Janney Montgomery Scott LLC Sells 16,851 Shares of ResMed Inc. $RMD

Janney Montgomery Scott LLC decreased its stake in shares of ResMed Inc. (NYSE:RMD) by 22.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 56,743 shares of the medical equipment provider’s stock after selling 16,851 shares during the quarter. Janney Montgomery Scott LLC’s holdings in ResMed were worth $14,640,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ballentine Partners LLC boosted its position in shares of ResMed by 6.3% during the first quarter. Ballentine Partners LLC now owns 1,782 shares of the medical equipment provider’s stock worth $399,000 after acquiring an additional 105 shares during the last quarter. Inspire Investing LLC boosted its position in shares of ResMed by 29.3% during the first quarter. Inspire Investing LLC now owns 28,578 shares of the medical equipment provider’s stock worth $6,397,000 after acquiring an additional 6,472 shares during the last quarter. Intech Investment Management LLC boosted its position in shares of ResMed by 63.2% during the first quarter. Intech Investment Management LLC now owns 15,325 shares of the medical equipment provider’s stock worth $3,430,000 after acquiring an additional 5,934 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of ResMed by 8.5% during the first quarter. Goldman Sachs Group Inc. now owns 739,007 shares of the medical equipment provider’s stock worth $165,427,000 after acquiring an additional 58,155 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in ResMed by 2.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 977,401 shares of the medical equipment provider’s stock valued at $218,791,000 after purchasing an additional 22,789 shares in the last quarter. Institutional investors own 54.98% of the company’s stock.

Insider Activity

In other news, General Counsel Michael J. Rider sold 100 shares of the business’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total value of $27,436.00. Following the completion of the sale, the general counsel owned 11,327 shares in the company, valued at approximately $3,107,675.72. The trade was a 0.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John Hernandez sold 2,575 shares of the business’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $287.10, for a total transaction of $739,282.50. Following the completion of the sale, the director owned 4,045 shares of the company’s stock, valued at approximately $1,161,319.50. This represents a 38.90% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,743 shares of company stock worth $5,075,239. 0.71% of the stock is currently owned by corporate insiders.

ResMed Trading Up 0.7%

RMD stock opened at $278.48 on Friday. The company has a market capitalization of $40.77 billion, a PE ratio of 29.28, a P/E/G ratio of 1.86 and a beta of 0.83. ResMed Inc. has a 12 month low of $199.92 and a 12 month high of $293.81. The firm’s 50-day moving average is $278.16 and its 200 day moving average is $253.46. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, topping the consensus estimate of $2.47 by $0.08. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The firm’s revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm posted $2.08 EPS. On average, research analysts anticipate that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th were issued a $0.60 dividend. The ex-dividend date was Thursday, August 14th. This represents a $2.40 annualized dividend and a dividend yield of 0.9%. This is an increase from ResMed’s previous quarterly dividend of $0.53. ResMed’s dividend payout ratio (DPR) is presently 25.24%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Royal Bank Of Canada upped their price target on shares of ResMed from $294.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. Wall Street Zen downgraded shares of ResMed from a “buy” rating to a “hold” rating in a research note on Sunday, August 10th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of ResMed in a research note on Saturday, September 27th. Piper Sandler upped their price target on shares of ResMed from $248.00 to $270.00 and gave the company a “neutral” rating in a research note on Friday, August 1st. Finally, Stifel Nicolaus upped their price target on shares of ResMed from $240.00 to $270.00 and gave the company a “hold” rating in a research note on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $294.20.

ResMed Company Profile

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.