Washington Trust Advisors Inc. Decreases Position in ResMed Inc. $RMD

Washington Trust Advisors Inc. lowered its stake in ResMed Inc. (NYSE:RMD) by 3.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 115,745 shares of the medical equipment provider’s stock after selling 4,079 shares during the quarter. ResMed comprises 1.7% of Washington Trust Advisors Inc.’s portfolio, making the stock its 15th largest position. Washington Trust Advisors Inc.’s holdings in ResMed were worth $22,556,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of RMD. Saudi Central Bank lifted its position in ResMed by 89.3% during the 2nd quarter. Saudi Central Bank now owns 10,198 shares of the medical equipment provider’s stock worth $1,987,000 after acquiring an additional 4,810 shares in the last quarter. Azimuth Capital Investment Management LLC grew its position in ResMed by 0.4% in the second quarter. Azimuth Capital Investment Management LLC now owns 54,490 shares of the medical equipment provider’s stock valued at $10,619,000 after acquiring an additional 215 shares in the last quarter. AlphaGrep UK Ltd acquired a new stake in ResMed in the second quarter valued at approximately $544,000. OceanIQ Capital LLC purchased a new stake in shares of ResMed during the second quarter valued at approximately $574,000. Finally, Syon Capital LLC raised its stake in shares of ResMed by 56.0% during the second quarter. Syon Capital LLC now owns 5,311 shares of the medical equipment provider’s stock valued at $1,035,000 after purchasing an additional 1,907 shares during the period. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

ResMed Stock Performance

RMD stock opened at $228.25 on Monday. The stock’s 50 day simple moving average is $215.51 and its 200 day simple moving average is $217.98. ResMed Inc. has a 12-month low of $180.26 and a 12-month high of $284.87. The firm has a market cap of $32.93 billion, a P/E ratio of 21.88, a P/E/G ratio of 1.44 and a beta of 0.77. The company has a current ratio of 3.10, a quick ratio of 2.42 and a debt-to-equity ratio of 0.06.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, August 6th. The medical equipment provider reported $2.95 EPS for the quarter, topping analysts’ consensus estimates of $2.89 by $0.06. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The firm had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the previous year, the company posted $2.55 earnings per share. The firm’s revenue was up 8.6% on a year-over-year basis. As a group, equities research analysts predict that ResMed Inc. will post 12.02 EPS for the current year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, August 20th will be given a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Thursday, August 20th. This is an increase from ResMed’s previous quarterly dividend of $0.60. ResMed’s payout ratio is 25.31%.

Analysts Set New Price Targets

A number of research analysts have recently commented on RMD shares. The Goldman Sachs Group reissued a “buy” rating on shares of ResMed in a research report on Wednesday, July 1st. Royal Bank Of Canada lifted their price target on shares of ResMed from $234.00 to $244.00 and gave the stock a “sector perform” rating in a research note on Friday, August 7th. Piper Sandler cut their price objective on shares of ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a report on Friday, August 7th. Morgan Stanley reissued an “equal weight” rating and issued a $230.00 price objective (down from $286.00) on shares of ResMed in a research report on Wednesday, June 17th. Finally, Rothschild & Co Redburn started coverage on ResMed in a research note on Wednesday, August 19th. They set a “neutral” rating and a $230.00 target price for the company. Six research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $240.31.

Insider Transactions at ResMed

In related news, Director Peter C. Farrell sold 8,000 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the sale, the director owned 52,773 shares in the company, valued at $11,873,925. This represents a 13.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $218.55, for a total transaction of $1,090,783.05. Following the completion of the transaction, the chief executive officer directly owned 466,223 shares in the company, valued at $101,893,036.65. This represents a 1.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 18,952 shares of company stock worth $4,145,070. Insiders own 0.65% of the company’s stock.

ResMed 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.