ResMed Inc. (NYSE:RMD) Shares Sold by Patton Fund Management Inc.

Patton Fund Management Inc. lessened its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 22.5% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 16,373 shares of the medical equipment provider's stock after selling 4,743 shares during the period. Patton Fund Management Inc.'s holdings in ResMed were worth $3,665,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Van ECK Associates Corp increased its holdings in shares of ResMed by 4.9% in the fourth quarter. Van ECK Associates Corp now owns 41,279 shares of the medical equipment provider's stock valued at $9,440,000 after purchasing an additional 1,945 shares during the period. Asset Management One Co. Ltd. increased its stake in shares of ResMed by 2.8% during the fourth quarter. Asset Management One Co. Ltd. now owns 60,489 shares of the medical equipment provider's stock worth $14,105,000 after purchasing an additional 1,629 shares in the last quarter. Catalyst Capital Advisors LLC purchased a new position in ResMed in the 4th quarter valued at about $83,000. Pittenger & Anderson Inc. lifted its position in shares of ResMed by 7.2% in the fourth quarter. Pittenger & Anderson Inc. now owns 62,537 shares of the medical equipment provider's stock valued at $14,302,000 after acquiring an additional 4,213 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its stake in shares of ResMed by 4.5% in the fourth quarter. CIBC Asset Management Inc now owns 22,671 shares of the medical equipment provider's stock worth $5,185,000 after acquiring an additional 984 shares during the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RMD has been the topic of a number of research reports. JPMorgan Chase & Co. raised their price objective on ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a report on Thursday, April 24th. Citigroup raised ResMed from a "neutral" rating to a "buy" rating in a report on Wednesday, March 5th. Stifel Nicolaus lowered their price objective on ResMed from $250.00 to $240.00 and set a "hold" rating on the stock in a research note on Wednesday, March 5th. Mizuho set a $265.00 target price on ResMed in a report on Wednesday, April 16th. Finally, UBS Group lowered their price target on shares of ResMed from $290.00 to $285.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, ResMed currently has a consensus rating of "Moderate Buy" and a consensus price target of $259.33.

Insider Activity at ResMed

In other news, Director Witte Jan De sold 2,000 shares of the business'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 transaction of $486,940.00. Following the completion of the sale, the director now owns 5,806 shares in the company, valued at approximately $1,413,586.82. The trade was a 25.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $251.21, for a total transaction of $2,011,940.89. Following the completion of the transaction, the chief executive officer now directly owns 455,503 shares in the company, valued at $114,426,908.63. This trade represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 30,132 shares of company stock worth $7,075,837. Company insiders own 0.71% of the company's stock.

ResMed Trading Up 1.4%

NYSE:RMD traded up $3.48 during trading hours on Wednesday, reaching $253.57. 138,339 shares of the stock were exchanged, compared to its average volume of 995,007. ResMed Inc. has a twelve month low of $179.42 and a twelve month high of $263.05. The business has a 50-day moving average of $238.42 and a two-hundred day moving average of $234.76. The company has a market capitalization of $37.18 billion, a price-to-earnings ratio of 28.46, a PEG ratio of 1.73 and a beta of 0.78. 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 issued its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.01. The business had revenue of $1.29 billion for 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 business's quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.13 earnings per share. On average, equities analysts predict that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Thursday, May 8th were given 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 was Thursday, May 8th. ResMed's dividend payout ratio is currently 23.79%.

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.