Portside Wealth Group LLC Cuts Stock Position in ResMed Inc. (NYSE:RMD)

Portside Wealth Group LLC cut its holdings in shares of ResMed Inc. (NYSE:RMD) by 9.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,458 shares of the medical equipment provider’s stock after selling 156 shares during the quarter. Portside Wealth Group LLC’s holdings in ResMed were worth $356,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Bank of New York Mellon Corp raised its position in ResMed by 51.4% in the second quarter. Bank of New York Mellon Corp now owns 5,772,761 shares of the medical equipment provider’s stock worth $1,105,022,000 after acquiring an additional 1,959,642 shares during the period. Marshall Wace LLP bought a new stake in shares of ResMed in the 2nd quarter worth approximately $77,285,000. Greenvale Capital LLP lifted its stake in ResMed by 61.1% in the second quarter. Greenvale Capital LLP now owns 725,000 shares of the medical equipment provider’s stock valued at $138,780,000 after purchasing an additional 275,000 shares during the last quarter. Los Angeles Capital Management LLC grew its holdings in ResMed by 48.3% during the second quarter. Los Angeles Capital Management LLC now owns 740,226 shares of the medical equipment provider’s stock valued at $141,694,000 after purchasing an additional 241,195 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in ResMed in the second quarter worth $42,036,000. 54.98% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on RMD shares. Baird R W raised ResMed to a “strong-buy” rating in a research report on Tuesday, September 24th. Wolfe Research reiterated an “underperform” rating and set a $180.00 target price on shares of ResMed in a research report on Wednesday, September 18th. StockNews.com raised shares of ResMed from a “hold” rating to a “buy” rating in a research report on Tuesday, October 15th. Bank of America raised their price objective on shares of ResMed from $240.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, Royal Bank of Canada boosted their target price on shares of ResMed from $224.00 to $232.00 and gave the company a “sector perform” rating in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $225.70.

ResMed Trading Up 1.5 %

ResMed stock opened at $252.38 on Friday. The stock has a market cap of $37.05 billion, a P/E ratio of 33.43, a PEG ratio of 1.80 and a beta of 0.69. ResMed Inc. has a fifty-two week low of $140.81 and a fifty-two week high of $260.49. The firm’s fifty day moving average price is $243.36 and its 200-day moving average price is $222.08. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.92.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.17. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.19 billion. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The company’s revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.64 EPS. Equities research analysts forecast that ResMed Inc. will post 9.22 earnings per share for the current fiscal year.

ResMed Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 7th will be paid a $0.53 dividend. The ex-dividend date is Thursday, November 7th. This represents a $2.12 dividend on an annualized basis and a yield of 0.84%. ResMed’s dividend payout ratio is presently 28.08%.

Insider Transactions at ResMed

In other news, General Counsel Michael J. Rider sold 882 shares of ResMed stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $231.00, for a total transaction of $203,742.00. Following the completion of the sale, the general counsel now directly owns 10,512 shares of the company’s stock, valued at approximately $2,428,272. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, General Counsel Michael J. Rider sold 882 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $231.00, for a total transaction of $203,742.00. Following the transaction, the general counsel now directly owns 10,512 shares of the company’s stock, valued at approximately $2,428,272. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $248.74, for a total value of $497,480.00. Following the completion of the sale, the director now directly owns 83,204 shares of the company’s stock, valued at approximately $20,696,162.96. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 62,260 shares of company stock valued at $14,887,967 in the last quarter. 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.