Harvest Fund Management Co. Ltd Decreases Holdings in ResMed Inc. (NYSE:RMD)

Harvest Fund Management Co. Ltd reduced its position in ResMed Inc. (NYSE:RMD) by 24.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 991 shares of the medical equipment provider’s stock after selling 315 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in ResMed were worth $242,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the business. iA Global Asset Management Inc. purchased a new position in ResMed during the 1st quarter worth $3,055,000. Versor Investments LP grew its stake in shares of ResMed by 327.3% during the second quarter. Versor Investments LP now owns 4,700 shares of the medical equipment provider’s stock worth $900,000 after acquiring an additional 3,600 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of ResMed by 245.2% during the second quarter. Assenagon Asset Management S.A. now owns 33,507 shares of the medical equipment provider’s stock valued at $6,414,000 after acquiring an additional 23,801 shares in the last quarter. Addenda Capital Inc. raised its position in shares of ResMed by 17.4% in the 2nd quarter. Addenda Capital Inc. now owns 58,986 shares of the medical equipment provider’s stock valued at $11,291,000 after purchasing an additional 8,747 shares during the last quarter. Finally, Retireful LLC acquired a new stake in ResMed in the 3rd quarter worth approximately $742,000. 54.98% of the stock is owned by institutional investors and hedge funds.

ResMed Price Performance

NYSE:RMD opened at $249.99 on Wednesday. The company has a 50 day moving average price of $241.80 and a 200-day moving average price of $225.04. ResMed Inc. has a 1-year low of $151.95 and a 1-year high of $260.49. The firm has a market cap of $36.70 billion, a price-to-earnings ratio of 33.11, a price-to-earnings-growth ratio of 1.77 and a beta of 0.69. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.92 and a quick ratio of 1.91.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.17. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.19 billion. ResMed had a net margin of 23.15% and a return on equity of 25.53%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.64 EPS. Equities research analysts forecast that ResMed Inc. will post 9.28 EPS for the current year.

ResMed Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 7th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date is Thursday, November 7th. ResMed’s dividend payout ratio is presently 28.08%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Royal Bank of Canada upped their price target on shares of ResMed from $224.00 to $232.00 and gave the company a “sector perform” rating in a research note on Friday, October 25th. StockNews.com upgraded ResMed from a “hold” rating to a “buy” rating in a research note on Tuesday, October 15th. Bank of America boosted their price target on ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Needham & Company LLC restated a “hold” rating on shares of ResMed in a research note on Friday, October 25th. Finally, Baird R W raised ResMed to a “strong-buy” rating in a report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, ResMed currently has an average rating of “Moderate Buy” and a consensus target price of $225.70.

Insider Buying and Selling at ResMed

In other news, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $239.90, for a total value of $479,800.00. Following the sale, the director now directly owns 87,204 shares of the company’s stock, valued at $20,920,239.60. The trade was a 2.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Kaushik Ghoshal sold 5,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $252.56, for a total value of $1,262,800.00. Following the completion of the transaction, the insider now owns 21,788 shares in the company, valued at $5,502,777.28. The trade was a 18.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 68,334 shares of company stock valued at $16,379,713 over the last ninety days. Corporate insiders own 0.71% of the company’s stock.

ResMed 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.