Abacus FCF Advisors LLC Purchases 5,103 Shares of ResMed Inc. (NYSE:RMD)

Abacus FCF Advisors LLC boosted its position in ResMed Inc. (NYSE:RMD - Free Report) by 70.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 12,362 shares of the medical equipment provider's stock after acquiring an additional 5,103 shares during the period. Abacus FCF Advisors LLC's holdings in ResMed were worth $2,827,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Howard Capital Management Inc. grew its stake in shares of 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 purchasing an additional 45 shares during the last quarter. SkyView Investment Advisors LLC grew its position in shares of ResMed by 2.0% in the 3rd quarter. SkyView Investment Advisors LLC now owns 2,610 shares of the medical equipment provider's stock worth $637,000 after buying an additional 51 shares during the last quarter. Wedmont Private Capital increased its stake in shares of ResMed by 2.6% during the fourth quarter. Wedmont Private Capital now owns 2,032 shares of the medical equipment provider's stock valued at $475,000 after buying an additional 52 shares during the period. HighPoint Advisor Group LLC increased its stake in shares of ResMed by 2.6% during the fourth quarter. HighPoint Advisor Group LLC now owns 2,570 shares of the medical equipment provider's stock valued at $610,000 after buying an additional 64 shares during the period. Finally, Brooklyn Investment Group raised its holdings in shares of ResMed by 8.1% during the fourth quarter. Brooklyn Investment Group now owns 911 shares of the medical equipment provider's stock valued at $208,000 after acquiring an additional 68 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company's stock.

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Analysts Set New Price Targets

A number of research analysts have issued reports on RMD shares. Morgan Stanley initiated coverage on shares of ResMed in a research report on Wednesday, March 19th. They set an "overweight" rating and a $280.00 price objective on the stock. StockNews.com downgraded shares of ResMed from a "buy" rating to a "hold" rating in a research note on Wednesday, April 2nd. Piper Sandler lifted their price objective on ResMed from $252.00 to $260.00 and gave the company a "neutral" rating in a research report on Friday, January 31st. KeyCorp upped their target price on ResMed from $266.00 to $280.00 and gave the stock an "overweight" rating in a report on Friday, January 31st. Finally, Needham & Company LLC restated a "hold" rating on shares of ResMed in a research note on Friday, January 31st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $249.73.

ResMed Stock Up 1.4 %

Shares of NYSE:RMD traded up $3.04 on Friday, hitting $213.59. 2,305,933 shares of the company traded hands, compared to its average volume of 1,024,231. The stock has a 50 day simple moving average of $225.64 and a 200-day simple moving average of $235.39. 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 company has a market cap of $31.37 billion, a PE ratio of 25.22, a PEG ratio of 1.53 and a beta of 0.75. ResMed Inc. has a 52 week low of $172.19 and a 52 week high of $263.05.

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

ResMed Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Thursday, February 13th were issued a $0.53 dividend. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $2.12 dividend on an annualized basis and a yield of 0.99%. ResMed's payout ratio is currently 25.03%.

Insider Activity at ResMed

In other ResMed news, insider Kaushik Ghoshal sold 9,113 shares of the company's stock in a transaction dated 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 owns 9,725 shares in the company, valued at approximately $2,289,265. This represents a 48.38 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $242.11, for a total transaction of $484,220.00. Following the completion of the sale, the director now owns 77,218 shares of the company's stock, valued at $18,695,249.98. This represents a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,013 shares of company stock valued at $11,298,816. 0.71% of the stock is owned by corporate insiders.

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.