ResMed Inc. (NYSE:RMD) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. cut its holdings in ResMed Inc. (NYSE:RMD) by 5.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,486 shares of the medical equipment provider’s stock after selling 134 shares during the quarter. Federated Hermes Inc.’s holdings in ResMed were worth $476,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. OFI Invest Asset Management purchased a new stake in ResMed during the 2nd quarter valued at approximately $32,000. BOK Financial Private Wealth Inc. purchased a new stake in shares of ResMed during the first quarter worth approximately $35,000. Versant Capital Management Inc lifted its holdings in shares of ResMed by 196.7% during the second quarter. Versant Capital Management Inc now owns 181 shares of the medical equipment provider’s stock worth $35,000 after purchasing an additional 120 shares during the period. Financial Connections Group Inc. purchased a new position in ResMed in the 2nd quarter valued at $37,000. Finally, Riverview Trust Co acquired a new position in ResMed in the 1st quarter valued at $42,000. 54.98% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ResMed

In other ResMed news, insider Justin Leong sold 48,000 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $217.07, for a total value of $10,419,360.00. Following the transaction, the insider now directly owns 18,741 shares in the company, valued at approximately $4,068,108.87. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other ResMed news, insider Kaushik Ghoshal sold 5,000 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $252.56, for a total value of $1,262,800.00. Following the completion of the transaction, the insider now directly owns 21,788 shares in the company, valued at approximately $5,502,777.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Justin Leong sold 48,000 shares of the firm’s stock in a transaction 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 sale, the insider now owns 18,741 shares in the company, valued at approximately $4,068,108.87. The disclosure for this sale can be found here. Insiders have sold a total of 102,931 shares of company stock valued at $22,644,807 over the last quarter. Insiders own 1.21% of the company’s stock.

Wall Street Analyst Weigh In

RMD has been the subject of several recent analyst reports. Oppenheimer cut shares of ResMed from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 25th. StockNews.com lowered ResMed from a “buy” rating to a “hold” rating in a report on Friday, August 30th. KeyCorp increased their target price on ResMed from $238.00 to $251.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Wolfe Research restated an “underperform” rating and issued a $180.00 price target on shares of ResMed in a research note on Wednesday, September 18th. Finally, Citigroup cut ResMed from a “buy” rating to a “neutral” rating in a research report on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $199.70.

ResMed Price Performance

ResMed stock opened at $246.18 on Tuesday. The firm has a market capitalization of $36.17 billion, a PE ratio of 37.82, a P/E/G ratio of 2.50 and a beta of 0.69. ResMed Inc. has a 52 week low of $132.24 and a 52 week high of $255.18. The firm’s 50-day simple moving average is $227.73 and its 200 day simple moving average is $209.99. 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 released its quarterly earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 EPS for the quarter, beating the consensus estimate of $2.03 by $0.05. ResMed had a net margin of 21.79% and a return on equity of 25.00%. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the prior year, the business earned $1.60 earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. On average, equities research analysts predict that ResMed Inc. will post 8.92 EPS for the current fiscal year.

ResMed Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Thursday, August 15th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.86%. This is a boost from ResMed’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend was Thursday, August 15th. ResMed’s payout ratio is 32.57%.

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.