Cetera Investment Advisers Acquires 2,259 Shares of ResMed Inc. (NYSE:RMD)

Cetera Investment Advisers lifted its holdings in shares of ResMed Inc. (NYSE:RMD) by 21.8% in the 4th quarter, HoldingsChannel reports. The fund owned 12,605 shares of the medical equipment provider’s stock after purchasing an additional 2,259 shares during the period. Cetera Investment Advisers’ holdings in ResMed were worth $2,883,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in RMD. First Horizon Advisors Inc. grew its position in ResMed by 285.1% in the 4th quarter. First Horizon Advisors Inc. now owns 593 shares of the medical equipment provider’s stock worth $136,000 after purchasing an additional 439 shares in the last quarter. Spire Wealth Management grew its position in ResMed by 11.3% in the 4th quarter. Spire Wealth Management now owns 10,800 shares of the medical equipment provider’s stock worth $2,470,000 after purchasing an additional 1,100 shares in the last quarter. Asset Management One Co. Ltd. grew its position in ResMed by 2.8% in the 4th quarter. Asset Management One Co. Ltd. now owns 60,489 shares of the medical equipment provider’s stock worth $14,105,000 after purchasing an additional 1,629 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in ResMed by 38.6% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,830 shares of the medical equipment provider’s stock worth $2,989,000 after purchasing an additional 3,576 shares in the last quarter. Finally, Cumberland Partners Ltd grew its position in ResMed by 550.0% in the 4th quarter. Cumberland Partners Ltd now owns 13,000 shares of the medical equipment provider’s stock worth $2,973,000 after purchasing an additional 11,000 shares in the last quarter. 54.98% of the stock is owned by institutional investors.

Insider Activity at ResMed

In other ResMed news, insider Kaushik Ghoshal sold 9,113 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $235.40, for a total value of $2,145,200.20. Following the sale, the insider now directly owns 9,725 shares in the company, valued at $2,289,265. This represents a 48.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $243.23, for a total transaction of $1,948,029.07. Following the completion of the sale, the chief executive officer now owns 455,503 shares in the company, valued at $110,791,994.69. This represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 48,949 shares of company stock worth $11,335,320. 0.71% of the stock is owned by corporate insiders.

ResMed Stock Performance

Shares of RMD stock opened at $251.75 on Friday. The stock has a market capitalization of $36.91 billion, a P/E ratio of 29.72, a PEG ratio of 1.53 and a beta of 0.78. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13. The firm’s 50 day moving average is $225.34 and its 200 day moving average is $234.17. ResMed Inc. has a 12 month low of $179.42 and a 12 month high of $263.05.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.01. The company had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.28 billion. ResMed had a net margin of 25.34% and a return on equity of 26.17%. ResMed’s revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the company posted $2.13 EPS. On average, sell-side analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Thursday, May 8th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date is Thursday, May 8th. ResMed’s payout ratio is currently 23.79%.

Analysts Set New Price Targets

A number of brokerages have issued reports on RMD. JPMorgan Chase & Co. upped their price objective on shares of ResMed from $286.00 to $290.00 and gave the stock an “overweight” rating in a research report on Thursday, April 24th. Royal Bank of Canada upped their price objective on shares of ResMed from $247.00 to $255.00 and gave the stock a “sector perform” rating in a research report on Thursday, April 24th. Piper Sandler reduced their price objective on shares of ResMed from $260.00 to $248.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. Needham & Company LLC reissued a “hold” rating on shares of ResMed in a research report on Friday, January 31st. Finally, Citigroup raised shares of ResMed from a “neutral” rating to a “buy” rating in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $258.83.

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.