Pinnacle Associates Ltd. Reduces ResMed Inc. Stake (NYSE:RMD)

VaselineSeptember 1, 2024

0 5 minutes read

Pinnacle Associates Ltd. reduced its stake in ResMed Inc. (NYSE:RMD – Free Report) by 1.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,716 shares of the medical equipment provider’s stock after selling 501 shares during the period. Pinnacle Associates Ltd.’s holdings in ResMed were worth $7,028,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of RMD. International Assets Investment Management LLC grew its position in ResMed by 11,960.3% in the fourth quarter. International Assets Investment Management LLC now owns 22,191 shares of the medical equipment provider’s stock valued at $3,817,000 after acquiring an additional 22,007 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in ResMed by 81.6% during the 4th quarter. Russell Investments Group Ltd. now owns 79,160 shares of the medical equipment provider’s stock worth $13,629,000 after bought an additional 35,562 shares during the period. Kestra Private Wealth Services LLC raised its stake in ResMed by 36.6% in the 4th quarter. Kestra Private Wealth Services LLC now owns 6,322 shares of the medical equipment provider’s stock worth $1,088,000 after bought an additional 1,695 shares during the period. First Trust Direct Indexing LP boosted its holdings in ResMed by 24.2% during the 4th quarter. First Trust Direct Indexing LP now owns 3,785 shares of the medical equipment provider’s stock worth $651,000 after buying an additional 738 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its position in ResMed by 16.1% in the 4th quarter. Fisher Asset Management LLC now owns 22,482 shares of the medical equipment provider’s stock valued at $3,867,000 after purchasing an additional 3,110 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company’s shares.

ResMed trading up 0.8%

NYSE RMD opened at $245.02 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.69, and a current ratio of 2.59. ResMed Inc. it has a one year low of $132.24 and a one year high of $246.80. The company has a 50-day simple moving average of $210.08 and a 200-day simple moving average of $202.21. The firm has a market cap of $36.00 billion, a PE ratio of 37.64, a price-to-earnings-growth ratio of 2.44 and a beta of 0.66.

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ResMed (NYSE:RMD – Get Your Free Report ) last posted its earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.05. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.22 billion. ResMed had a return on equity of 25.00% and a net margin of 21.79%. ResMed’s quarterly revenue was up 6.9% compared to the same quarter last year. In the same period last year, the firm posted earnings of $1.60 per share. On average, equities analysts expect that ResMed Inc. will post 8.91 earnings per share for the current year.

ResMed increases dividends

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Thursday, August 15th will be given a dividend of $0.53 per share. This is an increase from ResMed’s previous quarterly dividend of $0.48. This represents a dividend of $2.12 on an annualized basis and a yield of 0.87%. The ex-dividend date is Thursday, August 15. ResMed’s dividend payout ratio is currently 32.57%.

The Wall Street analyst weighs in

RMD has been the subject of several recent analyst reports. StockNews.com lowered ResMed from a “buy” rating to a “hold” rating in a research note on Friday. Oppenheimer lowered ResMed from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 25th. Needham & Company LLC reiterated a “buy” rating and set a $236.00 target price on shares of ResMed in a research note on Friday, August 2nd. Citigroup lowered shares of ResMed from a “buy” rating to a “neutral” rating in a research note on Monday, June 24th. Finally, KeyCorp boosted their price objective on shares of ResMed from $238.00 to $251.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company. ResMed has a consensus rating of “Moderate Buy” and a consensus price target of $204.70, according to MarketBeat.

Get our latest RMD analysis

Insiders place their bets

In other news, CEO Michael J. Farrell sold 14,683 shares of the company’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $211.66, for a total transaction of $3,107,803.78. Following the completion of the transaction, the chief executive officer now owns 440,799 shares of the company’s stock, valued at $93,299,516.34. The sale was disclosed in a filing with the SEC, which is accessible via this hyperlink. In related news, CEO Michael J. Farrell sold 14,683 shares of ResMed stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $211.66, for a total value of $3,107,803.78. Following the sale, the chief executive officer now directly owns 440,799 shares in the company, valued at approximately $93,299,516.34. The sale was disclosed in a legal filing with the SEC, which is available on the SEC’s website. Also, CFO Brett Sandercock sold 1,000 shares of the business’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $194.35, for a total transaction of $194,350.00. Following the completion of the transaction, the chief financial officer now owns 90,056 shares of the company’s stock, valued at approximately $17,502,383.60. The disclosure for this sale can be found here. Insiders have sold 95,931 shares of company stock worth $20,326,437 in the last three months. Company insiders own 1.21% of the company’s shares.

About ResMed

(Free report)

ResMed Inc develops, manufactures, distributes and markets cloud-based medical devices and software applications for healthcare markets. It operates in two segments, sleep and breathing care and software as a service. It offers diverse products and solutions for a wide range of respiratory conditions, including technologies to be applied in medical and consumer products, ventilators, diagnostic products, mask systems for hospital and home use, headwear and other accessories, dental devices and the cloud. Software-based IT solutions to manage patient outcomes as well as deliver to customers and business processes.