Benjamin F. Edwards & Company Inc. Cuts Stake in ResMed Inc. (NYSE:RMD)

Posted by Defense World Staff on May 9th, 2023

Benjamin F. Edwards & Company Inc. decreased its holdings in ResMed Inc. (NYSE:RMD – Get Rating) by 10.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 576 shares of the medical equipment provider’s stock after selling 68 shares during the period. Benjamin F. Edwards & Company Inc.’s holdings in ResMed were worth $120,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in RMD. Point72 Asset Management L.P. boosted its stake in shares of ResMed by 245.2% in the 3rd quarter. Point72 Asset Management L.P. now owns 397,861 shares of the medical equipment provider’s stock valued at $86,853,000 after purchasing an additional 282,613 shares in the last quarter. Capital Research Global Investors raised its holdings in ResMed by 83.1% during the 1st quarter. Capital Research Global Investors now owns 557,558 shares of the medical equipment provider’s stock valued at $135,213,000 after buying an additional 253,121 shares during the last quarter. Vanguard Group Inc. raised its holdings in ResMed by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 16,261,844 shares of the medical equipment provider’s stock valued at $3,549,959,000 after buying an additional 199,805 shares during the last quarter. Royal Bank of Canada raised its holdings in ResMed by 133.6% during the 3rd quarter. Royal Bank of Canada now owns 125,500 shares of the medical equipment provider’s stock valued at $27,396,000 after buying an additional 71,769 shares during the last quarter. Finally, Ardevora Asset Management LLP raised its holdings in ResMed by 23.4% during the 3rd quarter. Ardevora Asset Management LLP now owns 342,509 shares of the medical equipment provider’s stock valued at $74,770,000 after buying an additional 64,984 shares during the last quarter. Hedge funds and other institutional investors own 64.73% of the company’s stock.

Insider Transactions at ResMed

In other news, insider David Pendarvis sold 1,500 shares of the company’s stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $237.64, for a total value of $356,460.00. Following the sale, the insider now directly owns 91,172 shares of the company’s stock, valued at approximately $21,666,114.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider David Pendarvis sold 1,500 shares of the stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $237.64, for a total transaction of $356,460.00. Following the sale, the insider now directly owns 91,172 shares of the company’s stock, valued at approximately $21,666,114.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael J. Farrell sold 5,675 shares of the stock in a transaction dated Wednesday, February 15th. The shares were sold at an average price of $214.83, for a total transaction of $1,219,160.25. Following the sale, the chief executive officer now directly owns 436,900 shares in the company, valued at $93,859,227. The disclosure for this sale can be found here. Insiders have sold 32,525 shares of company stock valued at $7,081,032 in the last three months. 1.39% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on RMD. William Blair reiterated an “outperform” rating on shares of ResMed in a report on Tuesday, January 31st. Citigroup upgraded shares of ResMed from a “neutral” rating to a “buy” rating in a report on Wednesday, January 18th. JPMorgan Chase & Co. upped their price target on shares of ResMed from $245.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, January 27th. StockNews.com upgraded shares of ResMed from a “hold” rating to a “buy” rating in a report on Monday. Finally, Mizuho began coverage on shares of ResMed in a report on Thursday, April 13th. They issued a “buy” rating and a $255.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $259.00.

ResMed Stock Up 0.5 %

NYSE:RMD opened at $232.70 on Tuesday. The firm’s 50-day moving average price is $220.06 and its 200-day moving average price is $219.68. The company has a market capitalization of $34.19 billion, a PE ratio of 39.64, a P/E/G ratio of 3.48 and a beta of 0.48. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.07 and a quick ratio of 1.74. ResMed Inc. has a 1-year low of $189.40 and a 1-year high of $247.65.

ResMed (NYSE:RMD – Get Rating) last released its earnings results on Thursday, April 27th. The medical equipment provider reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.10. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.05 billion. ResMed had a net margin of 21.49% and a return on equity of 25.82%. The company’s revenue was up 29.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.32 EPS. On average, equities analysts predict that ResMed Inc. will post 6.46 EPS for the current fiscal year.

ResMed Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Thursday, May 11th will be given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date is Wednesday, May 10th. ResMed’s dividend payout ratio is presently 29.98%.

ResMed Profile

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ResMed, Inc engages in providing digital health and cloud-connected medical devices. Its digital health technologies and cloud-connected medical devices transform care for people with sleep apnea, chronic obstructive pulmonary disease, or COPD, and other chronic diseases. The firm operates through the Sleep and Respiratory Care and Software as a Service segments.