Resona Asset Management Co. Ltd. Cuts Position in ResMed Inc. $RMD

Resona Asset Management Co. Ltd. lessened its position in shares of ResMed Inc. (NYSE:RMD) by 5.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,168 shares of the medical equipment provider’s stock after selling 2,746 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in ResMed were worth $10,654,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Csenge Advisory Group purchased a new position in ResMed during the 4th quarter valued at approximately $1,083,000. Profund Advisors LLC lifted its stake in shares of ResMed by 20.5% in the 4th quarter. Profund Advisors LLC now owns 2,467 shares of the medical equipment provider’s stock valued at $594,000 after purchasing an additional 419 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of ResMed by 6.9% in the 4th quarter. ProShare Advisors LLC now owns 33,481 shares of the medical equipment provider’s stock valued at $8,065,000 after purchasing an additional 2,155 shares during the last quarter. HighTower Advisors LLC lifted its stake in shares of ResMed by 4.1% in the 4th quarter. HighTower Advisors LLC now owns 34,744 shares of the medical equipment provider’s stock valued at $8,369,000 after purchasing an additional 1,377 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its stake in shares of ResMed by 44.9% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 1,742 shares of the medical equipment provider’s stock valued at $420,000 after purchasing an additional 540 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Buying and Selling at ResMed

In other news, CEO Michael J. Farrell sold 4,991 shares of the business’s stock in a transaction on Monday, March 9th. The stock was sold at an average price of $251.03, for a total value of $1,252,890.73. Following the completion of the transaction, the chief executive officer directly owned 466,223 shares of the company’s stock, valued at approximately $117,035,959.69. The trade was a 1.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total value of $450,000.00. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 18,973 shares of company stock valued at $4,386,031. Corporate insiders own 0.65% of the company’s stock.

ResMed Trading Up 1.1%

RMD opened at $209.99 on Thursday. The firm has a market cap of $30.59 billion, a price-to-earnings ratio of 20.25, a PEG ratio of 1.32 and a beta of 0.84. The company has a current ratio of 3.01, a quick ratio of 2.33 and a debt-to-equity ratio of 0.06. ResMed Inc. has a 12 month low of $198.61 and a 12 month high of $293.81. The stock has a fifty day moving average price of $221.14 and a 200-day moving average price of $241.42.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, topping the consensus estimate of $2.79 by $0.07. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the previous year, the company posted $2.37 EPS. As a group, equities research analysts anticipate that ResMed Inc. will post 11.13 earnings per share for the current fiscal year.

ResMed Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Thursday, May 14th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Thursday, May 14th. ResMed’s payout ratio is presently 23.14%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company lowered their price objective on ResMed from $270.00 to $227.00 and set an “equal weight” rating for the company in a research note on Friday, May 1st. Weiss Ratings cut ResMed from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, March 19th. Wall Street Zen cut ResMed from a “buy” rating to a “hold” rating in a report on Saturday, March 14th. Royal Bank Of Canada boosted their price objective on ResMed from $314.00 to $321.00 and gave the company an “outperform” rating in a report on Friday, May 1st. Finally, Piper Sandler lifted their target price on ResMed from $270.00 to $275.00 and gave the company a “neutral” rating in a research report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $286.18.

ResMed Company Profile

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.