Pacer Advisors Inc. Lowers Stake in ResMed Inc. (NYSE:RMD)

Key Points

• Pacer Advisors Inc. has reduced its stake in ResMed Inc. by 15.0%, selling 6,689 shares and now holding 38,003 shares valued at approximately $8.5 million.
• Other institutional investors have significantly increased their stakes in ResMed, including Global X Japan Co. Ltd., which grew its holdings by 121.4% in the first quarter.
• Despite some insider selling activity and mixed ratings from analysts, the stock has a current average price target of $263 with a slight overall positive outlook, as indicated by multiple "buy" and "overweight" ratings.

Pacer Advisors Inc. lowered its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 15.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,003 shares of the medical equipment provider's stock after selling 6,689 shares during the period. Pacer Advisors Inc.'s holdings in ResMed were worth $8,507,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of RMD. Ballentine Partners LLC boosted its holdings in ResMed by 6.3% during the first quarter. Ballentine Partners LLC now owns 1,782 shares of the medical equipment provider's stock valued at $399,000 after acquiring an additional 105 shares during the period. Golden State Wealth Management LLC increased its holdings in shares of ResMed by 384.8% during the first quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock worth $36,000 after buying an additional 127 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of ResMed by 393.0% during the first quarter. Exchange Traded Concepts LLC now owns 2,529 shares of the medical equipment provider's stock worth $566,000 after buying an additional 2,016 shares in the last quarter. MML Investors Services LLC increased its holdings in shares of ResMed by 31.9% in the fourth quarter. MML Investors Services LLC now owns 11,468 shares of the medical equipment provider's stock valued at $2,623,000 after purchasing an additional 2,771 shares in the last quarter. Finally, Private Advisor Group LLC increased its holdings in shares of ResMed by 18.3% in the first quarter. Private Advisor Group LLC now owns 3,244 shares of the medical equipment provider's stock valued at $726,000 after purchasing an additional 501 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company's stock.

Insider Buying and Selling at ResMed

In other news, Director Witte Jan De sold 2,000 shares of the firm's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total value of $486,940.00. Following the completion of the sale, the director directly owned 5,806 shares of the company's stock, valued at approximately $1,413,586.82. This trade represents a 25.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of the firm's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $242.25, for a total transaction of $484,500.00. Following the completion of the sale, the director directly owned 71,218 shares of the company's stock, valued at approximately $17,252,560.50. This represents a 2.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,013 shares of company stock valued at $7,238,913 in the last 90 days. Insiders own 0.71% of the company's stock.

ResMed Trading Down 0.4%

RMD traded down $1.12 during midday trading on Thursday, reaching $276.32. 433,946 shares of the company's stock traded hands, compared to its average volume of 984,492. The firm has a fifty day moving average of $255.34 and a two-hundred day moving average of $239.69. The stock has a market capitalization of $40.52 billion, a price-to-earnings ratio of 31.01, a P/E/G ratio of 1.72 and a beta of 0.77. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.41 and a quick ratio of 2.49. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $278.86.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on RMD shares. UBS Group reduced their price target on shares of ResMed from $290.00 to $285.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Mizuho boosted their target price on shares of ResMed from $250.00 to $270.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Wall Street Zen downgraded shares of ResMed from a "buy" rating to a "hold" rating in a research note on Saturday, May 24th. Royal Bank Of Canada raised shares of ResMed from a "sector perform" rating to an "outperform" rating and increased their price objective for the company from $255.00 to $294.00 in a research note on Tuesday, July 15th. Finally, JPMorgan Chase & Co. increased their price objective on shares of ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, ResMed currently has an average rating of "Moderate Buy" and an average price target of $263.00.

ResMed Company 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.