Confluence Investment Management LLC cut its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 2.4% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 123,764 shares of the medical equipment provider's stock after selling 3,100 shares during the period. Confluence Investment Management LLC owned about 0.08% of ResMed worth $28,304,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in RMD. UMB Bank n.a. boosted its holdings in ResMed by 1.9% in the 3rd quarter. UMB Bank n.a. now owns 2,465 shares of the medical equipment provider's stock worth $602,000 after buying an additional 47 shares during the last quarter. Ascent Group LLC lifted its position in shares of ResMed by 1.7% in the third quarter. Ascent Group LLC now owns 2,924 shares of the medical equipment provider's stock valued at $714,000 after acquiring an additional 48 shares in the last quarter. SkyView Investment Advisors LLC boosted its stake in shares of ResMed by 2.0% in the third quarter. SkyView Investment Advisors LLC now owns 2,610 shares of the medical equipment provider's stock worth $637,000 after acquiring an additional 51 shares during the last quarter. Inspire Advisors LLC increased its position in shares of ResMed by 1.9% during the second quarter. Inspire Advisors LLC now owns 3,060 shares of the medical equipment provider's stock worth $586,000 after purchasing an additional 56 shares in the last quarter. Finally, Concurrent Investment Advisors LLC raised its stake in ResMed by 3.1% in the 3rd quarter. Concurrent Investment Advisors LLC now owns 1,919 shares of the medical equipment provider's stock valued at $469,000 after purchasing an additional 57 shares during the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.
ResMed Trading Down 0.1 %
Shares of NYSE RMD traded down $0.21 during mid-day trading on Thursday, reaching $228.48. 557,911 shares of the company's stock were exchanged, compared to its average volume of 1,011,464. The firm has a market capitalization of $33.54 billion, a price-to-earnings ratio of 30.26, a PEG ratio of 1.73 and a beta of 0.68. ResMed Inc. has a 52-week low of $164.12 and a 52-week high of $260.49. The company's 50-day moving average is $241.21 and its 200-day moving average is $229.68. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.92.
ResMed (NYSE:RMD - Get Free Report) last posted its earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.17. ResMed had a net margin of 23.15% and a return on equity of 25.53%. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter last year, the firm earned $1.64 EPS. The firm's revenue for the quarter was up 11.1% on a year-over-year basis. Analysts expect that ResMed Inc. will post 9.34 EPS for the current fiscal year.
ResMed Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 7th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $2.12 annualized dividend and a dividend yield of 0.93%. ResMed's dividend payout ratio is presently 28.08%.
Insider Activity
In other news, CEO Michael J. Farrell sold 14,683 shares of the stock in a transaction on Monday, October 7th. The stock was sold at an average price of $231.91, for a total value of $3,405,134.53. Following the sale, the chief executive officer now directly owns 464,169 shares in the company, valued at approximately $107,645,432.79. This trade represents a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kaushik Ghoshal sold 4,260 shares of the company's stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $238.48, for a total value of $1,015,924.80. Following the sale, the insider now owns 21,788 shares in the company, valued at approximately $5,196,002.24. This trade represents a 16.35 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 45,725 shares of company stock valued at $10,779,048. 0.71% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
RMD has been the topic of several recent research reports. Needham & Company LLC reaffirmed a "hold" rating on shares of ResMed in a research note on Friday, October 25th. Robert W. Baird boosted their price target on shares of ResMed from $280.00 to $283.00 and gave the stock an "outperform" rating in a research report on Friday, October 25th. Royal Bank of Canada increased their price objective on shares of ResMed from $224.00 to $232.00 and gave the company a "sector perform" rating in a report on Friday, October 25th. Bank of America raised their target price on shares of ResMed from $240.00 to $270.00 and gave the stock a "buy" rating in a research note on Thursday, September 26th. Finally, Stifel Nicolaus began coverage on ResMed in a report on Friday, December 13th. They issued a "hold" rating and a $250.00 price target for the company. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $227.91.
Check Out Our Latest Stock Analysis on RMD
ResMed Profile
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Free Report)
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.
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