Assenagon Asset Management S.A. Sells 23,579 Shares of ResMed Inc. (NYSE:RMD)

Assenagon Asset Management S.A. lowered its stake in ResMed Inc. (NYSE:RMD - Free Report) by 68.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,907 shares of the medical equipment provider's stock after selling 23,579 shares during the period. Assenagon Asset Management S.A.'s holdings in ResMed were worth $2,442,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Colonial Trust Co SC raised its holdings in ResMed by 6,250.0% during the 4th quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock worth $29,000 after purchasing an additional 125 shares during the last quarter. Optiver Holding B.V. bought a new stake in shares of ResMed during the fourth quarter worth approximately $33,000. Itau Unibanco Holding S.A. lifted its holdings in ResMed by 1,000.0% in the fourth quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider's stock valued at $38,000 after buying an additional 150 shares during the period. OFI Invest Asset Management bought a new position in ResMed in the fourth quarter valued at approximately $39,000. Finally, Coppell Advisory Solutions LLC raised its position in shares of ResMed by 1,750.0% during the 4th quarter. Coppell Advisory Solutions LLC now owns 185 shares of the medical equipment provider's stock valued at $42,000 after acquiring an additional 175 shares during the last quarter. 54.98% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $242.25, for a total value of $484,500.00. Following the completion of the sale, the director now owns 71,218 shares in the company, valued at $17,252,560.50. This represents a 2.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the firm's stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $209.85, for a total transaction of $1,680,688.65. Following the transaction, the chief executive officer now directly owns 455,472 shares in the company, valued at $95,580,799.20. 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 30,132 shares of company stock valued at $7,075,837. Company insiders own 0.71% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. UBS Group decreased their price objective on ResMed from $290.00 to $285.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Stifel Nicolaus cut their price target on shares of ResMed from $250.00 to $240.00 and set a "hold" rating on the stock in a research report on Wednesday, March 5th. Citigroup upgraded shares of ResMed from a "neutral" rating to a "buy" rating in a report on Wednesday, March 5th. Mizuho set a $265.00 price target on shares of ResMed in a report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. increased 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. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, ResMed has an average rating of "Moderate Buy" and an average price target of $259.33.

ResMed Price Performance

NYSE RMD traded up $2.34 on Wednesday, hitting $252.43. 57,150 shares of the company's stock were exchanged, compared to its average volume of 1,003,888. The stock has a 50-day moving average of $238.42 and a 200-day moving average of $234.76. The stock has a market cap of $37.01 billion, a price-to-earnings ratio of 28.30, a P/E/G ratio of 1.73 and a beta of 0.78. The company has a current ratio of 3.41, a quick ratio of 2.49 and a debt-to-equity ratio of 0.12. ResMed Inc. has a 52 week low of $179.42 and a 52 week high of $263.05.

ResMed (NYSE:RMD - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share 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 the consensus estimate of $1.28 billion. ResMed had a net margin of 26.15% and a return on equity of 25.67%. The firm's quarterly revenue was up 7.9% compared to the same quarter last year. During the same period last year, the company posted $2.13 EPS. Analysts expect that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Thursday, May 8th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.84%. The ex-dividend date of this dividend was Thursday, May 8th. ResMed's payout ratio is presently 23.79%.

About ResMed

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.