ResMed Inc. $RMD Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lowered its holdings in ResMed Inc. (NYSE:RMD) by 10.8% in the third quarter, Holdings Channel.com reports. The fund owned 360,517 shares of the medical equipment provider’s stock after selling 43,814 shares during the quarter. Victory Capital Management Inc.’s holdings in ResMed were worth $98,684,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of ResMed by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 19,040,440 shares of the medical equipment provider’s stock valued at $5,211,940,000 after purchasing an additional 293,515 shares in the last quarter. State Street Corp grew its position in ResMed by 1.0% during the second quarter. State Street Corp now owns 6,615,852 shares of the medical equipment provider’s stock worth $1,706,890,000 after buying an additional 64,448 shares during the period. Geode Capital Management LLC grew its position in ResMed by 2.4% during the second quarter. Geode Capital Management LLC now owns 4,215,145 shares of the medical equipment provider’s stock worth $1,083,409,000 after buying an additional 98,717 shares during the period. Norges Bank purchased a new position in ResMed in the second quarter valued at about $306,452,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of ResMed by 2.3% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,021,001 shares of the medical equipment provider’s stock valued at $263,418,000 after acquiring an additional 22,873 shares during the period. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RMD has been the topic of a number of research reports. Weiss Ratings upgraded ResMed from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, February 9th. Royal Bank Of Canada boosted their target price on ResMed from $311.00 to $314.00 and gave the stock an “outperform” rating in a research report on Friday, January 30th. Wall Street Zen raised ResMed from a “hold” rating to a “buy” rating in a report on Saturday, February 7th. Piper Sandler raised their price target on ResMed from $270.00 to $275.00 and gave the company a “neutral” rating in a research report on Friday, January 30th. Finally, Robert W. Baird set a $281.00 price target on ResMed in a research note on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $299.27.

ResMed Trading Up 0.3%

ResMed stock opened at $259.18 on Thursday. The stock has a 50-day moving average price of $254.84 and a 200 day moving average price of $260.47. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $293.81. The stock has a market cap of $37.76 billion, a PE ratio of 25.64, a P/E/G ratio of 1.71 and a beta of 0.88. The company has a current ratio of 3.06, a quick ratio of 2.32 and a debt-to-equity ratio of 0.06.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, January 29th. The medical equipment provider reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.68 by $0.13. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.40 billion. ResMed had a net margin of 27.53% and a return on equity of 25.20%. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period last year, the company earned $2.43 EPS. Equities research analysts predict that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders of record on Thursday, February 12th will be issued a $0.60 dividend. The ex-dividend date is Thursday, February 12th. This represents a $2.40 annualized dividend and a yield of 0.9%. ResMed’s payout ratio is 23.74%.

Insider Transactions at ResMed

In other news, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $248.46, for a total transaction of $1,240,063.86. Following the completion of the transaction, the chief executive officer owned 466,223 shares of the company’s stock, valued at $115,837,766.58. This represents a 1.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $251.31, for a total transaction of $502,620.00. Following the completion of the sale, the director directly owned 64,773 shares in the company, valued at $16,278,102.63. This represents a 3.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 14,082 shares of company stock valued at $3,631,867. Corporate insiders own 0.65% of the company’s stock.

ResMed Company Profile

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.