Robinhood Asset Management LLC Invests $632,000 in ResMed Inc. $RMD

Robinhood Asset Management LLC purchased a new position in ResMed Inc. (NYSE:RMD) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,622 shares of the medical equipment provider’s stock, valued at approximately $632,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of ResMed by 1.6% in the third quarter. Vanguard Group Inc. now owns 19,040,440 shares of the medical equipment provider’s stock worth $5,211,940,000 after buying an additional 293,515 shares during the last quarter. State Street Corp boosted its holdings in shares of ResMed by 1.0% in the second quarter. State Street Corp now owns 6,615,852 shares of the medical equipment provider’s stock worth $1,706,890,000 after buying an additional 64,448 shares during the last quarter. Nordea Investment Management AB boosted its holdings in shares of ResMed by 37.2% in the fourth quarter. Nordea Investment Management AB now owns 1,084,996 shares of the medical equipment provider’s stock worth $262,027,000 after buying an additional 294,124 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of ResMed by 6.2% in the third quarter. Dimensional Fund Advisors LP now owns 846,134 shares of the medical equipment provider’s stock worth $231,587,000 after buying an additional 49,540 shares during the last quarter. Finally, Caisse de depot et placement du Quebec boosted its holdings in shares of ResMed by 28.0% in the third quarter. Caisse de depot et placement du Quebec now owns 565,901 shares of the medical equipment provider’s stock worth $154,904,000 after buying an additional 123,781 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Robert W. Baird set a $281.00 price objective on shares of ResMed in a report on Friday, January 30th. Stifel Nicolaus raised their price objective on shares of ResMed from $260.00 to $265.00 and gave the stock a “hold” rating in a report on Friday, January 30th. KeyCorp reissued an “overweight” rating and issued a $302.00 price objective on shares of ResMed in a report on Friday, January 30th. Piper Sandler raised their price objective on shares of ResMed from $270.00 to $275.00 and gave the stock a “neutral” rating in a report on Friday, January 30th. Finally, Wells Fargo & Company raised their price objective on shares of ResMed from $265.00 to $270.00 and gave the stock an “equal weight” rating in a report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $299.27.

ResMed Price Performance

Shares of ResMed stock opened at $224.73 on Tuesday. The stock’s 50-day simple moving average is $245.91 and its 200-day simple moving average is $252.81. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $293.81. The company has a market capitalization of $32.74 billion, a price-to-earnings ratio of 22.23, a PEG ratio of 1.49 and a beta of 0.93. The company has a quick ratio of 2.32, a current ratio of 3.06 and a debt-to-equity ratio of 0.06.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Friday, January 30th. The medical equipment provider reported $2.81 EPS for the quarter, beating the consensus estimate of $2.68 by $0.13. ResMed had a return on equity of 25.20% and a net margin of 27.53%.The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the business earned $2.43 earnings per share. The business’s revenue was up 11.0% on a year-over-year basis. As a group, analysts expect that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 19th. Stockholders of record on Thursday, February 12th were issued 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 was Thursday, February 12th. ResMed’s payout ratio is 23.74%.

Insider Buying and Selling at ResMed

In other news, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $225.00, for a total value of $450,000.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael J. Farrell sold 4,991 shares of the business’s stock in a transaction on Monday, February 9th. The stock was sold at an average price of $273.78, for a total transaction of $1,366,435.98. Following the completion of the transaction, the chief executive officer directly owned 466,223 shares in the company, valued at $127,642,532.94. This trade represents a 1.06% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 23,023 shares of company stock worth $5,843,111 in the last three months. Insiders own 0.65% of the company’s stock.

ResMed 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.