Procyon Advisors LLC Purchases New Shares in ResMed Inc. (NYSE:RMD)

Procyon Advisors LLC purchased a new stake in shares of ResMed Inc. (NYSE:RMD) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 925 shares of the medical equipment provider’s stock, valued at approximately $207,000.

Other large investors also recently made changes to their positions in the company. Howard Capital Management Inc. raised its position in ResMed by 5.3% in the fourth quarter. Howard Capital Management Inc. now owns 900 shares of the medical equipment provider’s stock worth $206,000 after acquiring an additional 45 shares during the period. Central Pacific Bank Trust Division raised its position in ResMed by 9.7% in the first quarter. Central Pacific Bank Trust Division now owns 565 shares of the medical equipment provider’s stock worth $126,000 after acquiring an additional 50 shares during the period. Faithward Advisors LLC raised its position in ResMed by 4.3% in the fourth quarter. Faithward Advisors LLC now owns 1,279 shares of the medical equipment provider’s stock worth $292,000 after acquiring an additional 53 shares during the period. Meiji Yasuda Life Insurance Co raised its position in ResMed by 4.6% in the fourth quarter. Meiji Yasuda Life Insurance Co now owns 1,356 shares of the medical equipment provider’s stock worth $310,000 after acquiring an additional 60 shares during the period. Finally, HighPoint Advisor Group LLC raised its position in ResMed by 2.6% in the fourth quarter. HighPoint Advisor Group LLC now owns 2,570 shares of the medical equipment provider’s stock worth $610,000 after acquiring an additional 64 shares during the period. 54.98% of the stock is owned by institutional investors.

ResMed Trading Down 0.5%

NYSE:RMD opened at $251.02 on Tuesday. The company has a fifty day moving average of $233.42 and a 200 day moving average of $234.59. ResMed Inc. has a 52 week low of $179.42 and a 52 week high of $263.05. The company has a quick ratio of 2.29, a current ratio of 3.33 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $36.81 billion, a P/E ratio of 29.64, a P/E/G ratio of 1.53 and a beta of 0.78.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.01. The company had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.28 billion. ResMed had a net margin of 25.34% and a return on equity of 26.17%. The firm’s revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the business posted $2.13 EPS. On average, research analysts predict that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 8th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date is Thursday, May 8th. ResMed’s payout ratio is currently 23.79%.

Wall Street Analyst Weigh In

RMD has been the topic of several research reports. Morgan Stanley set a $286.00 price target on shares of ResMed and gave the company an “overweight” rating in a research report on Tuesday, May 20th. Royal Bank of Canada boosted their price target on shares of ResMed from $247.00 to $255.00 and gave the company a “sector perform” rating in a research report on Thursday, April 24th. Wall Street Zen lowered shares of ResMed from a “buy” rating to a “hold” rating in a research report on Saturday, May 24th. Mizuho set a $265.00 price target on shares of ResMed in a research report on Wednesday, April 16th. Finally, Stifel Nicolaus lowered their price target on shares of ResMed from $250.00 to $240.00 and set a “hold” rating on the stock in a research report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, ResMed has an average rating of “Moderate Buy” and a consensus price target of $259.33.

Insider Buying and Selling at ResMed

In related news, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $209.85, for a total value of $1,680,688.65. Following the completion of the transaction, the chief executive officer now directly owns 455,472 shares in the company, valued at $95,580,799.20. This trade represents a 1.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Witte Jan De sold 2,000 shares of the stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total transaction of $486,940.00. Following the sale, the director now directly owns 5,806 shares in the company, valued at $1,413,586.82. This trade represents a 25.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 22,123 shares of company stock valued at $5,063,896. 0.71% of the stock is currently owned by company insiders.

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.