Axxcess Wealth Management LLC Sells 867 Shares of ResMed Inc. (NYSE:RMD)

Axxcess Wealth Management LLC lowered its stake in ResMed Inc. (NYSE:RMD) by 11.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,995 shares of the medical equipment provider’s stock after selling 867 shares during the quarter. Axxcess Wealth Management LLC’s holdings in ResMed were worth $1,339,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in ResMed by 1.0% in the fourth 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 in the last quarter. Bank of New York Mellon Corp boosted its holdings 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 purchasing an additional 1,959,642 shares in the last quarter. Norges Bank bought a new position in shares of ResMed during the 4th quarter valued at about $233,966,000. Los Angeles Capital Management LLC raised its holdings in shares of ResMed by 48.3% during the 2nd quarter. Los Angeles Capital Management LLC now owns 740,226 shares of the medical equipment provider’s stock valued at $141,694,000 after buying an additional 241,195 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in ResMed by 15.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 698,905 shares of the medical equipment provider’s stock worth $120,225,000 after buying an additional 95,689 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on RMD. Citigroup cut shares of ResMed from a “buy” rating to a “neutral” rating in a research report on Monday, June 24th. Oppenheimer lowered shares of ResMed from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 25th. KeyCorp boosted their price target on shares of ResMed from $238.00 to $251.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Royal Bank of Canada upped their price target 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. Finally, Wolfe Research reiterated an “underperform” rating and issued a $180.00 price objective on shares of ResMed in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, ResMed has an average rating of “Hold” and an average target price of $199.70.

ResMed Stock Down 5.2 %

NYSE RMD opened at $237.90 on Thursday. ResMed Inc. has a 1 year low of $132.24 and a 1 year high of $255.18. The stock has a market capitalization of $34.95 billion, a PE ratio of 36.54, a PEG ratio of 2.49 and a beta of 0.69. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.59 and a quick ratio of 1.69. The business’s 50-day moving average is $225.25 and its 200 day moving average is $208.53.

ResMed (NYSE:RMD) last issued its quarterly earnings data 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. ResMed had a return on equity of 25.00% and a net margin of 21.79%. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the company earned $1.60 EPS. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. Sell-side analysts forecast that ResMed Inc. will post 8.92 earnings per share for the current year.

ResMed Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Thursday, August 15th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.89%. This is a boost from ResMed’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Thursday, August 15th. ResMed’s dividend payout ratio (DPR) is currently 32.57%.

Insider Activity

In related news, CFO Brett Sandercock sold 1,000 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $194.35, for a total value of $194,350.00. Following the completion of the transaction, the chief financial officer now directly owns 90,056 shares of the company’s stock, valued at $17,502,383.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Justin Leong sold 48,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $217.07, for a total value of $10,419,360.00. Following the completion of the transaction, the insider now owns 18,741 shares in the company, valued at approximately $4,068,108.87. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Brett Sandercock sold 1,000 shares of the company’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $194.35, for a total value of $194,350.00. Following the completion of the sale, the chief financial officer now directly owns 90,056 shares in the company, valued at $17,502,383.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 102,931 shares of company stock valued at $22,644,807. Corporate insiders own 1.21% of the company’s stock.

ResMed 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.