Smith Group Asset Management LLC Has $1.33 Million Position in ResMed Inc. (NYSE:RMD)

Smith Group Asset Management LLC cut its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 22.5% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 5,920 shares of the medical equipment provider's stock after selling 1,720 shares during the period. Smith Group Asset Management LLC's holdings in ResMed were worth $1,325,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RMD. Global X Japan Co. Ltd. boosted its stake in shares of ResMed by 121.4% in the first quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock valued at $28,000 after purchasing an additional 68 shares during the period. Colonial Trust Co SC boosted its position 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 valued at $29,000 after buying an additional 125 shares during the last quarter. Optiver Holding B.V. acquired a new stake in shares of ResMed during the fourth quarter valued at about $33,000. Golden State Wealth Management LLC increased its position 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 acquiring an additional 127 shares during the last quarter. Finally, Itau Unibanco Holding S.A. lifted its stake in shares of ResMed by 1,000.0% in the fourth quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider's stock worth $38,000 after acquiring an additional 150 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company's stock.

Insiders Place Their Bets

In related news, Director Witte Jan De sold 2,000 shares of the company's stock in a transaction that occurred on 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 owned 5,806 shares in the company, valued at approximately $1,413,586.82. This represents a 25.62% decrease in their position. The sale 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 firm's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $251.21, for a total value of $2,011,940.89. Following the completion of the sale, the chief executive officer directly owned 455,503 shares of the company's stock, valued at approximately $114,426,908.63. This trade represents a 1.73% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,013 shares of company stock worth $6,863,532. Company insiders own 0.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on RMD shares. Piper Sandler dropped their price target 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. Stifel Nicolaus dropped their target price on ResMed from $250.00 to $240.00 and set a "hold" rating on the stock in a research report on Wednesday, March 5th. Royal Bank Of Canada increased their price objective on ResMed from $247.00 to $255.00 and gave the stock a "sector perform" rating in a report on Thursday, April 24th. Morgan Stanley set a $286.00 target price on ResMed and gave the company an "overweight" rating in a research report on Tuesday, May 20th. Finally, JPMorgan Chase & Co. boosted their price target on ResMed from $286.00 to $290.00 and gave the stock an "overweight" rating in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, ResMed presently has an average rating of "Moderate Buy" and an average target price of $259.33.

ResMed Price Performance

Shares of NYSE:RMD traded up $0.98 during trading hours on Thursday, hitting $256.86. 391,768 shares of the company's stock traded hands, compared to its average volume of 991,297. The company's fifty day simple moving average is $247.59 and its two-hundred day simple moving average is $235.70. The company has a market cap of $37.66 billion, a price-to-earnings ratio of 28.83, a price-to-earnings-growth ratio of 1.60 and a beta of 0.77. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.49 and a current ratio of 3.41. ResMed Inc. has a 52 week low of $188.56 and a 52 week high of $263.05.

ResMed (NYSE:RMD - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share for the quarter, topping analysts' consensus estimates of $2.36 by $0.01. The firm had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.28 billion. ResMed had a net margin of 26.15% and a return on equity of 25.67%. The firm's revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period last year, the firm posted $2.13 earnings per share. As a group, equities analysts anticipate that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Thursday, May 8th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date was Thursday, May 8th. ResMed's payout ratio is 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.