ResMed Inc. (NYSE:RMD) Shares Sold by Rhumbline Advisers

Rhumbline Advisers cut its stake in shares of ResMed Inc. (NYSE:RMD) by 5.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 311,617 shares of the medical equipment provider’s stock after selling 18,772 shares during the period. Rhumbline Advisers owned approximately 0.21% of ResMed worth $59,650,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dorsey & Whitney Trust CO LLC lifted its stake in ResMed by 3.7% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 1,473 shares of the medical equipment provider’s stock worth $292,000 after acquiring an additional 52 shares during the last quarter. QRG Capital Management Inc. boosted its holdings in ResMed by 4.5% in the 2nd quarter. QRG Capital Management Inc. now owns 1,291 shares of the medical equipment provider’s stock valued at $247,000 after purchasing an additional 56 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted 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 worth $631,000 after purchasing an additional 60 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its position in shares of ResMed by 7.6% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 902 shares of the medical equipment provider’s stock valued at $155,000 after acquiring an additional 64 shares during the period. Finally, Gulf International Bank UK Ltd boosted its position in ResMed by 0.5% during the first quarter. Gulf International Bank UK Ltd now owns 12,614 shares of the medical equipment provider’s stock worth $2,497,000 after purchasing an additional 66 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on RMD shares. Citigroup cut shares of ResMed from a “buy” rating to a “neutral” rating in a research note on Monday, June 24th. Needham & Company LLC cut shares of ResMed from a “buy” rating to a “hold” rating and set a $236.00 target price for the company. in a research note on Wednesday. KeyCorp increased their price target on ResMed from $238.00 to $251.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. StockNews.com downgraded ResMed from a “buy” rating to a “hold” rating in a research report on Friday, August 30th. Finally, Oppenheimer downgraded ResMed from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 25th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $204.70.

ResMed Price Performance

RMD opened at $244.75 on Thursday. ResMed Inc. has a 52-week low of $132.24 and a 52-week high of $247.73. The company has a 50 day moving average of $213.72 and a two-hundred day moving average of $203.71. The company has a market cap of $35.96 billion, a P/E ratio of 37.60, a P/E/G ratio of 2.44 and a beta of 0.69. 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 (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, topping analysts’ consensus estimates of $2.03 by $0.05. The firm had revenue of $1.20 billion during 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%. The firm’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.60 EPS. On average, analysts expect that ResMed Inc. will post 8.91 earnings per share for the current year.

ResMed Increases Dividend

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

Insider Buying and Selling at ResMed

In other news, General Counsel Michael J. Rider sold 882 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $231.00, for a total transaction of $203,742.00. Following the transaction, the general counsel now directly owns 10,512 shares of the company’s stock, valued at $2,428,272. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Michael J. Farrell sold 14,683 shares of ResMed stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $211.66, for a total transaction of $3,107,803.78. Following the sale, the chief executive officer now directly 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 can be accessed through this hyperlink. Also, General Counsel Michael J. Rider sold 882 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $231.00, for a total value of $203,742.00. Following the completion of the transaction, the general counsel now directly owns 10,512 shares of the company’s stock, valued at approximately $2,428,272. The disclosure for this sale can be found here. Insiders sold 95,931 shares of company stock valued at $20,326,437 over the last 90 days. 1.21% of the stock is owned by corporate insiders.

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.