Pinebridge Investments L.P. Raises Stock Position in ResMed Inc. (NYSE:RMD)

Pinebridge Investments L.P. increased its stake in ResMed Inc. (NYSE:RMD - Free Report) by 151.3% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 123,593 shares of the medical equipment provider's stock after buying an additional 74,408 shares during the period. Pinebridge Investments L.P. owned 0.08% of ResMed worth $28,264,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Invesco Ltd. lifted its position in ResMed by 32.2% in the 4th quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider's stock valued at $531,706,000 after acquiring an additional 566,046 shares in the last quarter. Norges Bank bought a new stake in ResMed during the fourth quarter valued at about $118,605,000. Los Angeles Capital Management LLC grew its stake in shares of ResMed by 60.0% during the 4th quarter. Los Angeles Capital Management LLC now owns 668,908 shares of the medical equipment provider's stock valued at $152,973,000 after acquiring an additional 250,746 shares during the period. Proficio Capital Partners LLC purchased a new stake in shares of ResMed in the fourth quarter worth $50,364,000. Finally, Nordea Investment Management AB raised its position in shares of ResMed by 92.7% during the 4th quarter. Nordea Investment Management AB now owns 448,151 shares of the medical equipment provider's stock valued at $103,214,000 after purchasing an additional 215,561 shares during the period. Institutional investors own 54.98% of the company's stock.

Analyst Upgrades and Downgrades

RMD has been the subject of a number of analyst reports. UBS Group cut their price target on ResMed from $290.00 to $285.00 and set a "buy" rating for the company in a research note on Thursday. JPMorgan Chase & Co. lifted their target price on ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a research note on Thursday. Morgan Stanley began 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. Needham & Company LLC reiterated a "hold" rating on shares of ResMed in a research report on Friday, January 31st. Finally, KeyCorp set a $274.00 target price on shares of ResMed in a report on Thursday. One research analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $254.31.

Insider Activity

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of the firm's stock in a transaction dated 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 sale, the director now owns 77,218 shares of the company's stock, valued at $18,695,249.98. This trade represents a 2.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the business'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 transaction, the chief executive officer now 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 49,013 shares of company stock valued at $11,298,816. 0.71% of the stock is currently owned by company insiders.

ResMed Trading Down 0.1 %

Shares of NYSE:RMD traded down $0.31 during trading on Friday, reaching $235.79. The company's stock had a trading volume of 1,193,608 shares, compared to its average volume of 1,030,573. The firm's 50 day simple moving average is $221.92 and its two-hundred day simple moving average is $234.05. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13. ResMed Inc. has a 12 month low of $179.42 and a 12 month high of $263.05. The stock has a market capitalization of $34.63 billion, a PE ratio of 27.84, a price-to-earnings-growth ratio of 1.53 and a beta of 0.75.

ResMed (NYSE:RMD - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 EPS for the quarter, hitting analysts' consensus estimates of $2.37. ResMed had a return on equity of 26.17% and a net margin of 25.34%. The firm had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.28 billion. On average, research analysts predict that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 8th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.90%. The ex-dividend date of this dividend is Thursday, May 8th. ResMed's dividend payout ratio is currently 25.03%.

ResMed 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.