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

ResMed Inc. (NYSE:RMD - Get Free Report)'s share price fell 4.3% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $221.34 and last traded at $221.61. 257,038 shares were traded during mid-day trading, a decline of 73% from the average session volume of 966,755 shares. The stock had previously closed at $231.48.

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

Analyst Upgrades and Downgrades

RMD has been the topic of several research reports. Piper Sandler lifted their price objective on shares of ResMed from $252.00 to $260.00 and gave the company a "neutral" rating in a report on Friday, January 31st. UBS Group upgraded shares of ResMed from a "hold" rating to a "strong-buy" rating in a research note on Friday, January 31st. JPMorgan Chase & Co. boosted their target price on shares of ResMed from $270.00 to $286.00 and gave the company an "overweight" rating in a research report on Friday, January 31st. Citigroup upgraded shares of ResMed from a "neutral" rating to a "buy" rating in a research report on Wednesday. Finally, KeyCorp lifted their price objective on shares of ResMed from $266.00 to $280.00 and gave the company an "overweight" rating in a report on Friday, January 31st. One research analyst has rated the stock with a sell rating, six have issued a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $243.82.

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ResMed Stock Up 3.3 %

The firm has a market cap of $34.13 billion, a PE ratio of 27.44, a PEG ratio of 1.53 and a beta of 0.74. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.33 and a quick ratio of 2.29. The business's 50 day moving average price is $236.70 and its 200 day moving average price is $239.93.

ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.14. ResMed had a net margin of 25.34% and a return on equity of 26.17%. On average, equities research analysts expect that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Thursday, February 13th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Thursday, February 13th. This represents a $2.12 annualized dividend and a dividend yield of 0.91%. ResMed's dividend payout ratio is currently 25.03%.

Hedge Funds Weigh In On ResMed

Large investors have recently made changes to their positions in the stock. True Wealth Design LLC lifted its holdings in shares of ResMed by 2,200.0% in the 3rd quarter. True Wealth Design LLC now owns 115 shares of the medical equipment provider's stock worth $28,000 after acquiring an additional 110 shares during the last quarter. Colonial Trust Co SC lifted its holdings in ResMed by 6,250.0% during the 4th quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock worth $29,000 after buying an additional 125 shares in the last quarter. Optiver Holding B.V. acquired a new stake in ResMed during the 4th quarter worth approximately $33,000. Ashton Thomas Securities LLC acquired a new stake in ResMed during the 3rd quarter worth approximately $34,000. Finally, Itau Unibanco Holding S.A. lifted its holdings in ResMed by 1,000.0% during the 4th quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider's stock worth $38,000 after buying an additional 150 shares in 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.