of the medical equipment provider’s stock valued at $790,000 after buying an additional 100 shares during the period. Thrivent Financial for Lutherans raised its holdings in ResMed by 1.8% in the fourth quarter. Thrivent Financial for Lutherans now owns 6,239 shares of the medical equipment provider’s stock valued at $710,000 after buying an additional 110 shares during the period. Finally, Fifth Third Bancorp raised its holdings in ResMed by 4.8% in the first quarter. Fifth Third Bancorp now owns 2,909 shares of the medical equipment provider’s stock valued at $302,000 after buying an additional 133 shares during the period. Institutional investors and hedge funds own 67.26% of the company’s stock.

RMD has been the topic of a number of recent research reports. Deutsche Bank upgraded shares of ResMed from a “hold” rating to a “buy” rating in a report on Wednesday, March 20th. UBS Group upgraded shares of ResMed from a “neutral” rating to a “buy” rating and upped their target price for the company from $109.00 to $119.00 in a report on Monday, May 6th. ValuEngine lowered shares of ResMed from a “buy” rating to a “hold” rating in a report on Thursday, April 4th. Zacks Investment Research upgraded shares of ResMed from a “sell” rating to a “buy” rating and set a $116.00 price objective on the stock in a report on Monday, April 1st. Finally, JPMorgan Chase & Co. upgraded shares of ResMed from an “underweight” rating to a “neutral” rating and set a $95.00 price objective on the stock in a report on Thursday, April 18th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $112.50.

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About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications that diagnose, treat, and manage respiratory disorders comprising sleep disordered breathing, chronic obstructive pulmonary disease, neuromuscular disease, and other chronic diseases. It offers various products and solutions for a range of respiratory disorders, including technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, portable oxygen concentrators, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.

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