Confluence Investment Management LLC Has $29.69 Million Holdings in ResMed Inc. $RMD

Key Points

• Confluence Investment Management LLC has reduced its stake in ResMed Inc. by 3.0%, now owning approximately $29.69 million worth of shares, following the sale of 3,532 shares in the second quarter.
• ResMed recently increased its quarterly dividend from $0.53 to $0.60 per share, with a dividend yield of 0.9%, reflecting its commitment to returning value to shareholders.
• ResMed's stock is currently rated a "Moderate Buy"** by analysts, with an average price target of $278.36, indicating optimistic performance expectations in the future.

Confluence Investment Management LLC cut its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 3.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 115,063 shares of the medical equipment provider's stock after selling 3,532 shares during the period. Confluence Investment Management LLC owned approximately 0.08% of ResMed worth $29,686,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Cetera Investment Advisers lifted its holdings in ResMed by 21.8% during the fourth quarter. Cetera Investment Advisers now owns 12,605 shares of the medical equipment provider's stock worth $2,883,000 after acquiring an additional 2,259 shares in the last quarter. Focus Partners Wealth lifted its holdings in ResMed by 197.0% during the fourth quarter. Focus Partners Wealth now owns 11,606 shares of the medical equipment provider's stock worth $2,655,000 after acquiring an additional 7,698 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in ResMed by 4.0% during the fourth quarter. Janus Henderson Group PLC now owns 16,807 shares of the medical equipment provider's stock worth $3,848,000 after acquiring an additional 647 shares in the last quarter. NorthRock Partners LLC lifted its holdings in ResMed by 88.3% during the fourth quarter. NorthRock Partners LLC now owns 2,450 shares of the medical equipment provider's stock worth $560,000 after acquiring an additional 1,149 shares in the last quarter. Finally, Nomura Holdings Inc. bought a new position in ResMed during the fourth quarter worth about $1,107,000. 54.98% of the stock is owned by institutional investors and hedge funds.

ResMed Stock Down 1.4%

RMD stock opened at $270.67 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. The stock has a market capitalization of $39.63 billion, a P/E ratio of 28.46, a P/E/G ratio of 1.83 and a beta of 0.85. The business has a 50-day moving average of $274.35 and a 200-day moving average of $248.76. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.81.

ResMed (NYSE:RMD - Get Free Report) last released its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.08. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the prior year, the company posted $2.08 earnings per share. ResMed's revenue was up 10.2% on a year-over-year basis. On average, sell-side analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Increases Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have weighed in on RMD shares. Wall Street Zen lowered ResMed from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. UBS Group lifted their target price on ResMed from $285.00 to $325.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Morgan Stanley set a $286.00 price objective on ResMed and gave the stock an "overweight" rating in a research report on Tuesday, May 20th. Royal Bank Of Canada upped their price objective on ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Finally, Stifel Nicolaus upped their price objective on ResMed from $240.00 to $270.00 and gave the stock a "hold" rating in a research report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $278.36.

Insider Buying and Selling

In related news, CEO Michael J. Farrell sold 8,009 shares of the company's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $279.48, for a total transaction of $2,238,355.32. Following the sale, the chief executive officer owned 455,503 shares in the company, valued at approximately $127,303,978.44. This represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John Hernandez sold 2,575 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $287.10, for a total value of $739,282.50. Following the sale, the director owned 4,045 shares in the company, valued at $1,161,319.50. The trade was a 38.90% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,588 shares of company stock worth $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.

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