NEOS Investment Management LLC raised its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 25.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,039 shares of the medical equipment provider's stock after acquiring an additional 1,238 shares during the quarter. NEOS Investment Management LLC's holdings in ResMed were worth $1,381,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. grew its stake in ResMed by 285.1% in the fourth 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 acquired a new position in shares of ResMed in the 4th quarter worth approximately $2,972,000. Principal Financial Group Inc. increased its holdings in shares of ResMed by 2.9% in the 3rd quarter. Principal Financial Group Inc. now owns 186,776 shares of the medical equipment provider's stock valued at $45,596,000 after acquiring an additional 5,284 shares during the last quarter. Spire Wealth Management raised its position in shares of ResMed by 11.3% during the 4th quarter. Spire Wealth Management now owns 10,800 shares of the medical equipment provider's stock valued at $2,470,000 after acquiring an additional 1,100 shares in the last quarter. Finally, Asset Management One Co. Ltd. lifted its stake in ResMed by 2.8% during the fourth quarter. Asset Management One Co. Ltd. now owns 60,489 shares of the medical equipment provider's stock worth $14,105,000 after purchasing an additional 1,629 shares during the last quarter. 54.98% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
RMD has been the subject of several recent research reports. Citigroup upgraded shares of ResMed from a "neutral" rating to a "buy" rating in a research note on Wednesday, March 5th. Piper Sandler increased their price objective on shares of ResMed from $252.00 to $260.00 and gave the stock a "neutral" rating in a research note on Friday, January 31st. Stifel Nicolaus decreased their target price on ResMed from $250.00 to $240.00 and set a "hold" rating for the company in a research note on Wednesday, March 5th. KeyCorp increased their price target on ResMed from $266.00 to $280.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. Finally, The Goldman Sachs Group assumed coverage on ResMed in a research report on Thursday, January 16th. They set a "buy" rating for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $249.73.
Check Out Our Latest Report on ResMed
ResMed Price Performance
RMD traded down $1.71 on Tuesday, reaching $222.14. The company had a trading volume of 766,886 shares, compared to its average volume of 1,002,499. The company has a market capitalization of $32.62 billion, a P/E ratio of 26.23, a PEG ratio of 1.53 and a beta of 0.74. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13. The company has a fifty day moving average of $233.37 and a 200-day moving average of $237.83. ResMed Inc. has a one year low of $172.19 and a one year high of $263.05.
ResMed (NYSE:RMD - Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The medical equipment provider reported $2.43 EPS 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, equities research analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current year.
ResMed Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Thursday, February 13th were issued a $0.53 dividend. The ex-dividend date was Thursday, February 13th. This represents a $2.12 annualized dividend and a dividend yield of 0.95%. ResMed's dividend payout ratio (DPR) is 25.03%.
Insider Activity at ResMed
In other news, CEO Michael J. Farrell sold 8,009 shares of the firm'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 completion of the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Peter C. Farrell sold 2,000 shares of the business's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $227.71, for a total value of $455,420.00. Following the sale, the director now directly owns 75,218 shares in the company, valued at $17,127,890.78. This trade represents a 2.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,940 shares of company stock valued at $9,164,385 over the last 90 days. 0.71% of the stock is currently owned by corporate insiders.
About ResMed
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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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