Congress Asset Management Co. Cuts Position in ResMed Inc. (NYSE:RMD)

Congress Asset Management Co. reduced its position in ResMed Inc. (NYSE:RMD - Free Report) by 6.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 489,763 shares of the medical equipment provider's stock after selling 34,196 shares during the quarter. Congress Asset Management Co. owned approximately 0.33% of ResMed worth $109,633,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Yousif Capital Management LLC grew its position in shares of ResMed by 3.2% during the fourth quarter. Yousif Capital Management LLC now owns 22,381 shares of the medical equipment provider's stock worth $5,118,000 after buying an additional 693 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in ResMed by 38.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,830 shares of the medical equipment provider's stock worth $2,989,000 after purchasing an additional 3,576 shares during the last quarter. Silver Oak Securities Incorporated lifted its stake in ResMed by 14.7% in the fourth quarter. Silver Oak Securities Incorporated now owns 5,542 shares of the medical equipment provider's stock valued at $1,272,000 after buying an additional 709 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in ResMed by 1.8% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 15,821 shares of the medical equipment provider's stock valued at $3,618,000 after buying an additional 273 shares during the last quarter. Finally, Apollon Wealth Management LLC lifted its stake in ResMed by 14.3% in the fourth quarter. Apollon Wealth Management LLC now owns 1,659 shares of the medical equipment provider's stock valued at $379,000 after buying an additional 208 shares during the last quarter. 54.98% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on RMD. Piper Sandler reduced their price objective on ResMed from $260.00 to $248.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. Stifel Nicolaus cut their price target on ResMed from $250.00 to $240.00 and set a "hold" rating for the company in a research note on Wednesday, March 5th. KeyCorp set a $274.00 price target on ResMed in a research note on Thursday, April 24th. UBS Group cut their price target on ResMed from $290.00 to $285.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Finally, Citigroup raised 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, six have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $259.33.

ResMed Price Performance

ResMed stock traded down $1.18 during trading hours on Monday, hitting $251.02. The stock had a trading volume of 976,773 shares, compared to its average volume of 1,013,601. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.33 and a quick ratio of 2.29. The stock has a market capitalization of $36.81 billion, a price-to-earnings ratio of 29.64, a PEG ratio of 1.53 and a beta of 0.78. ResMed Inc. has a 1-year low of $179.42 and a 1-year high of $263.05. The stock's fifty day moving average is $233.42 and its two-hundred day moving average is $234.59.

ResMed (NYSE:RMD - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share for the quarter, beating 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 return on equity of 26.17% and a net margin of 25.34%. ResMed's revenue was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.13 earnings per share. As a group, analysts predict that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Thursday, May 8th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date of this dividend is Thursday, May 8th. ResMed's payout ratio is currently 23.79%.

Insider Activity 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 stock was sold at an average price of $243.47, for a total value of $486,940.00. Following the transaction, the director now directly owns 5,806 shares in the company, valued at $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 available through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the firm's stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $209.85, for a total value of $1,680,688.65. Following the completion of the transaction, the chief executive officer now owns 455,472 shares in the company, valued at approximately $95,580,799.20. This trade represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 22,123 shares of company stock valued at $5,063,896 over the last quarter. Insiders own 0.71% of the company's stock.

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.