Nuveen Asset Management LLC Sells 6,798 Shares of ResMed Inc. (NYSE:RMD)

Nuveen Asset Management LLC trimmed its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 2.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 305,809 shares of the medical equipment provider's stock after selling 6,798 shares during the period. Nuveen Asset Management LLC owned 0.21% of ResMed worth $69,935,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. First Horizon Advisors Inc. raised its position in ResMed by 285.1% during the fourth quarter. First Horizon Advisors Inc. now owns 593 shares of the medical equipment provider's stock worth $136,000 after acquiring an additional 439 shares during the last quarter. Spire Wealth Management increased its position in shares of ResMed by 11.3% in the fourth quarter. Spire Wealth Management now owns 10,800 shares of the medical equipment provider's stock worth $2,470,000 after acquiring an additional 1,100 shares in the last quarter. Asset Management One Co. Ltd. lifted its holdings in shares of ResMed by 2.8% during the 4th quarter. Asset Management One Co. Ltd. now owns 60,489 shares of the medical equipment provider's stock valued at $14,105,000 after buying an additional 1,629 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in ResMed by 38.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,830 shares of the medical equipment provider's stock valued at $2,989,000 after purchasing an additional 3,576 shares during the last quarter. Finally, Cumberland Partners Ltd grew its position in ResMed by 550.0% in the fourth quarter. Cumberland Partners Ltd now owns 13,000 shares of the medical equipment provider's stock valued at $2,973,000 after acquiring an additional 11,000 shares during the period. Institutional investors and hedge funds own 54.98% of the company's stock.

Insiders Place Their Bets

In other news, insider Kaushik Ghoshal sold 9,113 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $235.40, for a total value of $2,145,200.20. Following the sale, the insider now directly owns 9,725 shares in the company, valued at approximately $2,289,265. This trade represents a 48.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $227.71, for a total value of $455,420.00. Following the completion of the sale, the director now directly owns 75,218 shares of the company's stock, valued at approximately $17,127,890.78. This represents a 2.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,949 shares of company stock valued at $11,335,320 over the last 90 days. Insiders own 0.71% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Needham & Company LLC restated a "hold" rating on shares of ResMed in a research note on Friday, January 31st. Piper Sandler cut their target price on shares of ResMed from $260.00 to $248.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. Mizuho set a $265.00 price target on ResMed in a research report on Wednesday, April 16th. StockNews.com upgraded shares of ResMed from a "hold" rating to a "buy" rating in a research note on Friday, May 2nd. Finally, Citigroup upgraded shares of ResMed from a "neutral" rating to a "buy" rating in a report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $258.83.

ResMed Stock Performance

RMD traded down $2.49 during trading on Wednesday, hitting $245.65. The stock had a trading volume of 847,104 shares, compared to its average volume of 1,020,843. The company's 50-day moving average price is $226.57 and its 200 day moving average price is $234.27. The firm has a market capitalization of $36.02 billion, a P/E ratio of 29.00, a PEG ratio of 1.53 and a beta of 0.78. ResMed Inc. has a twelve month low of $179.42 and a twelve month high of $263.05. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33.

ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 EPS for the quarter, topping the consensus estimate of $2.36 by $0.01. The company had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.28 billion. ResMed had a net margin of 25.34% and a return on equity of 26.17%. ResMed's quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.13 EPS. On average, equities research analysts forecast that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Thursday, May 8th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.86%. The ex-dividend date is Thursday, May 8th. ResMed's dividend payout ratio (DPR) is presently 23.79%.

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.