Brown Advisory Inc. Sells 216 Shares of ResMed Inc. (NYSE:RMD)

Brown Advisory Inc. reduced its position in shares of ResMed Inc. (NYSE:RMD) by 13.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,346 shares of the medical equipment provider’s stock after selling 216 shares during the period. Brown Advisory Inc.’s holdings in ResMed were worth $301,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in RMD. GAMMA Investing LLC lifted its stake in shares of ResMed by 23,982.6% in the first quarter. GAMMA Investing LLC now owns 733,556 shares of the medical equipment provider’s stock worth $164,207,000 after buying an additional 730,510 shares in the last quarter. Invesco Ltd. grew its holdings in ResMed by 32.2% during the fourth quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider’s stock valued at $531,706,000 after purchasing an additional 566,046 shares during the period. Norges Bank purchased a new stake in ResMed in the 4th quarter worth approximately $118,605,000. Captrust Financial Advisors raised its position in shares of ResMed by 813.4% during the 4th quarter. Captrust Financial Advisors now owns 443,340 shares of the medical equipment provider’s stock valued at $101,387,000 after purchasing an additional 394,803 shares during the period. Finally, AQR Capital Management LLC lifted its position in shares of ResMed by 133.6% in the fourth quarter. AQR Capital Management LLC now owns 625,054 shares of the medical equipment provider’s stock valued at $142,944,000 after acquiring an additional 357,466 shares in the last quarter. Institutional investors own 54.98% of the company’s stock.

Insider Buying and Selling

In other news, Director Peter C. Farrell sold 945 shares of ResMed stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $255.49, for a total value of $241,438.05. Following the sale, the director directly owned 68,273 shares of the company’s stock, valued at $17,443,068.77. The trade was a 1.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction on Monday, July 7th. The stock was sold at an average price of $256.72, for a total transaction of $2,056,070.48. Following the sale, the chief executive officer directly owned 455,503 shares in the company, valued at approximately $116,936,730.16. This trade represents a 1.73% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,013 shares of company stock worth $7,238,913. Insiders own 0.71% of the company’s stock.

ResMed Stock Down 0.8%

RMD stock opened at $251.98 on Wednesday. The company has a market capitalization of $36.95 billion, a P/E ratio of 28.28, a price-to-earnings-growth ratio of 1.59 and a beta of 0.77. The firm’s fifty day simple moving average is $250.83 and its 200-day simple moving average is $237.02. ResMed Inc. has a 12 month low of $196.43 and a 12 month high of $263.05. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.41 and a quick ratio of 2.49.

ResMed (NYSE:RMD) last released its quarterly earnings data on Wednesday, April 23rd. The medical equipment provider reported $2.37 EPS for the quarter, topping the consensus estimate of $2.36 by $0.01. ResMed had a return on equity of 25.67% and a net margin of 26.15%. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the prior year, the firm posted $2.13 EPS. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. As a group, equities research analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Thursday, May 8th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date was Thursday, May 8th. ResMed’s dividend payout ratio is presently 23.79%.

Analyst Ratings Changes

Several research firms have commented on RMD. Piper Sandler dropped their price objective on shares of ResMed from $260.00 to $248.00 and set a “neutral” rating for the company in a report on Thursday, April 24th. Mizuho set a $265.00 target price on shares of ResMed in a research note on Wednesday, April 16th. Morgan Stanley set a $286.00 price target on ResMed and gave the stock an “overweight” rating in a research note on Tuesday, May 20th. Royal Bank Of Canada upgraded shares of ResMed from a “sector perform” rating to an “outperform” rating and set a $294.00 target price on the stock in a research note on Tuesday. Finally, Wall Street Zen lowered ResMed from a “buy” rating to a “hold” rating in a research note on Saturday, May 24th. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, ResMed has an average rating of “Moderate Buy” and an average price target of $262.58.

About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company 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 ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.