Cullinan Associates Inc. Has $792,000 Position in ResMed Inc. (NYSE:RMD)

Cullinan Associates Inc. trimmed its holdings in ResMed Inc. (NYSE:RMD) by 36.5% during the first quarter, Holdings Channel reports. The firm owned 4,000 shares of the medical equipment provider’s stock after selling 2,300 shares during the quarter. Cullinan Associates Inc.’s holdings in ResMed were worth $792,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in RMD. Norges Bank acquired a new stake in shares of ResMed during the 4th quarter worth approximately $233,966,000. Morgan Stanley grew its holdings in ResMed by 102.4% in the third quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider’s stock worth $344,481,000 after purchasing an additional 1,178,547 shares during the period. LGT Capital Partners LTD. bought a new stake in ResMed in the fourth quarter valued at $117,621,000. Los Angeles Capital Management LLC raised its holdings in shares of ResMed by 3,599.0% during the first quarter. Los Angeles Capital Management LLC now owns 499,031 shares of the medical equipment provider’s stock valued at $98,823,000 after purchasing an additional 485,540 shares during the period. Finally, Greenvale Capital LLP grew its stake in shares of ResMed by 198.3% in the 4th quarter. Greenvale Capital LLP now owns 551,901 shares of the medical equipment provider’s stock valued at $94,938,000 after buying an additional 366,901 shares during the period. Institutional investors own 54.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RMD. Royal Bank of Canada upped their price target on ResMed from $187.00 to $200.00 and gave the stock a “sector perform” rating in a research note on Friday, April 26th. KeyCorp increased their target price on ResMed from $227.00 to $238.00 and gave the stock an “overweight” rating in a report on Friday, April 26th. Oppenheimer lowered shares of ResMed from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 25th. Citigroup lowered shares of ResMed from a “buy” rating to a “neutral” rating in a research note on Monday, June 24th. Finally, Mizuho reissued a “buy” rating and set a $215.00 target price on shares of ResMed in a research report on Wednesday, March 27th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $202.80.

ResMed Stock Performance

RMD stock opened at $189.35 on Wednesday. The company has a quick ratio of 1.97, a current ratio of 3.04 and a debt-to-equity ratio of 0.22. The firm has a market cap of $27.82 billion, a PE ratio of 29.09, a P/E/G ratio of 1.88 and a beta of 0.66. The business has a 50 day moving average of $208.71 and a 200-day moving average of $191.64. ResMed Inc. has a 12-month low of $132.24 and a 12-month high of $229.97.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.91 by $0.22. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.17 billion. ResMed had a return on equity of 24.43% and a net margin of 20.91%. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.68 EPS. As a group, sell-side analysts expect that ResMed Inc. will post 7.7 earnings per share for the current year.

ResMed Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Thursday, May 9th were given a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 1.01%. The ex-dividend date was Wednesday, May 8th. ResMed’s dividend payout ratio is 29.49%.

Insider Buying and Selling at ResMed

In other news, Director Witte Jan De sold 360 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $218.29, for a total transaction of $78,584.40. Following the completion of the sale, the director now owns 7,519 shares in the company, valued at approximately $1,641,322.51. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Karen Drexler sold 425 shares of ResMed stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $214.92, for a total value of $91,341.00. Following the completion of the transaction, the director now directly owns 8,446 shares in the company, valued at approximately $1,815,214.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Witte Jan De sold 360 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $218.29, for a total value of $78,584.40. Following the sale, the director now owns 7,519 shares in the company, valued at approximately $1,641,322.51. The disclosure for this sale can be found here. Insiders have sold a total of 31,151 shares of company stock worth $6,666,409 over the last three months. 1.21% of the stock is currently owned by insiders.

About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.