Lazard Asset Management LLC Has $734,000 Stock Position in ResMed Inc. $RMD

Key Points

• Lazard Asset Management cut its ResMed stake by 68% in the first quarter, selling 6,948 shares and retaining 3,272 shares valued at approximately $734,000. Institutional investors collectively own 54.98% of ResMed.
• ResMed shares opened at $224, with a market capitalization of about $32.49 billion and a price-to-earnings ratio of 21.60. The stock has traded between $180.26 and $293.81 over the past year.
• Analyst sentiment is mixed, with seven Buy ratings and nine Hold ratings producing an overall “Hold” consensus and an average price target of $246.25. CEO Michael Farrell also sold 4,991 shares for roughly $1.09 million under a pre-arranged trading plan.

Lazard Asset Management LLC reduced its position in ResMed Inc. (NYSE:RMD - Free Report) by 68.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,272 shares of the medical equipment provider's stock after selling 6,948 shares during the period. Lazard Asset Management LLC's holdings in ResMed were worth $734,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in RMD. Terra Nova Asset Management LLC boosted its stake in ResMed by 0.6% in the 3rd quarter. Terra Nova Asset Management LLC now owns 7,805 shares of the medical equipment provider's stock worth $2,136,000 after purchasing an additional 46 shares during the period. Kera Capital Partners Inc. raised its stake in ResMed by 6.6% during the 4th quarter. Kera Capital Partners Inc. now owns 841 shares of the medical equipment provider's stock valued at $217,000 after purchasing an additional 52 shares during the period. Andina Capital Management LLC raised its stake in ResMed by 2.9% during the 4th quarter. Andina Capital Management LLC now owns 1,988 shares of the medical equipment provider's stock valued at $479,000 after purchasing an additional 56 shares during the period. Turtle Creek Wealth Advisors LLC lifted its holdings in shares of ResMed by 6.2% in the first quarter. Turtle Creek Wealth Advisors LLC now owns 994 shares of the medical equipment provider's stock valued at $223,000 after purchasing an additional 58 shares in the last quarter. Finally, Stratos Wealth Partners LTD. lifted its holdings in shares of ResMed by 4.6% in the fourth quarter. Stratos Wealth Partners LTD. now owns 1,355 shares of the medical equipment provider's stock valued at $326,000 after purchasing an additional 59 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company's stock.

ResMed Stock Up 0.4%

RMD stock opened at $224.00 on Thursday. The company has a current ratio of 3.01, a quick ratio of 2.33 and a debt-to-equity ratio of 0.06. ResMed Inc. has a 1 year low of $180.26 and a 1 year high of $293.81. The company has a fifty day simple moving average of $199.66 and a 200 day simple moving average of $222.54. The firm has a market cap of $32.49 billion, a PE ratio of 21.60, a PEG ratio of 1.36 and a beta of 0.76.

Analyst Upgrades and Downgrades

RMD has been the topic of a number of research analyst reports. KeyCorp lowered their price target on ResMed from $290.00 to $266.00 and set an "overweight" rating on the stock in a report on Monday, June 22nd. Jefferies Financial Group reduced their price objective on ResMed from $240.00 to $225.00 and set a "hold" rating for the company in a research note on Friday, July 10th. JPMorgan Chase & Co. assumed coverage on ResMed in a research report on Wednesday, April 15th. They set an "overweight" rating for the company. Morgan Stanley reaffirmed an "equal weight" rating and set a $230.00 target price (down from $286.00) on shares of ResMed in a research note on Wednesday, June 17th. Finally, The Goldman Sachs Group reiterated a "buy" rating on shares of ResMed in a report on Wednesday, July 1st. Seven equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, ResMed has an average rating of "Hold" and an average price target of $246.25.

Insider Buying and Selling

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the firm's stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $218.55, for a total transaction of $1,090,783.05. Following the transaction, the chief executive officer directly owned 466,223 shares in the company, valued at $101,893,036.65. This trade represents a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.65% of the stock is owned by insiders.

ResMed Company 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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