Birch Capital Management LLC Grows Stock Holdings in ResMed Inc. (NYSE:RMD)

Birch Capital Management LLC boosted its holdings in shares of ResMed Inc. (NYSE:RMD - Free Report) by 3.5% in the first quarter, according to its most recent filing with the SEC. The firm owned 36,783 shares of the medical equipment provider's stock after acquiring an additional 1,240 shares during the period. ResMed accounts for 4.3% of Birch Capital Management LLC's portfolio, making the stock its 5th largest position. Birch Capital Management LLC's holdings in ResMed were worth $8,234,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of RMD. Simon Quick Advisors LLC boosted its position in shares of ResMed by 18.3% during the first quarter. Simon Quick Advisors LLC now owns 1,951 shares of the medical equipment provider's stock worth $437,000 after purchasing an additional 302 shares in the last quarter. CX Institutional boosted its position in shares of ResMed by 6.8% during the first quarter. CX Institutional now owns 1,530 shares of the medical equipment provider's stock worth $342,000 after purchasing an additional 97 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of ResMed by 7.6% during the first quarter. GAMMA Investing LLC now owns 3,277 shares of the medical equipment provider's stock worth $734,000 after purchasing an additional 231 shares in the last quarter. Yousif Capital Management LLC boosted its position in shares of ResMed by 0.5% during the first quarter. Yousif Capital Management LLC now owns 22,482 shares of the medical equipment provider's stock worth $5,033,000 after purchasing an additional 101 shares in the last quarter. Finally, Pallas Capital Advisors LLC boosted its position in shares of ResMed by 11.9% during the first quarter. Pallas Capital Advisors LLC now owns 3,098 shares of the medical equipment provider's stock worth $693,000 after purchasing an additional 330 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company's stock.

Insider Activity

In related news, Director Witte Jan De sold 2,000 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $243.47, for a total transaction of $486,940.00. Following the transaction, the director now directly owns 5,806 shares of the company's stock, valued at approximately $1,413,586.82. The trade was a 25.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction on Monday, April 7th. The shares were sold at an average price of $209.85, for a total value of $1,680,688.65. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 30,132 shares of company stock valued at $7,075,837 in the last quarter. Company insiders own 0.71% of the company's stock.

Wall Street Analyst Weigh In

RMD has been the topic of a number of recent analyst reports. KeyCorp set a $274.00 price target on shares of ResMed in a research report on Thursday, April 24th. Stifel Nicolaus reduced their price target on shares of ResMed from $250.00 to $240.00 and set a "hold" rating on the stock in a research report on Wednesday, March 5th. Piper Sandler reduced their target price on shares of ResMed from $260.00 to $248.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. JPMorgan Chase & Co. increased their target price on ResMed from $286.00 to $290.00 and gave the stock an "overweight" rating in a report on Thursday, April 24th. Finally, Mizuho set a $265.00 price target on ResMed in a report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $259.33.

ResMed Stock Down 1.2%

NYSE RMD traded down $3.05 during trading hours on Friday, hitting $249.16. 427,411 shares of the company traded hands, compared to its average volume of 1,010,486. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33. The business's 50-day moving average is $236.81 and its 200-day moving average is $234.74. The stock has a market capitalization of $36.53 billion, a price-to-earnings ratio of 29.42, a P/E/G 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.

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

ResMed Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Thursday, May 8th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date was Thursday, May 8th. ResMed's dividend payout ratio is currently 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.