ResMed Inc. (NYSE:RMD) Shares Sold by Pinnacle Associates Ltd.

Key Points

• Pinnacle Associates Ltd. has reduced its stake in ResMed Inc. by 6.6%, selling 2,336 shares, leaving it with 33,117 shares valued at approximately $7.41 million.
• CEO Michael J. Farrell and Director Peter C. Farrell sold significant shares recently, with CEO selling 8,009 shares and Director selling 945 shares, marking a 1.73% and 1.37% decrease in their positions respectively.
• ResMed's stock price rose 0.7% to $275.29, with a twelve-month trading range between $196.43 and $275.80, as the company reported earnings surpassing analyst estimates.

Pinnacle Associates Ltd. cut its holdings in shares of ResMed Inc. (NYSE:RMD - Free Report) by 6.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 33,117 shares of the medical equipment provider's stock after selling 2,336 shares during the period. Pinnacle Associates Ltd.'s holdings in ResMed were worth $7,413,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Global X Japan Co. Ltd. boosted its holdings in ResMed by 121.4% in the 1st quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock worth $28,000 after buying an additional 68 shares during the last quarter. Colonial Trust Co SC boosted its holdings in ResMed by 6,250.0% in the 4th quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock worth $29,000 after buying an additional 125 shares during the last quarter. Optiver Holding B.V. acquired a new stake in ResMed in the 4th quarter worth about $33,000. Golden State Wealth Management LLC boosted its holdings in ResMed by 384.8% in the 1st 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 during the last quarter. Finally, Itau Unibanco Holding S.A. boosted its holdings in ResMed by 1,000.0% in the 4th quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider's stock worth $38,000 after buying an additional 150 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RMD. UBS Group lowered their price objective on ResMed from $290.00 to $285.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Morgan Stanley set a $286.00 price objective on ResMed and gave the stock an "overweight" rating in a report on Tuesday, May 20th. Wall Street Zen cut ResMed from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Royal Bank Of Canada raised shares of ResMed from a "sector perform" rating to an "outperform" rating and raised their target price for the stock from $255.00 to $294.00 in a research note on Tuesday, July 15th. Finally, Mizuho raised their target price on shares of ResMed from $250.00 to $270.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $263.00.

ResMed Trading Down 0.2%

Shares of RMD stock traded down $0.57 during trading on Monday, hitting $274.60. 159,198 shares of the stock traded hands, compared to its average volume of 973,571. The firm has a market capitalization of $40.26 billion, a P/E ratio of 30.77, a price-to-earnings-growth ratio of 1.71 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. The firm's fifty day moving average price is $253.70 and its 200-day moving average price is $238.88. ResMed Inc. has a 52-week low of $198.60 and a 52-week high of $275.80.

Insider Activity

In other news, Director Peter C. Farrell sold 945 shares of ResMed stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total transaction of $241,438.05. Following the sale, the director owned 68,273 shares of the company's stock, valued at approximately $17,443,068.77. The trade was a 1.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Witte Jan De sold 2,000 shares of ResMed stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total transaction of $486,940.00. Following the sale, the director directly owned 5,806 shares in the company, valued at approximately $1,413,586.82. The trade was a 25.62% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,013 shares of company stock valued at $7,238,913. 0.71% of the stock is currently owned by company insiders.

About ResMed

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.