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Smith Group Asset Management LLC Increases Stake in ResMed Inc. (NYSE:RMD)

ResMed logo with Medical background

Smith Group Asset Management LLC raised its holdings in shares of ResMed Inc. (NYSE:RMD - Free Report) by 286.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,610 shares of the medical equipment provider's stock after buying an additional 5,640 shares during the period. Smith Group Asset Management LLC's holdings in ResMed were worth $1,858,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC boosted its position in ResMed by 22.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 5,104 shares of the medical equipment provider's stock valued at $1,011,000 after acquiring an additional 923 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in ResMed by 0.5% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 350,541 shares of the medical equipment provider's stock valued at $69,418,000 after purchasing an additional 1,797 shares in the last quarter. Norden Group LLC grew its stake in ResMed by 3,620.0% in the first quarter. Norden Group LLC now owns 52,080 shares of the medical equipment provider's stock valued at $10,315,000 after purchasing an additional 50,680 shares during the last quarter. First Trust Direct Indexing L.P. raised its holdings in ResMed by 13.3% in the first quarter. First Trust Direct Indexing L.P. now owns 4,290 shares of the medical equipment provider's stock worth $850,000 after purchasing an additional 505 shares in the last quarter. Finally, Marshall Financial Group LLC lifted its position in shares of ResMed by 4.4% during the first quarter. Marshall Financial Group LLC now owns 10,472 shares of the medical equipment provider's stock valued at $2,074,000 after buying an additional 441 shares during the last quarter. Institutional investors own 54.98% of the company's stock.

Insider Buying and Selling

In related news, insider Kaushik Ghoshal sold 4,260 shares of the business's stock in a transaction on Friday, October 11th. The shares were sold at an average price of $238.48, for a total value of $1,015,924.80. Following the completion of the transaction, the insider now directly owns 21,788 shares in the company, valued at $5,196,002.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other ResMed news, insider Kaushik Ghoshal sold 4,260 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $238.48, for a total transaction of $1,015,924.80. Following the transaction, the insider now owns 21,788 shares in the company, valued at approximately $5,196,002.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Brett Sandercock sold 1,000 shares of the business's stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $212.16, for a total value of $212,160.00. Following the completion of the sale, the chief financial officer now owns 89,056 shares of the company's stock, valued at $18,894,120.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 123,874 shares of company stock valued at $28,151,142 over the last ninety days. Company insiders own 0.71% of the company's stock.

ResMed Stock Performance

NYSE RMD traded down $2.41 during trading hours on Tuesday, reaching $244.42. The stock had a trading volume of 1,486,236 shares, compared to its average volume of 1,051,720. ResMed Inc. has a 52-week low of $134.12 and a 52-week high of $260.49. The stock has a fifty day moving average of $241.53 and a 200 day moving average of $218.98. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.92. The stock has a market cap of $35.87 billion, a P/E ratio of 32.37, a price-to-earnings-growth ratio of 2.05 and a beta of 0.69.

ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The medical equipment provider reported $2.20 EPS 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 business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same period in the prior year, the firm earned $1.64 EPS. The business's revenue for the quarter was up 11.1% on a year-over-year basis. Sell-side analysts predict that ResMed Inc. will post 9.16 earnings per share for the current year.

ResMed Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 7th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.87%. ResMed's payout ratio is 28.08%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. KeyCorp lifted their price objective on shares of ResMed from $251.00 to $266.00 and gave the stock an "overweight" rating in a research report on Friday. Robert W. Baird upped their price target on ResMed from $280.00 to $283.00 and gave the stock an "outperform" rating in a research report on Friday. Bank of America increased their price objective on ResMed from $240.00 to $270.00 and gave the company a "buy" rating in a report on Thursday, September 26th. Needham & Company LLC restated a "hold" rating on shares of ResMed in a research note on Friday. Finally, Royal Bank of Canada increased their price target on ResMed from $224.00 to $232.00 and gave the company a "sector perform" rating in a research note on Friday. One analyst has rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, ResMed presently has an average rating of "Moderate Buy" and a consensus price target of $225.70.

View Our Latest Analysis on ResMed

ResMed Profile

(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.

Further Reading

Institutional Ownership by Quarter for ResMed (NYSE:RMD)

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