Creative Planning Boosts Stake in ResMed Inc. (NYSE:RMD)

Posted by on Jun 5th, 2023

Creative Planning raised its holdings in ResMed Inc. (NYSE:RMD – Get Rating) by 1.6% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,624 shares of the medical equipment provider’s stock after buying an additional 102 shares during the period. Creative Planning’s holdings in ResMed were worth $1,379,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC purchased a new position in ResMed in the 3rd quarter valued at approximately $26,000. Ronald Blue Trust Inc. lifted its position in shares of ResMed by 72.8% during the 4th quarter. Ronald Blue Trust Inc. now owns 159 shares of the medical equipment provider’s stock worth $35,000 after purchasing an additional 67 shares during the last quarter. Guardian Wealth Advisors LLC purchased a new stake in shares of ResMed during the 3rd quarter worth $36,000. CVA Family Office LLC lifted its position in shares of ResMed by 162.5% during the 3rd quarter. CVA Family Office LLC now owns 210 shares of the medical equipment provider’s stock worth $46,000 after purchasing an additional 130 shares during the last quarter. Finally, WFA of San Diego LLC purchased a new stake in shares of ResMed during the 4th quarter worth $52,000. Hedge funds and other institutional investors own 64.73% of the company’s stock.

Analysts Set New Price Targets

RMD has been the subject of several recent analyst reports. Mizuho initiated coverage on shares of ResMed in a research report on Thursday, April 13th. They set a “buy” rating and a $255.00 price objective for the company. UBS Group initiated coverage on shares of ResMed in a research report on Monday, May 22nd. They set a “buy” rating and a $290.00 price objective for the company. Finally, StockNews.com raised shares of ResMed from a “hold” rating to a “buy” rating in a research report on Saturday. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $263.43.

Insider Buying and Selling

In related news, COO Robert Andrew Douglas sold 1,500 shares of the stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $232.85, for a total transaction of $349,275.00. Following the completion of the transaction, the chief operating officer now directly owns 255,026 shares of the company’s stock, valued at $59,382,804.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other ResMed news, CEO Michael J. Farrell sold 5,675 shares of the company’s stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $206.95, for a total transaction of $1,174,441.25. Following the transaction, the chief executive officer now directly owns 436,900 shares in the company, valued at $90,416,455. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Robert Andrew Douglas sold 1,500 shares of the company’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $232.85, for a total transaction of $349,275.00. Following the transaction, the chief operating officer now owns 255,026 shares in the company, valued at $59,382,804.10. The disclosure for this sale can be found here. Insiders sold 30,451 shares of company stock valued at $6,818,032 over the last ninety days. Corporate insiders own 1.39% of the company’s stock.

ResMed Price Performance

Shares of NYSE:RMD opened at $220.64 on Monday. The company has a 50-day simple moving average of $224.36 and a 200-day simple moving average of $219.99. ResMed Inc. has a one year low of $194.30 and a one year high of $247.65. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.74 and a current ratio of 3.07. The stock has a market capitalization of $32.42 billion, a price-to-earnings ratio of 37.59, a PEG ratio of 3.30 and a beta of 0.48.

ResMed (NYSE:RMD – Get Rating) last announced its earnings results on Thursday, April 27th. The medical equipment provider reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.10. ResMed had a net margin of 21.49% and a return on equity of 25.82%. The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.05 billion. During the same period in the prior year, the company earned $1.32 earnings per share. The business’s revenue was up 29.2% compared to the same quarter last year. On average, analysts predict that ResMed Inc. will post 6.48 EPS for the current year.

ResMed Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Thursday, May 11th will be issued a dividend of $0.44 per share. The ex-dividend date of this dividend is Wednesday, May 10th. This represents a $1.76 annualized dividend and a yield of 0.80%. ResMed’s dividend payout ratio is currently 29.98%.

ResMed Company 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.

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Institutional Ownership by Quarter for ResMed (NYSE:RMD)

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