Justin Leong Sells 48,000 Shares of ResMed Inc. (NYSE:RMD) Stock

ResMed Inc. (NYSE:RMD) insider Justin Leong sold 48,000 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $217.07, for a total transaction of $10,419,360.00. Following the sale, the insider now directly owns 18,741 shares of the company’s stock, valued at approximately $4,068,108.87. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

ResMed Trading Up 1.5 %

ResMed stock opened at $214.19 on Friday. The company has a quick ratio of 1.97, a current ratio of 3.04 and a debt-to-equity ratio of 0.22. The firm has a 50-day moving average price of $204.37 and a two-hundred day moving average price of $197.49. The firm has a market capitalization of $31.47 billion, a price-to-earnings ratio of 32.90, a PEG ratio of 1.93 and a beta of 0.66. ResMed Inc. has a 52-week low of $132.24 and a 52-week high of $225.68.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.05. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.22 billion. ResMed had a net margin of 21.79% and a return on equity of 25.58%. ResMed’s revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.60 EPS. Sell-side analysts expect that ResMed Inc. will post 8.79 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. Stockholders of record on Thursday, August 15th will be paid a $0.53 dividend. This is a positive change from ResMed’s previous quarterly dividend of $0.48. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date is Thursday, August 15th. ResMed’s dividend payout ratio is currently 29.49%.

Institutional Trading of ResMed

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of ResMed by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 17,743,457 shares of the medical equipment provider’s stock worth $3,052,229,000 after acquiring an additional 173,635 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of ResMed by 51.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,772,761 shares of the medical equipment provider’s stock worth $1,105,022,000 after acquiring an additional 1,959,642 shares during the period. Norges Bank acquired a new stake in shares of ResMed in the 4th quarter worth approximately $233,966,000. Charles Schwab Investment Management Inc. lifted its stake in shares of ResMed by 5.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 863,289 shares of the medical equipment provider’s stock worth $148,503,000 after acquiring an additional 46,113 shares during the period. Finally, Los Angeles Capital Management LLC lifted its stake in shares of ResMed by 48.3% in the 2nd quarter. Los Angeles Capital Management LLC now owns 740,226 shares of the medical equipment provider’s stock worth $141,694,000 after acquiring an additional 241,195 shares during the period. 54.98% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RMD has been the subject of a number of recent research reports. Citigroup downgraded shares of ResMed from a “buy” rating to a “neutral” rating in a research report on Monday, June 24th. Oppenheimer downgraded shares of ResMed from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $236.00 price objective on shares of ResMed in a research report on Friday, August 2nd. KeyCorp boosted their price objective on shares of ResMed from $238.00 to $251.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Finally, Royal Bank of Canada boosted their price objective on shares of ResMed from $204.00 to $206.00 and gave the company a “sector perform” rating in a research report on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, ResMed has a consensus rating of “Moderate Buy” and an average target price of $204.70.

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.