Confluence Investment Management LLC Has $18.34 Million Stock Position in ResMed Inc. $RMD

Key Points

• Confluence Investment Management reduced its ResMed stake by 5.8% in the second quarter, selling 5,759 shares and retaining 94,086 shares valued at approximately $18.34 million.
• Institutional ownership remains significant at 54.98%, with several firms increasing their positions or acquiring new stakes during the quarter, including AllianceBernstein, which raised its holdings by 24.2%.
• ResMed shares opened at $215.12, while analysts maintained a consensus “Hold” rating with an average price target of $246.25. Separately, CEO Michael Farrell sold 4,991 shares under a pre-arranged Rule 10b5-1 trading plan.

Confluence Investment Management LLC lessened its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 5.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 94,086 shares of the medical equipment provider's stock after selling 5,759 shares during the period. Confluence Investment Management LLC owned about 0.06% of ResMed worth $18,335,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of RMD. Jones Financial Companies Lllp lifted its position in shares of ResMed by 52.6% in the 1st quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider's stock valued at $645,000 after acquiring an additional 994 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in ResMed during the 2nd quarter valued at $389,000. Brown Advisory Inc. lifted its holdings in shares of ResMed by 17.8% in the second quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider's stock valued at $409,000 after purchasing an additional 240 shares in the last quarter. Cresset Asset Management LLC acquired a new stake in shares of ResMed in the second quarter worth $206,000. Finally, Alliancebernstein L.P. grew its holdings in shares of ResMed by 24.2% during the second quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider's stock valued at $73,808,000 after buying an additional 55,790 shares in the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Stock Performance

Shares of RMD stock opened at $215.12 on Tuesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.01 and a quick ratio of 2.33. ResMed Inc. has a fifty-two week low of $180.26 and a fifty-two week high of $293.81. The stock's 50-day moving average is $199.00 and its two-hundred day moving average is $223.06. The firm has a market cap of $31.20 billion, a P/E ratio of 20.74, a PEG ratio of 1.28 and a beta of 0.78.

Analyst Ratings Changes

Several brokerages recently issued reports on RMD. Robert W. Baird set a $225.00 price objective on ResMed in a research note on Friday, May 1st. JPMorgan Chase & Co. initiated coverage on ResMed in a research note on Wednesday, April 15th. They set an "overweight" rating on the stock. Evercore set a $255.00 target price on ResMed and gave the company an "outperform" rating in a report on Monday, April 13th. Wells Fargo & Company reduced their price target on shares of ResMed from $227.00 to $225.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 8th. Finally, KeyCorp decreased their price target on shares of ResMed from $290.00 to $266.00 and set an "overweight" rating for the company in a report on Monday, June 22nd. Seven analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $246.25.

Insider Activity

In related news, CEO Michael J. Farrell sold 4,991 shares of the business's stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $218.55, for a total value of $1,090,783.05. Following the completion of the sale, the chief executive officer owned 466,223 shares of the company's stock, valued at approximately $101,893,036.65. The trade was a 1.06% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 14,973 shares of company stock worth $3,096,067. 0.65% of the stock is owned by insiders.

About ResMed

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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