Congress Asset Management Co. Decreases Stake in ResMed Inc. (NYSE:RMD)

Congress Asset Management Co. decreased its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 7.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 523,959 shares of the medical equipment provider's stock after selling 43,509 shares during the period. Congress Asset Management Co. owned about 0.36% of ResMed worth $119,824,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Exchange Traded Concepts LLC acquired a new stake in ResMed in the 3rd quarter valued at about $119,000. Creative Planning raised its position in ResMed by 15.4% in the 3rd quarter. Creative Planning now owns 28,021 shares of the medical equipment provider's stock valued at $6,840,000 after purchasing an additional 3,739 shares in the last quarter. Vontobel Holding Ltd. raised its position in ResMed by 8.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 3,662 shares of the medical equipment provider's stock valued at $894,000 after purchasing an additional 288 shares in the last quarter. Bleakley Financial Group LLC raised its position in ResMed by 3.6% in the 3rd quarter. Bleakley Financial Group LLC now owns 2,234 shares of the medical equipment provider's stock valued at $545,000 after purchasing an additional 78 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its position in ResMed by 2.1% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 15,548 shares of the medical equipment provider's stock valued at $3,796,000 after purchasing an additional 313 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company's stock.

ResMed Stock Performance

NYSE:RMD traded up $3.90 during mid-day trading on Wednesday, reaching $234.48. 941,924 shares of the stock were exchanged, compared to its average volume of 977,597. The company has a 50 day simple moving average of $237.99 and a 200-day simple moving average of $239.04. The stock has a market capitalization of $34.44 billion, a P/E ratio of 27.68, a P/E/G ratio of 1.54 and a beta of 0.70. The company has a quick ratio of 2.29, a current ratio of 3.33 and a debt-to-equity ratio of 0.13. ResMed Inc. has a 1 year low of $170.56 and a 1 year high of $263.05.

ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.29 by $0.14. ResMed had a return on equity of 26.17% and a net margin of 25.34%. Analysts anticipate that ResMed Inc. will post 9.44 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th will be paid a $0.53 dividend. The ex-dividend date is Thursday, February 13th. This represents a $2.12 annualized dividend and a dividend yield of 0.90%. ResMed's dividend payout ratio (DPR) is currently 25.03%.

Insider Buying and Selling at ResMed

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $236.77, for a total value of $1,896,290.93. Following the transaction, the chief executive officer now directly owns 455,472 shares in the company, valued at approximately $107,842,105.44. This trade represents a 1.73 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $245.65, for a total value of $491,300.00. Following the completion of the transaction, the director now owns 81,218 shares in the company, valued at $19,951,201.70. This trade represents a 2.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,307 shares of company stock worth $4,403,180. 0.71% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. UBS Group raised ResMed from a "hold" rating to a "strong-buy" rating in a research report on Friday, January 31st. KeyCorp raised their target price on ResMed from $266.00 to $280.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. The Goldman Sachs Group began coverage on ResMed in a research report on Thursday, January 16th. They set a "buy" rating on the stock. Needham & Company LLC reissued a "hold" rating on shares of ResMed in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. raised their target price on ResMed from $270.00 to $286.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. One analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $244.73.

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.