Spire Wealth Management reduced its holdings in shares of ResMed Inc. (NYSE:RMD - Free Report) by 76.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,586 shares of the medical equipment provider's stock after selling 8,214 shares during the period. Spire Wealth Management's holdings in ResMed were worth $579,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in shares of ResMed by 23,982.6% in the first quarter. GAMMA Investing LLC now owns 733,556 shares of the medical equipment provider's stock valued at $164,207,000 after purchasing an additional 730,510 shares during the period. Invesco Ltd. boosted its position in ResMed by 32.2% in the fourth quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider's stock valued at $531,706,000 after buying an additional 566,046 shares during the last quarter. Norges Bank acquired a new position in ResMed in the 4th quarter worth approximately $118,605,000. Captrust Financial Advisors raised its position in ResMed by 813.4% during the 4th quarter. Captrust Financial Advisors now owns 443,340 shares of the medical equipment provider's stock worth $101,387,000 after buying an additional 394,803 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in ResMed by 133.6% during the 4th quarter. AQR Capital Management LLC now owns 625,054 shares of the medical equipment provider's stock valued at $142,944,000 after acquiring an additional 357,466 shares during the period. 54.98% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
RMD has been the topic of a number of analyst reports. Citigroup raised shares of ResMed from a "neutral" rating to a "buy" rating in a research note on Wednesday, March 5th. KeyCorp set a $274.00 target price on ResMed in a research report on Thursday, April 24th. UBS Group reduced their price target on ResMed from $290.00 to $285.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Wall Street Zen downgraded ResMed from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. Finally, Royal Bank Of Canada boosted their price objective on ResMed from $247.00 to $255.00 and gave the company a "sector perform" rating in a research report on Thursday, April 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $259.33.
Get Our Latest Analysis on RMD
ResMed Trading Down 0.5%
Shares of ResMed stock opened at $255.02 on Friday. The firm has a market cap of $37.39 billion, a PE ratio of 28.62, a P/E/G ratio of 1.76 and a beta of 0.78. The business's fifty day moving average is $244.99 and its two-hundred day moving average is $235.32. ResMed Inc. has a fifty-two week low of $186.22 and a fifty-two week high of $263.05. The company has a quick ratio of 2.49, a current ratio of 3.41 and a debt-to-equity ratio of 0.12.
ResMed (NYSE:RMD - Get Free Report) last posted its quarterly 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 company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.28 billion. ResMed had a net margin of 26.15% and a return on equity of 25.67%. ResMed's revenue was up 7.9% on a year-over-year basis. During the same quarter last year, the firm posted $2.13 earnings per share. Analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current year.
ResMed Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Thursday, May 8th were given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.83%. The ex-dividend date was Thursday, May 8th. ResMed's payout ratio is 23.79%.
Insider Transactions at ResMed
In other ResMed news, Director Peter C. Farrell sold 2,000 shares of the firm's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $219.74, for a total transaction of $439,480.00. Following the completion of the transaction, the director now directly owns 73,218 shares of the company's stock, valued at $16,088,923.32. This trade represents a 2.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $243.23, for a total transaction of $1,948,029.07. Following the sale, the chief executive officer now owns 455,503 shares in the company, valued at approximately $110,791,994.69. This trade represents a 1.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold 30,132 shares of company stock valued at $7,075,837 over the last quarter. Company insiders own 0.71% of the company's stock.
ResMed Profile
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Free Report)
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.
Further Reading
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