Skandinaviska Enskilda Banken AB publ Lowers Position in ResMed Inc. (NYSE:RMD)

Key Points

• Skandinaviska Enskilda Banken AB publ sold 18,300 shares of ResMed Inc., reducing its stake by 8.2%, bringing its total ownership to approximately 206,103 shares, valued at $46.1 million.
• GAMMA Investing LLC increased its stake by a remarkable 23,982.6%, acquiring an additional 730,510 shares, bringing its total to 733,556 shares worth $164.2 million.
• ResMed reported $2.37 EPS for the last quarter, slightly surpassing forecasts, with a net margin of 26.15% and revenue reaching $1.29 billion, a 7.9% increase year-over-year.

Skandinaviska Enskilda Banken AB publ decreased its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 8.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 206,103 shares of the medical equipment provider's stock after selling 18,300 shares during the period. Skandinaviska Enskilda Banken AB publ owned approximately 0.14% of ResMed worth $46,136,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Proficio Capital Partners LLC acquired a new stake in shares of ResMed during the 4th quarter valued at $220,000. Quantbot Technologies LP bought a new position in shares of ResMed in the 4th quarter worth about $904,000. LPL Financial LLC increased its position in ResMed by 60.6% in the 4th quarter. LPL Financial LLC now owns 53,342 shares of the medical equipment provider's stock valued at $12,199,000 after buying an additional 20,135 shares in the last quarter. Corebridge Financial Inc. increased its position in ResMed by 9.5% in the 4th quarter. Corebridge Financial Inc. now owns 42,292 shares of the medical equipment provider's stock valued at $9,672,000 after buying an additional 3,673 shares in the last quarter. Finally, EntryPoint Capital LLC bought a new stake in ResMed during the 4th quarter worth approximately $347,000. Institutional investors own 54.98% of the company's stock.

ResMed Stock Performance

ResMed stock traded down $1.64 during trading on Monday, hitting $273.52. The stock had a trading volume of 967,369 shares, compared to its average volume of 979,436. The stock has a market cap of $40.11 billion, a price-to-earnings ratio of 30.70, a price-to-earnings-growth ratio of 1.71 and a beta of 0.77. The stock's 50 day moving average is $253.70 and its two-hundred day moving average is $238.88. ResMed Inc. has a 1 year low of $198.60 and a 1 year high of $275.80. The company has a quick ratio of 2.49, a current ratio of 3.41 and a debt-to-equity ratio of 0.12.

Wall Street Analyst Weigh In

A number of analysts have commented on RMD shares. KeyCorp set a $274.00 price objective on ResMed in a report on Thursday, April 24th. Royal Bank Of Canada raised ResMed from a "sector perform" rating to an "outperform" rating and boosted their price objective for the stock from $255.00 to $294.00 in a report on Tuesday, July 15th. Piper Sandler decreased their price objective on ResMed from $260.00 to $248.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Mizuho boosted their price objective on ResMed from $250.00 to $270.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Finally, UBS Group reduced their target price on ResMed from $290.00 to $285.00 and set a "buy" rating for the company in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $263.00.

Insiders Place Their Bets

In other news, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $256.72, for a total transaction of $2,056,070.48. Following the completion of the sale, the chief executive officer directly owned 455,503 shares in the company, valued at approximately $116,936,730.16. This represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Witte Jan De sold 2,000 shares of the stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $243.47, for a total transaction of $486,940.00. Following the sale, the director owned 5,806 shares of the company's stock, valued at approximately $1,413,586.82. This represents a 25.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,013 shares of company stock worth $7,238,913 over the last 90 days. Corporate insiders own 0.71% of the company's stock.

ResMed Company 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.