Martingale Asset Management L P Purchases Shares of 8,827 ResMed Inc. (NYSE:RMD)

Martingale Asset Management L P purchased a new position in shares of ResMed Inc. (NYSE:RMD - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 8,827 shares of the medical equipment provider's stock, valued at approximately $2,019,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. First Horizon Advisors Inc. increased its position in shares of ResMed by 285.1% during the 4th quarter. First Horizon Advisors Inc. now owns 593 shares of the medical equipment provider's stock worth $136,000 after purchasing an additional 439 shares in the last quarter. Peak Financial Advisors LLC bought a new stake in shares of ResMed in the fourth quarter worth about $2,972,000. Principal Financial Group Inc. increased its position in shares of ResMed by 2.9% during the third quarter. Principal Financial Group Inc. now owns 186,776 shares of the medical equipment provider's stock worth $45,596,000 after acquiring an additional 5,284 shares in the last quarter. Spire Wealth Management raised its stake in shares of ResMed by 11.3% in the 4th quarter. Spire Wealth Management now owns 10,800 shares of the medical equipment provider's stock valued at $2,470,000 after purchasing an additional 1,100 shares during the period. Finally, Asset Management One Co. Ltd. grew its stake in shares of ResMed by 2.8% during the 4th quarter. Asset Management One Co. Ltd. now owns 60,489 shares of the medical equipment provider's stock worth $14,105,000 after acquiring an additional 1,629 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. lifted their price target on ResMed from $270.00 to $286.00 and gave the stock an "overweight" rating in a report on Friday, January 31st. Morgan Stanley started coverage on ResMed in a research note on Wednesday, March 19th. They issued an "overweight" rating and a $280.00 price target for the company. StockNews.com raised shares of ResMed from a "hold" rating to a "buy" rating in a report on Tuesday. Stifel Nicolaus dropped their price target on shares of ResMed from $250.00 to $240.00 and set a "hold" rating for the company in a research note on Wednesday, March 5th. Finally, Piper Sandler increased their target price on shares of ResMed from $252.00 to $260.00 and gave the company a "neutral" rating in a research report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $249.73.

ResMed Trading Up 0.1 %

RMD stock traded up $0.24 during midday trading on Wednesday, reaching $214.21. The company's stock had a trading volume of 217,993 shares, compared to its average volume of 1,028,636. The firm has a market capitalization of $31.46 billion, a price-to-earnings ratio of 25.29, a PEG ratio of 1.53 and a beta of 0.75. The stock has a fifty day simple moving average of $224.63 and a two-hundred day simple moving average of $235.07. ResMed Inc. has a 1 year low of $172.19 and a 1 year high of $263.05. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33.

ResMed (NYSE:RMD - Get Free Report) last posted 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 predict that ResMed Inc. will post 9.47 EPS 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 paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.99%. The ex-dividend date was Thursday, February 13th. ResMed's dividend payout ratio is currently 25.03%.

Insider Activity at ResMed

In related news, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $242.11, for a total value of $484,220.00. Following the completion of the transaction, the director now owns 77,218 shares in the company, valued at approximately $18,695,249.98. The trade was a 2.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the company's stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $236.77, for a total value of $1,896,290.93. Following the completion of the transaction, the chief executive officer now directly owns 455,472 shares of the company's stock, valued at $107,842,105.44. This trade represents a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 49,013 shares of company stock valued at $11,298,816. Corporate insiders own 0.71% of the company's stock.

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.