Metis Global Partners LLC Sells 1,695 Shares of ResMed Inc. (NYSE:RMD)

Metis Global Partners LLC reduced its position in shares of ResMed Inc. (NYSE:RMD) by 20.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,590 shares of the medical equipment provider’s stock after selling 1,695 shares during the period. Metis Global Partners LLC’s holdings in ResMed were worth $1,134,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Morgan Stanley increased its holdings in shares of ResMed by 102.4% during the third quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider’s stock worth $344,481,000 after buying an additional 1,178,547 shares in the last quarter. LGT Capital Partners LTD. bought a new stake in ResMed during the 4th quarter worth approximately $117,621,000. abrdn plc increased its holdings in ResMed by 79.2% during the 3rd quarter. abrdn plc now owns 901,485 shares of the medical equipment provider’s stock valued at $133,303,000 after purchasing an additional 398,302 shares in the last quarter. Hsbc Holdings PLC raised its position in ResMed by 109.9% in the 3rd quarter. Hsbc Holdings PLC now owns 490,214 shares of the medical equipment provider’s stock valued at $72,785,000 after purchasing an additional 256,624 shares during the last quarter. Finally, UBS Group AG boosted its stake in ResMed by 109.3% in the third quarter. UBS Group AG now owns 457,717 shares of the medical equipment provider’s stock worth $67,683,000 after purchasing an additional 239,001 shares in the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

ResMed Stock Down 1.5 %

Shares of RMD stock opened at $212.89 on Thursday. The company has a market capitalization of $31.28 billion, a price-to-earnings ratio of 32.70, a P/E/G ratio of 2.68 and a beta of 0.64. ResMed Inc. has a 12-month low of $132.24 and a 12-month high of $237.26. The firm has a fifty day moving average of $192.67 and a 200-day moving average of $176.28. The company has a quick ratio of 1.97, a current ratio of 3.04 and a debt-to-equity ratio of 0.22.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping the consensus estimate of $1.91 by $0.22. The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.17 billion. ResMed had a return on equity of 24.43% and a net margin of 20.91%. ResMed’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.68 earnings per share. As a group, equities research analysts predict that ResMed Inc. will post 7.59 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 13th. Investors of record on Thursday, May 9th will be issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 0.90%. The ex-dividend date is Wednesday, May 8th. ResMed’s payout ratio is 29.49%.

Insider Activity at ResMed

In related news, Director Karen Drexler sold 425 shares of the firm’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $214.92, for a total value of $91,341.00. Following the completion of the transaction, the director now directly owns 8,446 shares of the company’s stock, valued at $1,815,214.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, General Counsel Michael J. Rider sold 200 shares of ResMed stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $173.25, for a total value of $34,650.00. Following the completion of the sale, the general counsel now directly owns 6,688 shares in the company, valued at $1,158,696. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Karen Drexler sold 425 shares of the company’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $214.92, for a total value of $91,341.00. Following the sale, the director now owns 8,446 shares of the company’s stock, valued at $1,815,214.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,641 shares of company stock valued at $2,137,958. Corporate insiders own 1.21% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on RMD shares. UBS Group raised their target price on ResMed from $175.00 to $180.00 and gave the company a “neutral” rating in a research note on Thursday, January 25th. Mizuho reissued a “buy” rating and set a $215.00 price target on shares of ResMed in a research note on Wednesday, March 27th. KeyCorp upped their price objective on ResMed from $227.00 to $238.00 and gave the stock an “overweight” rating in a report on Friday, April 26th. Royal Bank of Canada upped their price target on ResMed from $187.00 to $200.00 and gave the company a “sector perform” rating in a research note on Friday, April 26th. Finally, Needham & Company LLC boosted their price objective on ResMed from $224.00 to $236.00 and gave the stock a “buy” rating in a report on Friday, April 26th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $202.80.

ResMed Company Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.