Canandaigua National Bank & Trust Co. Trims Stock Position in ResMed Inc. (NYSE:RMD)

Canandaigua National Bank & Trust Co. trimmed its stake in ResMed Inc. (NYSE:RMD) by 7.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,044 shares of the medical equipment provider’s stock after selling 84 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in ResMed were worth $239,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. TD Asset Management Inc grew its position in shares of ResMed by 14.7% during the second quarter. TD Asset Management Inc now owns 77,474 shares of the medical equipment provider’s stock worth $14,830,000 after acquiring an additional 9,930 shares during the last quarter. Private Advisor Group LLC grew its position in ResMed by 15.1% during the 2nd quarter. Private Advisor Group LLC now owns 3,071 shares of the medical equipment provider’s stock worth $588,000 after purchasing an additional 402 shares during the last quarter. Candriam S.C.A. increased its stake in ResMed by 10.8% in the second quarter. Candriam S.C.A. now owns 9,371 shares of the medical equipment provider’s stock valued at $1,794,000 after purchasing an additional 912 shares during the period. Acadian Asset Management LLC raised its holdings in shares of ResMed by 471.6% in the second quarter. Acadian Asset Management LLC now owns 3,681 shares of the medical equipment provider’s stock valued at $704,000 after buying an additional 3,037 shares during the last quarter. Finally, Caprock Group LLC boosted its stake in shares of ResMed by 71.8% during the second quarter. Caprock Group LLC now owns 2,926 shares of the medical equipment provider’s stock worth $560,000 after buying an additional 1,223 shares during the period. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at ResMed

In other ResMed news, insider Justin Leong sold 6,160 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $243.09, for a total value of $1,497,434.40. Following the transaction, the insider now directly owns 21,718 shares in the company, valued at approximately $5,279,428.62. This represents a 22.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $245.65, for a total transaction of $491,300.00. Following the sale, the director now owns 81,218 shares of the company’s stock, valued at approximately $19,951,201.70. This trade represents a 2.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,359 shares of company stock valued at $3,735,309. 0.71% of the stock is owned by corporate insiders.

ResMed Price Performance

Shares of NYSE:RMD opened at $236.31 on Wednesday. ResMed Inc. has a 12 month low of $166.90 and a 12 month high of $260.49. The firm has a market capitalization of $34.69 billion, a price-to-earnings ratio of 31.30, a price-to-earnings-growth ratio of 1.73 and a beta of 0.70. The business’s 50 day simple moving average is $240.32 and its 200-day simple moving average is $230.45. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.92 and a quick ratio of 1.91.

ResMed (NYSE:RMD) last posted its 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. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the prior year, the company earned $1.64 earnings per share. ResMed’s revenue was up 11.1% compared to the same quarter last year. As a group, equities analysts forecast that ResMed Inc. will post 9.34 earnings per share for the current fiscal year.

ResMed Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 7th were given a dividend of $0.53 per share. The ex-dividend date was Thursday, November 7th. This represents a $2.12 annualized dividend and a dividend yield of 0.90%. ResMed’s dividend payout ratio is currently 28.08%.

Analyst Ratings Changes

RMD has been the subject of several analyst reports. Robert W. Baird upped their price objective on ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Baird R W raised ResMed to a “strong-buy” rating in a report on Tuesday, September 24th. Bank of America boosted their price objective on shares of ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Royal Bank of Canada raised their target price on shares of ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a research note on Friday, October 25th. Finally, Stifel Nicolaus initiated coverage on shares of ResMed in a research note on Friday, December 13th. They set a “hold” rating and a $250.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $227.91.

ResMed 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.