Convergence Investment Partners LLC Buys Shares of 4,487 ResMed Inc. (NYSE:RMD)

Convergence Investment Partners LLC bought a new stake in shares of ResMed Inc. (NYSE:RMD - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 4,487 shares of the medical equipment provider's stock, valued at approximately $1,026,000.

Other institutional investors have also recently modified their holdings of the company. True Wealth Design LLC raised its stake in ResMed by 2,200.0% in the 3rd quarter. True Wealth Design LLC now owns 115 shares of the medical equipment provider's stock valued at $28,000 after purchasing an additional 110 shares during the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of ResMed during the 3rd quarter worth $34,000. Rosenberg Matthew Hamilton purchased a new position in shares of ResMed during the 4th quarter worth $54,000. Capital Performance Advisors LLP purchased a new position in shares of ResMed during the 3rd quarter worth $60,000. Finally, Kentucky Trust Co purchased a new position in shares of ResMed during the 4th quarter worth $82,000. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Michael J. Farrell sold 8,009 shares of the company's stock in a transaction on Friday, February 7th. The stock was sold at an average price of $236.77, for a total transaction of $1,896,290.93. Following the transaction, the chief executive officer now owns 455,472 shares of the company's stock, valued at $107,842,105.44. This represents a 1.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Peter C. Farrell sold 2,000 shares of the company's stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $242.11, for a total value of $484,220.00. Following the transaction, the director now directly owns 77,218 shares in the company, valued at $18,695,249.98. This represents a 2.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,147 shares of company stock worth $2,905,745 over the last 90 days. 0.71% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. UBS Group upgraded shares of ResMed from a "hold" rating to a "strong-buy" rating in a report on Friday, January 31st. Royal Bank of Canada lifted their target price on ResMed from $224.00 to $232.00 and gave the company a "sector perform" rating in a research report on Friday, October 25th. KeyCorp lifted their target price on ResMed from $266.00 to $280.00 and gave the company an "overweight" rating in a research report on Friday, January 31st. Piper Sandler lifted their target price on ResMed from $252.00 to $260.00 and gave the company a "neutral" rating in a research report on Friday, January 31st. Finally, The Goldman Sachs Group began coverage on ResMed in a research report on Thursday, January 16th. They issued a "buy" rating for the company. One analyst has rated the stock with a sell rating, six have given a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $244.73.

ResMed Stock Down 0.8 %

Shares of ResMed stock traded down $1.81 on Friday, reaching $230.98. 203,247 shares of the company were exchanged, compared to its average volume of 945,737. ResMed Inc. has a 1-year low of $170.56 and a 1-year high of $263.05. The company has a market cap of $33.92 billion, a P/E ratio of 27.27, a price-to-earnings-growth ratio of 1.55 and a beta of 0.70. 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 stock's 50 day moving average price is $237.57 and its 200-day moving average price is $238.96.

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

ResMed Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, February 13th will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.92%. The ex-dividend date is Thursday, February 13th. ResMed's payout ratio is 25.03%.

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.