ResMed Inc. (NYSE:RMD) Short Interest Up 17.2% in February

ResMed Inc. (NYSE:RMD) saw a significant growth in short interest in the month of February. As of February 27th, there was short interest totaling 11,837,993 shares, a growth of 17.2% from the February 12th total of 10,098,338 shares. Based on an average daily volume of 965,467 shares, the days-to-cover ratio is currently 12.3 days. Approximately 8.2% of the company’s stock are short sold. Approximately 8.2% of the company’s stock are short sold. Based on an average daily volume of 965,467 shares, the days-to-cover ratio is currently 12.3 days.

ResMed Trading Down 2.3%

Shares of RMD stock opened at $228.15 on Thursday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.32 and a current ratio of 3.06. The company has a market capitalization of $33.24 billion, a price-to-earnings ratio of 22.57, a PEG ratio of 1.55 and a beta of 0.88. ResMed has a 52-week low of $199.92 and a 52-week high of $293.81. The company has a 50-day simple moving average of $254.04 and a two-hundred day simple moving average of $257.39.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, January 29th. The medical equipment provider reported $2.81 EPS for the quarter, topping the consensus estimate of $2.68 by $0.13. ResMed had a net margin of 27.53% and a return on equity of 25.20%. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the firm earned $2.43 EPS. The company’s quarterly revenue was up 11.0% compared to the same quarter last year. Research analysts anticipate that ResMed will post 9.47 EPS for the current fiscal year.

ResMed Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders of record on Thursday, February 12th will be given a $0.60 dividend. The ex-dividend date of this dividend is Thursday, February 12th. This represents a $2.40 annualized dividend and a yield of 1.1%. ResMed’s payout ratio is currently 23.74%.

Insiders Place Their Bets

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $260.22, for a total transaction of $520,440.00. Following the transaction, the director owned 62,773 shares in the company, valued at approximately $16,334,790.06. This represents a 3.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $248.46, for a total transaction of $1,240,063.86. Following the transaction, the chief executive officer owned 466,223 shares of the company’s stock, valued at $115,837,766.58. This represents a 1.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 21,073 shares of company stock worth $5,405,198. 0.65% of the stock is owned by company insiders.

Institutional Investors Weigh In On ResMed

Several large investors have recently made changes to their positions in the business. Norges Bank purchased a new position in shares of ResMed in the 2nd quarter worth about $306,452,000. First Trust Advisors LP increased its holdings in ResMed by 240.9% during the fourth quarter. First Trust Advisors LP now owns 1,517,592 shares of the medical equipment provider’s stock worth $365,542,000 after buying an additional 1,072,394 shares during the last quarter. Deutsche Bank AG raised its position in ResMed by 126.0% in the fourth quarter. Deutsche Bank AG now owns 1,413,477 shares of the medical equipment provider’s stock worth $340,464,000 after acquiring an additional 787,949 shares during the period. Morgan Stanley raised its position in ResMed by 25.0% in the fourth quarter. Morgan Stanley now owns 2,891,697 shares of the medical equipment provider’s stock worth $696,523,000 after acquiring an additional 578,559 shares during the period. Finally, Swedbank AB boosted its stake in ResMed by 103.1% in the fourth quarter. Swedbank AB now owns 1,102,476 shares of the medical equipment provider’s stock valued at $265,553,000 after acquiring an additional 559,765 shares during the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on RMD shares. Weiss Ratings raised shares of ResMed from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, February 9th. Piper Sandler boosted their price objective on ResMed from $270.00 to $275.00 and gave the stock a “neutral” rating in a report on Friday, January 30th. Wall Street Zen downgraded ResMed from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. KeyCorp restated an “overweight” rating and issued a $302.00 target price on shares of ResMed in a report on Friday, January 30th. Finally, Royal Bank Of Canada lifted their target price on ResMed from $311.00 to $314.00 and gave the company an “outperform” rating in a research report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $299.27.

ResMed Company Profile

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.