Envestnet Portfolio Solutions Inc. Grows Stake in ResMed Inc. (NYSE:RMD)

Envestnet Portfolio Solutions Inc. raised its position in ResMed Inc. (NYSE:RMD - Free Report) by 157.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,017 shares of the medical equipment provider's stock after purchasing an additional 3,678 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in ResMed were worth $1,376,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of RMD. GSA Capital Partners LLP acquired a new stake in shares of ResMed in the third quarter valued at $410,000. Thrivent Financial for Lutherans lifted its holdings in ResMed by 12.2% during the 3rd quarter. Thrivent Financial for Lutherans now owns 6,952 shares of the medical equipment provider's stock worth $1,697,000 after buying an additional 755 shares during the last quarter. Quest Partners LLC boosted its position in shares of ResMed by 472.5% during the 3rd quarter. Quest Partners LLC now owns 1,872 shares of the medical equipment provider's stock worth $457,000 after acquiring an additional 1,545 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of ResMed in the 3rd quarter valued at about $1,715,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of ResMed by 435.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 23,594 shares of the medical equipment provider's stock worth $5,760,000 after acquiring an additional 19,184 shares in the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

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ResMed Stock Performance

NYSE:RMD traded up $0.61 during midday trading on Wednesday, reaching $221.90. The stock had a trading volume of 492,225 shares, compared to its average volume of 953,409. The company has a quick ratio of 2.29, a current ratio of 3.33 and a debt-to-equity ratio of 0.13. The stock has a market cap of $32.59 billion, a P/E ratio of 26.20, a P/E/G ratio of 1.53 and a beta of 0.74. The firm has a fifty day simple moving average of $234.61 and a two-hundred day simple moving average of $238.66. ResMed Inc. has a 12-month low of $172.19 and a 12-month high of $263.05.

ResMed (NYSE:RMD - Get Free Report) last issued its earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share 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 analysts expect that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.96%. The ex-dividend date was Thursday, February 13th. ResMed's payout ratio is 25.03%.

Insider Transactions at ResMed

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of the business's stock in a transaction on Friday, February 7th. The shares were sold at an average price of $236.77, for a total transaction of $1,896,290.93. Following the sale, the chief executive officer now directly owns 455,472 shares in the company, valued at approximately $107,842,105.44. The trade was a 1.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of the company's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $227.71, for a total transaction of $455,420.00. Following the transaction, the director now directly owns 75,218 shares in the company, valued at approximately $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. In the last three months, insiders sold 38,940 shares of company stock valued at $9,164,385. Corporate insiders own 0.71% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. StockNews.com upgraded shares of ResMed from a "hold" rating to a "buy" rating in a research note on Tuesday. Morgan Stanley started coverage on shares of ResMed in a research report on Wednesday, March 19th. They issued an "overweight" rating and a $280.00 target price on the stock. Stifel Nicolaus reduced their price target on shares of ResMed from $250.00 to $240.00 and set a "hold" rating for the company in a research report on Wednesday, March 5th. Citigroup upgraded shares of ResMed from a "neutral" rating to a "buy" rating in a research note on Wednesday, March 5th. Finally, JPMorgan Chase & Co. boosted their target price on ResMed from $270.00 to $286.00 and gave the company an "overweight" rating in a report on Friday, January 31st. One research analyst has rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $246.83.

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.