Empirical Financial Services LLC d.b.a. Empirical Wealth Management Decreases Stock Holdings in ResMed Inc. $RMD

Empirical Financial Services LLC d.b.a. Empirical Wealth Management cut its holdings in ResMed Inc. (NYSE:RMD) by 76.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,716 shares of the medical equipment provider’s stock after selling 18,989 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in ResMed were worth $1,565,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of RMD. Avestar Capital LLC lifted its position in ResMed by 48.4% during the third quarter. Avestar Capital LLC now owns 1,224 shares of the medical equipment provider’s stock valued at $335,000 after purchasing an additional 399 shares during the last quarter. Syon Capital LLC lifted its holdings in shares of ResMed by 42.0% in the 3rd quarter. Syon Capital LLC now owns 2,756 shares of the medical equipment provider’s stock valued at $754,000 after acquiring an additional 815 shares during the last quarter. Crestwood Advisors Group LLC grew its position in ResMed by 10.6% in the third quarter. Crestwood Advisors Group LLC now owns 1,131 shares of the medical equipment provider’s stock worth $310,000 after acquiring an additional 108 shares in the last quarter. NEOS Investment Management LLC grew its position in ResMed by 49.1% in the third quarter. NEOS Investment Management LLC now owns 13,539 shares of the medical equipment provider’s stock worth $3,706,000 after acquiring an additional 4,461 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in ResMed during the third quarter valued at approximately $885,000. Institutional investors own 54.98% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction on Wednesday, January 7th. The stock was 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 approximately $115,837,766.58. This represents a 1.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $251.31, for a total value of $502,620.00. Following the completion of the sale, the director owned 64,773 shares of the company’s stock, valued at $16,278,102.63. The trade was a 3.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 18,137 shares of company stock worth $4,658,832 in the last ninety days. 0.65% of the stock is owned by company insiders.

ResMed Trading Up 1.1%

RMD stock opened at $258.99 on Monday. 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 $253.16 and its 200 day moving average is $261.86. The company has a market capitalization of $37.73 billion, a PE ratio of 25.62, a P/E/G ratio of 1.72 and a beta of 0.87. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.06 and a quick ratio of 2.32.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, January 29th. The medical equipment provider reported $2.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.68 by $0.13. The company had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.40 billion. ResMed had a net margin of 27.53% and a return on equity of 25.20%. The firm’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period in the previous year, the company earned $2.43 EPS. On average, research analysts anticipate that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Thursday, February 12th will be paid 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 0.9%. ResMed’s dividend payout ratio is 23.74%.

Analysts Set New Price Targets

RMD has been the subject of a number of recent research reports. Weiss Ratings upgraded ResMed from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, February 9th. Stifel Nicolaus lifted their price objective on shares of ResMed from $260.00 to $265.00 and gave the stock a “hold” rating in a research note on Friday, January 30th. Citigroup boosted their price objective on shares of ResMed from $330.00 to $345.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. KeyCorp restated an “overweight” rating and issued a $302.00 target price on shares of ResMed in a report on Friday, January 30th. Finally, Piper Sandler upped their price target on shares of ResMed from $270.00 to $275.00 and gave the company a “neutral” rating in a report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, ResMed presently has a consensus rating of “Moderate Buy” and an average target price of $299.27.

About ResMed

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.