ResMed Inc. (NYSE:RMD) Shares Sold by Truist Financial Corp

Truist Financial Corp cut its stake in shares of ResMed Inc. (NYSE:RMD) by 8.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,668 shares of the medical equipment provider’s stock after selling 519 shares during the quarter. Truist Financial Corp’s holdings in ResMed were worth $1,085,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Dorsey & Whitney Trust CO LLC raised its stake in shares of ResMed by 3.7% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 1,473 shares of the medical equipment provider’s stock worth $292,000 after buying an additional 52 shares in the last quarter. QRG Capital Management Inc. grew its holdings in ResMed by 4.5% during the second quarter. QRG Capital Management Inc. now owns 1,291 shares of the medical equipment provider’s stock worth $247,000 after acquiring an additional 56 shares during the period. Inspire Advisors LLC increased its holdings in shares of ResMed by 1.9% in the 2nd quarter. Inspire Advisors LLC now owns 3,060 shares of the medical equipment provider’s stock valued at $586,000 after purchasing an additional 56 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in shares of ResMed by 1.9% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 3,188 shares of the medical equipment provider’s stock valued at $631,000 after acquiring an additional 60 shares during the period. Finally, Gulf International Bank UK Ltd boosted its stake in shares of ResMed by 0.5% during the 1st quarter. Gulf International Bank UK Ltd now owns 12,614 shares of the medical equipment provider’s stock worth $2,497,000 after acquiring an additional 66 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Transactions at ResMed

In related news, insider Kaushik Ghoshal sold 5,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $252.56, for a total transaction of $1,262,800.00. Following the completion of the sale, the insider now directly owns 21,788 shares of the company’s stock, valued at approximately $5,502,777.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Kaushik Ghoshal sold 5,000 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $252.56, for a total value of $1,262,800.00. Following the completion of the transaction, the insider now owns 21,788 shares of the company’s stock, valued at approximately $5,502,777.28. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Brett Sandercock sold 1,000 shares of ResMed stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $233.47, for a total value of $233,470.00. Following the sale, the chief financial officer now owns 95,812 shares in the company, valued at $22,369,227.64. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 119,614 shares of company stock valued at $27,135,217. Corporate insiders own 1.21% of the company’s stock.

ResMed Stock Performance

NYSE:RMD opened at $240.51 on Monday. The company has a quick ratio of 1.69, a current ratio of 2.59 and a debt-to-equity ratio of 0.14. ResMed Inc. has a fifty-two week low of $132.24 and a fifty-two week high of $255.18. The company has a market cap of $35.33 billion, a P/E ratio of 36.94, a P/E/G ratio of 2.14 and a beta of 0.69. The firm’s 50 day moving average is $236.35 and its two-hundred day moving average is $214.61.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.05. The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.22 billion. ResMed had a net margin of 21.79% and a return on equity of 25.00%. ResMed’s revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.60 earnings per share. Analysts expect that ResMed Inc. will post 9.02 EPS for the current year.

ResMed Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Thursday, August 15th were paid a dividend of $0.53 per share. The ex-dividend date was Thursday, August 15th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.88%. This is a positive change from ResMed’s previous quarterly dividend of $0.48. ResMed’s dividend payout ratio (DPR) is currently 32.57%.

Analysts Set New Price Targets

RMD has been the subject of several recent research reports. Robert W. Baird assumed coverage on shares of ResMed in a report on Tuesday, September 24th. They set an “outperform” rating and a $280.00 target price for the company. Wolfe Research reissued an “underperform” rating and set a $180.00 price objective on shares of ResMed in a research note on Wednesday, September 18th. Oppenheimer lowered ResMed from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 25th. KeyCorp raised their price target on ResMed from $238.00 to $251.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Finally, StockNews.com downgraded ResMed from a “buy” rating to a “hold” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $218.18.

ResMed Company Profile

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.