Bank of America Corp DE Raises Stake in ResMed Inc. (NYSE:RMD)

Posted by Defense World Staff on Jun 6th, 2023

Bank of America Corp DE boosted its holdings in shares of ResMed Inc. (NYSE:RMD – Get Rating) by 31.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 308,650 shares of the medical equipment provider’s stock after acquiring an additional 74,158 shares during the period. Bank of America Corp DE owned 0.21% of ResMed worth $64,239,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of RMD. Kayne Anderson Rudnick Investment Management LLC purchased a new position in ResMed during the 3rd quarter valued at about $26,000. Ronald Blue Trust Inc. increased its stake in ResMed by 72.8% during the 4th quarter. Ronald Blue Trust Inc. now owns 159 shares of the medical equipment provider’s stock valued at $35,000 after purchasing an additional 67 shares in the last quarter. Guardian Wealth Advisors LLC bought a new stake in ResMed during the 3rd quarter valued at about $36,000. CVA Family Office LLC increased its stake in ResMed by 162.5% during the 3rd quarter. CVA Family Office LLC now owns 210 shares of the medical equipment provider’s stock valued at $46,000 after purchasing an additional 130 shares in the last quarter. Finally, WFA of San Diego LLC bought a new stake in ResMed during the 4th quarter valued at about $52,000. 64.73% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other ResMed news, CFO Brett Sandercock sold 3,426 shares of the business’s stock in a transaction on Tuesday, May 9th. The shares were sold at an average price of $232.05, for a total transaction of $795,003.30. Following the transaction, the chief financial officer now owns 103,516 shares in the company, valued at $24,020,887.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Brett Sandercock sold 3,426 shares of the company’s stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $232.05, for a total value of $795,003.30. Following the transaction, the chief financial officer now directly owns 103,516 shares in the company, valued at $24,020,887.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Michael J. Farrell sold 5,675 shares of the company’s stock in a transaction dated Wednesday, March 15th. The stock was sold at an average price of $206.95, for a total transaction of $1,174,441.25. Following the completion of the transaction, the chief executive officer now owns 436,900 shares in the company, valued at $90,416,455. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,451 shares of company stock worth $6,818,032. Insiders own 1.39% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on RMD shares. Mizuho started coverage on shares of ResMed in a research note on Thursday, April 13th. They issued a “buy” rating and a $255.00 price target for the company. UBS Group began coverage on shares of ResMed in a research note on Monday, May 22nd. They issued a “buy” rating and a $290.00 price target for the company. Finally, StockNews.com upgraded 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 assigned a buy rating to the company’s stock. According to data from MarketBeat, ResMed has a consensus rating of “Moderate Buy” and a consensus target price of $263.43.

ResMed Price Performance

Shares of NYSE:RMD opened at $222.12 on Tuesday. 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 $194.30 and a 1-year high of $247.65. The company has a market capitalization of $32.64 billion, a P/E ratio of 37.84, a P/E/G ratio of 3.30 and a beta of 0.48. The firm’s 50 day simple moving average is $224.49 and its two-hundred day simple moving average is $220.01.

ResMed (NYSE:RMD – Get Rating) last released its earnings results on Thursday, April 27th. The medical equipment provider reported $1.68 EPS for the quarter, topping the consensus estimate of $1.58 by $0.10. ResMed had a net margin of 21.49% and a return on equity of 25.82%. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.05 billion. During the same quarter in the previous year, the firm earned $1.32 earnings per share. The company’s quarterly revenue was up 29.2% compared to the same quarter last year. Research analysts expect that ResMed Inc. will post 6.48 EPS for the current fiscal year.

ResMed Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Thursday, May 11th will be given a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 0.79%. The ex-dividend date is Wednesday, May 10th. ResMed’s dividend payout ratio is presently 29.98%.

About ResMed

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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.