Spire Wealth Management Grows Position in ResMed Inc. (NYSE:RMD)

Spire Wealth Management grew its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 11.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,800 shares of the medical equipment provider's stock after buying an additional 1,100 shares during the period. Spire Wealth Management's holdings in ResMed were worth $2,470,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Geode Capital Management LLC increased its position in shares of ResMed by 10.9% during the third quarter. Geode Capital Management LLC now owns 3,858,814 shares of the medical equipment provider's stock valued at $939,114,000 after buying an additional 380,383 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its position in ResMed by 726.3% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 283,801 shares of the medical equipment provider's stock valued at $69,281,000 after purchasing an additional 249,454 shares during the last quarter. Nordea Investment Management AB boosted its position in 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 buying an additional 215,561 shares during the period. State Street Corp grew its position in shares of ResMed by 1.9% in the 3rd quarter. State Street Corp now owns 6,261,633 shares of the medical equipment provider's stock worth $1,528,590,000 after buying an additional 116,918 shares during the last quarter. Finally, Tidal Investments LLC boosted its stake in shares of ResMed by 738.4% during the 3rd quarter. Tidal Investments LLC now owns 104,938 shares of the medical equipment provider's stock valued at $25,617,000 after purchasing an additional 92,422 shares in the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Justin Leong sold 6,160 shares of the firm's stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $243.09, for a total transaction of $1,497,434.40. Following the completion of the sale, the insider now directly owns 21,718 shares of the company's stock, valued at approximately $5,279,428.62. This trade represents a 22.10 % decrease in their position. The sale was disclosed in a legal filing 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 dated Wednesday, February 5th. The stock was sold at an average price of $242.11, for a total transaction 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 disclosure for this sale can be found here. Insiders sold a total of 11,094 shares of company stock worth $2,704,941 over the last three months. 0.71% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on RMD shares. Piper Sandler increased their price objective on ResMed from $252.00 to $260.00 and gave the stock a "neutral" rating in a report on Friday, January 31st. Robert W. Baird increased their price objective on ResMed from $280.00 to $283.00 and gave the company an "outperform" rating in a research report on Friday, October 25th. Royal Bank of Canada boosted their target price on shares of ResMed from $224.00 to $232.00 and gave the company a "sector perform" rating in a research note on Friday, October 25th. UBS Group upgraded shares of ResMed from a "hold" rating to a "strong-buy" rating in a research report on Friday, January 31st. Finally, StockNews.com upgraded shares of ResMed from a "hold" rating to a "buy" rating in a research note on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, ResMed has a consensus rating of "Moderate Buy" and an average target price of $244.73.

ResMed Price Performance

Shares of NYSE RMD traded down $5.47 during mid-day trading on Thursday, reaching $237.11. The company's stock had a trading volume of 992,644 shares, compared to its average volume of 1,030,356. ResMed Inc. has a 52 week low of $170.56 and a 52 week high of $263.05. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.33 and a quick ratio of 2.29. The firm has a market capitalization of $34.81 billion, a PE ratio of 27.99, a P/E/G ratio of 1.69 and a beta of 0.70. The stock has a fifty day moving average of $239.68 and a two-hundred day moving average of $237.19.

ResMed (NYSE:RMD - Get Free Report) last released 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%. As a group, sell-side analysts anticipate that ResMed Inc. will post 9.41 EPS for the current fiscal year.

ResMed Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, February 13th will be issued a dividend of $0.53 per share. The ex-dividend date is Thursday, February 13th. This represents a $2.12 annualized dividend and a yield of 0.89%. ResMed's payout ratio is presently 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.