ResMed (NYSE:RMD) Stock Price Down 4.3% After Insider Selling

ResMed Inc. (NYSE:RMD) was down 4.3% on Wednesday after an insider sold shares in the company. The company traded as low as $221.34 and last traded at $221.61. Approximately 257,038 shares changed hands during trading, a decline of 73% from the average daily volume of 966,755 shares. The stock had previously closed at $231.48.

Specifically, insider Kaushik Ghoshal sold 9,113 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $235.40, for a total value of $2,145,200.20. Following the sale, the insider now directly owns 9,725 shares of the company’s stock, valued at approximately $2,289,265. The trade was a 48.38 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Analysts Set New Price Targets

RMD has been the topic of a number of research reports. Stifel Nicolaus cut their price target on ResMed from $250.00 to $240.00 and set a “hold” rating on the stock in a report on Wednesday. UBS Group upgraded ResMed from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 31st. JPMorgan Chase & Co. raised their price target on shares of ResMed from $270.00 to $286.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. The Goldman Sachs Group assumed coverage on shares of ResMed in a research report on Thursday, January 16th. They issued a “buy” rating on the stock. Finally, Piper Sandler increased their target price on shares of ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. One research analyst has rated the stock with a sell rating, six have given a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $243.82.

ResMed Stock Down 4.3 %

The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13. The firm’s 50 day moving average price is $237.07 and its two-hundred day moving average price is $240.02. The company has a market capitalization of $32.52 billion, a price-to-earnings ratio of 26.14, a price-to-earnings-growth ratio of 1.53 and a beta of 0.70.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.14. ResMed had a return on equity of 26.17% and a net margin of 25.34%. Sell-side analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.96%. The ex-dividend date is Thursday, February 13th. ResMed’s dividend payout ratio is 25.03%.

Hedge Funds Weigh In On ResMed

Several institutional investors and hedge funds have recently modified their holdings of RMD. Invesco Ltd. lifted its stake in shares of ResMed by 32.2% during the 4th quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider’s stock worth $531,706,000 after buying an additional 566,046 shares during the last quarter. Norges Bank bought a new position in ResMed in the 4th quarter valued at about $118,605,000. Captrust Financial Advisors lifted its position in ResMed by 813.4% during the fourth quarter. Captrust Financial Advisors now owns 443,340 shares of the medical equipment provider’s stock worth $101,387,000 after acquiring an additional 394,803 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of ResMed by 10.9% during the third quarter. Geode Capital Management LLC now owns 3,858,814 shares of the medical equipment provider’s stock worth $939,114,000 after acquiring an additional 380,383 shares during the period. Finally, AQR Capital Management LLC grew 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 purchasing an additional 357,466 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

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.