Kovitz Investment Group Partners LLC Takes $711,000 Position in ResMed Inc. (NYSE:RMD)

Kovitz Investment Group Partners LLC bought a new position in shares of ResMed Inc. (NYSE:RMD - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 3,108 shares of the medical equipment provider's stock, valued at approximately $711,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SkyView Investment Advisors LLC grew its position in ResMed by 2.0% during the third quarter. SkyView Investment Advisors LLC now owns 2,610 shares of the medical equipment provider's stock worth $637,000 after buying an additional 51 shares during the period. World Investment Advisors LLC acquired a new stake in shares of ResMed during the third quarter worth $541,000. Wilmington Savings Fund Society FSB acquired a new stake in ResMed in the 3rd quarter worth about $193,000. Tidal Investments LLC increased its stake in shares of ResMed by 738.4% during the 3rd quarter. Tidal Investments LLC now owns 104,938 shares of the medical equipment provider's stock valued at $25,617,000 after acquiring an additional 92,422 shares during the last quarter. Finally, Franklin Resources Inc. grew its holdings in ResMed by 56.5% in the third quarter. Franklin Resources Inc. now owns 174,113 shares of the medical equipment provider's stock valued at $41,909,000 after purchasing an additional 62,882 shares during the period. Hedge funds and other institutional investors own 54.98% of the company's stock.

Insider Buying and Selling at ResMed

In related news, insider Kaushik Ghoshal sold 9,113 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $235.40, for a total transaction of $2,145,200.20. Following the completion of the sale, the insider now directly owns 9,725 shares of the company's stock, valued at approximately $2,289,265. This trade represents a 48.38 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of the business's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $242.11, for a total transaction of $484,220.00. Following the completion of the sale, the director now directly owns 77,218 shares of the company's stock, valued at approximately $18,695,249.98. This trade represents a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,013 shares of company stock worth $11,298,816. Insiders own 0.71% of the company's stock.

ResMed Stock Performance

Shares of ResMed stock traded up $3.35 during trading hours on Friday, reaching $239.84. The company had a trading volume of 608,788 shares, compared to its average volume of 1,007,636. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.33 and a quick ratio of 2.29. ResMed Inc. has a one year low of $179.42 and a one year high of $263.05. The firm has a market cap of $35.17 billion, a PE ratio of 28.32, a price-to-earnings-growth ratio of 1.53 and a beta of 0.75. The business has a fifty day simple moving average of $222.32 and a 200 day simple moving average of $233.94.

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 the consensus estimate of $2.36 by $0.01. The business had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. ResMed had a net margin of 25.34% and a return on equity of 26.17%. The firm's revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the firm posted $2.13 earnings per share. On average, analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Thursday, May 8th will be given a dividend of $0.53 per share. The ex-dividend date is Thursday, May 8th. This represents a $2.12 dividend on an annualized basis and a yield of 0.88%. ResMed's dividend payout ratio (DPR) is 23.79%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on RMD. UBS Group dropped their target price on ResMed from $290.00 to $285.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Stifel Nicolaus cut their price objective on ResMed from $250.00 to $240.00 and set a "hold" rating for the company in a report on Wednesday, March 5th. Royal Bank of Canada boosted their target price on shares of ResMed from $247.00 to $255.00 and gave the company a "sector perform" rating in a research note on Thursday, April 24th. KeyCorp set a $274.00 price target on ResMed in a research note on Thursday, April 24th. Finally, Piper Sandler lowered their price target on ResMed from $260.00 to $248.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, ResMed presently has a consensus rating of "Moderate Buy" and a consensus target price of $258.83.

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.