Catalyst Funds Management Pty Ltd Sells 8,400 Shares of ResMed Inc. $RMD

Key Points

• Catalyst Funds Management reduced its ResMed stake by 43.6% in the fourth quarter, selling 8,400 shares and leaving it with 10,859 shares worth about $2.62 million.
• ResMed recently beat quarterly earnings estimates, reporting $2.86 EPS versus the $2.79 consensus, while revenue rose 10.8% year over year to $1.43 billion.
• The company declared a quarterly dividend of $0.60 per share, payable June 18, and analysts currently rate the stock a consensus Moderate Buy with a target price of $286.18.

Catalyst Funds Management Pty Ltd cut its stake in ResMed Inc. (NYSE:RMD - Free Report) by 43.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,859 shares of the medical equipment provider's stock after selling 8,400 shares during the period. Catalyst Funds Management Pty Ltd's holdings in ResMed were worth $2,616,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Landscape Capital Management L.L.C. boosted its holdings in ResMed by 123.2% in the third quarter. Landscape Capital Management L.L.C. now owns 49,017 shares of the medical equipment provider's stock valued at $13,417,000 after acquiring an additional 27,060 shares during the last quarter. Nordea Investment Management AB boosted its holdings in ResMed by 37.2% in the fourth quarter. Nordea Investment Management AB now owns 1,084,996 shares of the medical equipment provider's stock valued at $262,027,000 after acquiring an additional 294,124 shares during the last quarter. WCM Investment Management LLC bought a new stake in ResMed in the third quarter valued at approximately $3,110,000. Russell Investments Group Ltd. boosted its holdings in ResMed by 20.2% in the third quarter. Russell Investments Group Ltd. now owns 112,755 shares of the medical equipment provider's stock valued at $30,847,000 after acquiring an additional 18,966 shares during the last quarter. Finally, Allianz Asset Management GmbH boosted its holdings in ResMed by 44.8% in the third quarter. Allianz Asset Management GmbH now owns 357,421 shares of the medical equipment provider's stock valued at $97,837,000 after acquiring an additional 110,647 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors.

ResMed Price Performance

ResMed stock opened at $208.04 on Friday. The stock has a market capitalization of $30.31 billion, a price-to-earnings ratio of 20.06, a PEG ratio of 1.33 and a beta of 0.84. ResMed Inc. has a 52-week low of $198.61 and a 52-week high of $293.81. The stock's 50 day moving average price is $219.73 and its two-hundred day moving average price is $240.92. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.33 and a current ratio of 3.01.

ResMed (NYSE:RMD - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.79 by $0.07. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The firm had revenue of $1.43 billion for the quarter, compared to analysts' expectations of $1.42 billion. During the same period in the prior year, the business earned $2.37 EPS. The company's revenue for the quarter was up 10.8% compared to the same quarter last year. On average, equities analysts predict that ResMed Inc. will post 11.13 earnings per share for the current year.

ResMed Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Thursday, May 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 1.2%. The ex-dividend date of this dividend is Thursday, May 14th. ResMed's dividend payout ratio is presently 23.14%.

Insider Buying and Selling

In other news, CEO Michael J. Farrell sold 4,991 shares of the company's stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $251.03, for a total transaction of $1,252,890.73. Following the transaction, the chief executive officer directly owned 466,223 shares of the company's stock, valued at $117,035,959.69. This represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Peter C. Farrell sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total value of $450,000.00. The disclosure for this sale is available in the SEC filing. Insiders have sold 18,973 shares of company stock worth $4,386,031 over the last ninety days. 0.65% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on RMD shares. JPMorgan Chase & Co. started coverage on ResMed in a report on Wednesday, April 15th. They set an "overweight" rating on the stock. Evercore set a $255.00 price target on ResMed and gave the stock an "outperform" rating in a report on Monday, April 13th. Wall Street Zen cut ResMed from a "buy" rating to a "hold" rating in a report on Saturday, March 14th. Robert W. Baird set a $225.00 price target on ResMed in a report on Friday, May 1st. Finally, Stifel Nicolaus increased their price target on ResMed from $260.00 to $265.00 and gave the stock a "hold" rating in a report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $286.18.

ResMed Profile

ResMed NYSE: RMD is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed's product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.

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