Confluence Investment Management LLC Sells 3,100 Shares of ResMed Inc. (NYSE:RMD)

Confluence Investment Management LLC reduced its holdings in ResMed Inc. (NYSE:RMDFree Report) by 2.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 123,764 shares of the medical equipment provider’s stock after selling 3,100 shares during the quarter. Confluence Investment Management LLC owned about 0.08% of ResMed worth $28,304,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Principal Financial Group Inc. increased its stake in shares of ResMed by 2.9% in the 3rd quarter. Principal Financial Group Inc. now owns 186,776 shares of the medical equipment provider’s stock valued at $45,596,000 after acquiring an additional 5,284 shares in the last quarter. Retireful LLC acquired a new stake in ResMed in the third quarter worth $742,000. Asset Management One Co. Ltd. increased its stake in ResMed by 5.1% in the third quarter. Asset Management One Co. Ltd. now owns 58,860 shares of the medical equipment provider’s stock valued at $14,369,000 after purchasing an additional 2,878 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of ResMed by 284.3% during the third quarter. Empowered Funds LLC now owns 8,208 shares of the medical equipment provider’s stock valued at $2,004,000 after purchasing an additional 6,072 shares during the period. Finally, Wellington Management Group LLP raised its holdings in shares of ResMed by 35.7% during the third quarter. Wellington Management Group LLP now owns 59,926 shares of the medical equipment provider’s stock valued at $14,629,000 after purchasing an additional 15,772 shares during the period. 54.98% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on RMD. Bank of America boosted their target price on ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Robert W. Baird boosted their price objective on ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Stifel Nicolaus began coverage on ResMed in a report on Friday, December 13th. They issued a “hold” rating and a $250.00 target price on the stock. Needham & Company LLC restated a “hold” rating on shares of ResMed in a research note on Friday, October 25th. Finally, Baird R W upgraded shares of ResMed to a “strong-buy” rating in a report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, ResMed currently has a consensus rating of “Moderate Buy” and a consensus price target of $227.91.

Check Out Our Latest Stock Analysis on RMD

Insider Activity

In other ResMed news, CEO Michael J. Farrell sold 14,683 shares of the company’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $231.91, for a total transaction of $3,405,134.53. Following the sale, the chief executive officer now directly owns 464,169 shares of the company’s stock, valued at $107,645,432.79. This represents a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Witte Jan De sold 796 shares of ResMed stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $248.81, for a total transaction of $198,052.76. Following the completion of the transaction, the director now owns 6,723 shares of the company’s stock, valued at $1,672,749.63. The trade was a 10.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 45,725 shares of company stock valued at $10,779,048 in the last three months. Company insiders own 0.71% of the company’s stock.

ResMed Stock Performance

Shares of ResMed stock traded up $0.31 during mid-day trading on Thursday, hitting $229.00. 94,131 shares of the stock were exchanged, compared to its average volume of 1,011,464. ResMed Inc. has a 12 month low of $164.12 and a 12 month high of $260.49. The company has a 50-day simple moving average of $241.42 and a 200 day simple moving average of $229.69. The company has a market capitalization of $33.62 billion, a P/E ratio of 30.33, a P/E/G ratio of 1.73 and a beta of 0.68. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.92.

ResMed (NYSE:RMDGet Free Report) last issued its quarterly earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 25.53% and a net margin of 23.15%. ResMed’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period last year, the company posted $1.64 earnings per share. Sell-side analysts anticipate that ResMed Inc. will post 9.34 earnings per share for the current fiscal year.

ResMed Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 7th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date of this dividend was Thursday, November 7th. ResMed’s payout ratio is 28.08%.

About ResMed

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for ResMed (NYSE:RMD)

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