Adage Capital Partners GP L.L.C. Lowers Stock Position in ResMed Inc. $RMD

Adage Capital Partners GP L.L.C. reduced its position in ResMed Inc. (NYSE:RMD - Free Report) by 47.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,663 shares of the medical equipment provider's stock after selling 21,876 shares during the period. Adage Capital Partners GP L.L.C.'s holdings in ResMed were worth $5,521,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Global X Japan Co. Ltd. increased its stake in ResMed by 121.4% in the 1st quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock worth $28,000 after acquiring an additional 68 shares during the last quarter. Colonial Trust Co SC boosted its position in shares of ResMed by 6,250.0% during the 4th quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock valued at $29,000 after acquiring an additional 125 shares during the last quarter. Golden State Wealth Management LLC boosted its position in shares of ResMed by 384.8% during the 1st quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock valued at $36,000 after acquiring an additional 127 shares during the last quarter. Zions Bancorporation National Association UT purchased a new position in shares of ResMed in the first quarter valued at $45,000. Finally, Groupe la Francaise bought a new stake in ResMed in the first quarter worth $45,000. 54.98% of the stock is owned by institutional investors.

ResMed Trading Down 3.2%

RMD stock traded down $9.03 during midday trading on Wednesday, reaching $270.16. The company's stock had a trading volume of 1,093,769 shares, compared to its average volume of 1,001,553. ResMed Inc. has a 1 year low of $199.92 and a 1 year high of $293.81. The firm has a market capitalization of $39.55 billion, a price-to-earnings ratio of 28.41, a PEG ratio of 1.87 and a beta of 0.85. The stock has a fifty day simple moving average of $273.43 and a two-hundred day simple moving average of $248.06. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44.

ResMed (NYSE:RMD - Get Free Report) last issued its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.47 by $0.08. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The business's revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.08 earnings per share. On average, equities research analysts predict that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. This is a boost from ResMed's previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Thursday, August 14th. ResMed's dividend payout ratio is 25.24%.

Analyst Upgrades and Downgrades

Several research firms have commented on RMD. UBS Group increased their price objective on shares of ResMed from $285.00 to $325.00 and gave the company a "buy" rating in a research report on Friday, August 1st. KeyCorp upped their target price on shares of ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. CLSA raised ResMed from a "hold" rating to an "outperform" rating in a research note on Tuesday, September 2nd. Piper Sandler boosted their target price on ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Finally, William Blair upgraded ResMed to a "strong-buy" rating in a report on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, ResMed currently has an average rating of "Moderate Buy" and a consensus price target of $278.36.

Insider Activity

In related news, Director Peter C. Farrell sold 945 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $255.49, for a total value of $241,438.05. Following the completion of the sale, the director owned 68,273 shares in the company, valued at approximately $17,443,068.77. The trade was a 1.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael J. Farrell sold 8,009 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $279.48, for a total value of $2,238,355.32. Following the transaction, the chief executive officer owned 455,503 shares in the company, valued at $127,303,978.44. The trade was a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,588 shares of company stock valued at $5,289,241. 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.