ResMed Inc. $RMD Stock Holdings Trimmed by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA trimmed its holdings in shares of ResMed Inc. (NYSE:RMD) by 22.6% in the third quarter, Holdings Channel reports. The institutional investor owned 67,518 shares of the medical equipment provider’s stock after selling 19,768 shares during the period. Pictet Asset Management Holding SA’s holdings in ResMed were worth $14,928,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Glenmede Trust Co. NA increased its holdings in shares of ResMed by 1.3% in the 1st quarter. Glenmede Trust Co. NA now owns 5,479 shares of the medical equipment provider’s stock valued at $1,230,000 after acquiring an additional 71 shares during the last quarter. Citizens Financial Group Inc. RI raised its position in shares of ResMed by 7.6% during the 1st quarter. Citizens Financial Group Inc. RI now owns 1,295 shares of the medical equipment provider’s stock worth $291,000 after acquiring an additional 92 shares in the last quarter. Moss Adams Wealth Advisors LLC raised its position in shares of ResMed by 3.1% during the 3rd quarter. Moss Adams Wealth Advisors LLC now owns 3,477 shares of the medical equipment provider’s stock worth $769,000 after acquiring an additional 103 shares in the last quarter. North Dakota State Investment Board lifted its stake in ResMed by 2.5% during the third quarter. North Dakota State Investment Board now owns 4,450 shares of the medical equipment provider’s stock worth $984,000 after purchasing an additional 109 shares during the last quarter. Finally, D.A. Davidson & CO. lifted its stake in ResMed by 3.7% during the third quarter. D.A. Davidson & CO. now owns 3,144 shares of the medical equipment provider’s stock worth $695,000 after purchasing an additional 111 shares during the last quarter. 54.98% of the stock is owned by institutional investors and hedge funds.

ResMed Stock Up 0.2%

RMD opened at $238.96 on Friday. ResMed Inc. has a one year low of $180.26 and a one year high of $277.67. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.88 and a current ratio of 2.65. The stock has a market capitalization of $33.61 billion, a P/E ratio of 20.69, a price-to-earnings-growth ratio of 1.45 and a beta of 0.77. The business’s 50-day simple moving average is $231.99 and its 200-day simple moving average is $224.50.

ResMed (NYSE:RMD) last announced its earnings results on Thursday, October 29th. The medical equipment provider reported $2.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.67 by $0.24. The firm had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.39 billion. ResMed had a return on equity of 26.42% and a net margin of 27.79%. The business’s revenue was up 5.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.55 EPS. Analysts anticipate that ResMed Inc. will post 12.14 EPS for the current year.

ResMed Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 17th. Shareholders of record on Thursday, November 12th will be paid a $0.66 dividend. The ex-dividend date is Thursday, November 12th. This represents a $2.64 dividend on an annualized basis and a yield of 1.1%. ResMed’s payout ratio is currently 24.04%.

Analyst Ratings Changes

A number of brokerages recently issued reports on RMD. KeyCorp upped their price target on ResMed from $267.00 to $277.00 and gave the company an “overweight” rating in a report on Friday, October 30th. Piper Sandler cut their price objective on shares of ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a report on Friday, August 7th. UBS Group reissued a “buy” rating and set a $300.00 price objective on shares of ResMed in a report on Tuesday, July 21st. Royal Bank Of Canada boosted their price objective on shares of ResMed from $262.00 to $288.00 and gave the stock an “outperform” rating in a research report on Friday, October 30th. Finally, Rothschild & Co Redburn initiated coverage on shares of ResMed in a research report on Wednesday, August 19th. They set a “neutral” rating and a $230.00 price objective for the company. Seven analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $253.69.

Insider Buying and Selling at ResMed

In other news, CEO Michael J. Farrell sold 4,993 shares of the firm’s stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $235.35, for a total transaction of $1,175,102.55. Following the transaction, the chief executive officer directly owned 479,803 shares in the company, valued at approximately $112,921,636.05. This trade represents a 1.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Michael J. Rider sold 400 shares of the company’s stock in a transaction on Friday, October 23rd. The shares were sold at an average price of $255.00, for a total transaction of $102,000.00. Following the completion of the sale, the general counsel owned 12,318 shares of the company’s stock, valued at approximately $3,141,090. This trade represents a 3.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 16,345 shares of company stock worth $3,744,602. 0.58% of the stock is owned by insiders.

ResMed Profile

ResMed is a medical technology company that develops products and software for people with sleep apnea, chronic obstructive pulmonary disease and other respiratory conditions. Its devices include continuous positive airway pressure (CPAP) and bilevel machines, ventilators and related masks and accessories. The company also provides cloud-connected software for managing sleep and respiratory care, along with digital tools used by home medical equipment providers and post-acute care organizations.