Summit Global Investments Acquires Shares of 1,270 ResMed Inc. (NYSE:RMD)

Summit Global Investments purchased a new position in shares of ResMed Inc. (NYSE:RMD - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,270 shares of the medical equipment provider's stock, valued at approximately $290,000.

A number of other hedge funds have also bought and sold shares of the stock. Thrivent Financial for Lutherans lifted its holdings in shares of ResMed by 12.2% in the 3rd quarter. Thrivent Financial for Lutherans now owns 6,952 shares of the medical equipment provider's stock valued at $1,697,000 after buying an additional 755 shares during the period. Intech Investment Management LLC purchased a new stake in ResMed in the 3rd quarter worth approximately $244,000. Cerity Partners LLC grew its stake in shares of ResMed by 82.0% during the 3rd quarter. Cerity Partners LLC now owns 13,686 shares of the medical equipment provider's stock worth $3,341,000 after purchasing an additional 6,167 shares during the period. Summit Trail Advisors LLC lifted its stake in shares of ResMed by 15.6% in the 3rd quarter. Summit Trail Advisors LLC now owns 1,497 shares of the medical equipment provider's stock valued at $365,000 after purchasing an additional 202 shares during the period. Finally, Daiwa Securities Group Inc. boosted its holdings in ResMed by 11.2% during the third quarter. Daiwa Securities Group Inc. now owns 23,799 shares of the medical equipment provider's stock worth $5,810,000 after buying an additional 2,389 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company's stock.

Insider Buying and Selling at ResMed

In other news, insider Kaushik Ghoshal sold 9,745 shares of the firm's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $239.31, for a total transaction of $2,332,075.95. Following the sale, the insider now owns 9,725 shares of the company's stock, valued at approximately $2,327,289.75. This trade represents a 50.05 % 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 stock in a transaction on Wednesday, February 5th. The shares were 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 directly owns 77,218 shares in the company, valued at $18,695,249.98. This trade represents a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 38,940 shares of company stock valued at $9,164,385. Insiders own 0.71% of the company's stock.

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ResMed Trading Down 1.2 %

RMD traded down $2.77 during mid-day trading on Friday, hitting $219.85. 542,418 shares of the stock were exchanged, compared to its average volume of 1,003,105. The firm's fifty day moving average is $234.10 and its two-hundred day moving average is $238.43. ResMed Inc. has a 1-year low of $172.19 and a 1-year high of $263.05. The company has a market cap of $32.29 billion, a PE ratio of 25.96, 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.

ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share 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%. Equities analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on RMD shares. UBS Group upgraded shares of ResMed from a "hold" rating to a "strong-buy" rating in a research report on Friday, January 31st. Stifel Nicolaus reduced their price target on ResMed from $250.00 to $240.00 and set a "hold" rating for the company in a report on Wednesday, March 5th. Citigroup upgraded ResMed from a "neutral" rating to a "buy" rating in a research report on Wednesday, March 5th. KeyCorp increased their target price on ResMed from $266.00 to $280.00 and gave the company an "overweight" rating in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. boosted their price target on shares of ResMed from $270.00 to $286.00 and gave the stock an "overweight" rating in a report on Friday, January 31st. One analyst has rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $249.73.

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.