Pinnacle Associates Ltd. Cuts Stake in ResMed Inc. (NYSE:RMD)

Pinnacle Associates Ltd. decreased its stake in ResMed Inc. (NYSE:RMD) by 1.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,716 shares of the medical equipment provider’s stock after selling 501 shares during the period. Pinnacle Associates Ltd.’s holdings in ResMed were worth $7,028,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of RMD. International Assets Investment Management LLC grew its position in ResMed by 11,960.3% in the fourth quarter. International Assets Investment Management LLC now owns 22,191 shares of the medical equipment provider’s stock valued at $3,817,000 after acquiring an additional 22,007 shares in the last quarter. Russell Investments Group Ltd. increased its stake in ResMed by 81.6% during the 4th quarter. Russell Investments Group Ltd. now owns 79,160 shares of the medical equipment provider’s stock worth $13,629,000 after buying an additional 35,562 shares during the period. Kestra Private Wealth Services LLC increased its stake in ResMed by 36.6% during the 4th quarter. Kestra Private Wealth Services LLC now owns 6,322 shares of the medical equipment provider’s stock worth $1,088,000 after buying an additional 1,695 shares during the period. First Trust Direct Indexing L.P. lifted its holdings in ResMed by 24.2% in the 4th quarter. First Trust Direct Indexing L.P. now owns 3,785 shares of the medical equipment provider’s stock worth $651,000 after buying an additional 738 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its position in ResMed by 16.1% in the 4th quarter. Fisher Asset Management LLC now owns 22,482 shares of the medical equipment provider’s stock valued at $3,867,000 after buying an additional 3,110 shares during the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

ResMed Trading Up 0.8 %

NYSE RMD opened at $245.02 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.69 and a current ratio of 2.59. ResMed Inc. has a one year low of $132.24 and a one year high of $246.80. The company has a 50-day simple moving average of $210.08 and a 200-day simple moving average of $202.21. The firm has a market capitalization of $36.00 billion, a PE ratio of 37.64, a price-to-earnings-growth ratio of 2.44 and a beta of 0.66.

ResMed (NYSE:RMD) last issued its earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.05. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.22 billion. ResMed had a return on equity of 25.00% and a net margin of 21.79%. ResMed’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.60 earnings per share. On average, equities analysts forecast that ResMed Inc. will post 8.91 earnings per share for the current year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Thursday, August 15th will be paid a dividend of $0.53 per share. This is an increase from ResMed’s previous quarterly dividend of $0.48. This represents a $2.12 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date is Thursday, August 15th. ResMed’s dividend payout ratio is presently 32.57%.

Wall Street Analyst Weigh In

RMD has been the topic of several recent analyst reports. StockNews.com cut ResMed from a “buy” rating to a “hold” rating in a research note on Friday. Oppenheimer lowered ResMed from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 25th. Needham & Company LLC reiterated a “buy” rating and set a $236.00 target price on shares of ResMed in a research note on Friday, August 2nd. Citigroup lowered shares of ResMed from a “buy” rating to a “neutral” rating in a research note on Monday, June 24th. Finally, KeyCorp increased their price objective on shares of ResMed from $238.00 to $251.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, ResMed has a consensus rating of “Moderate Buy” and a consensus price target of $204.70.

Insiders Place Their Bets

In other news, CEO Michael J. Farrell sold 14,683 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $211.66, for a total transaction of $3,107,803.78. Following the completion of the transaction, the chief executive officer now owns 440,799 shares of the company’s stock, valued at $93,299,516.34. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Michael J. Farrell sold 14,683 shares of ResMed stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $211.66, for a total value of $3,107,803.78. Following the sale, the chief executive officer now directly owns 440,799 shares in the company, valued at approximately $93,299,516.34. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Brett Sandercock sold 1,000 shares of the company’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $194.35, for a total transaction of $194,350.00. Following the completion of the transaction, the chief financial officer now owns 90,056 shares of the company’s stock, valued at approximately $17,502,383.60. The disclosure for this sale can be found here. Insiders have sold 95,931 shares of company stock valued at $20,326,437 over the last three months. Company insiders own 1.21% of the company’s stock.

About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It operates in two segments, Sleep and Respiratory Care, and Software as a Service. 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, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.