Zurich Insurance Group Ltd FI Sells 44,043 Shares of ResMed Inc. (NYSE:RMD)

Zurich Insurance Group Ltd FI lowered its holdings in ResMed Inc. (NYSE:RMD) by 11.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 338,029 shares of the medical equipment provider’s stock after selling 44,043 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in ResMed were worth $77,304,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Park Avenue Securities LLC grew its stake in ResMed by 101.1% during the fourth quarter. Park Avenue Securities LLC now owns 4,431 shares of the medical equipment provider’s stock valued at $1,013,000 after acquiring an additional 2,228 shares in the last quarter. Merit Financial Group LLC purchased a new position in ResMed during the fourth quarter valued at approximately $460,000. Aaron Wealth Advisors LLC grew its stake in ResMed by 25.2% in the 4th quarter. Aaron Wealth Advisors LLC now owns 1,607 shares of the medical equipment provider’s stock worth $368,000 after buying an additional 323 shares in the last quarter. LVW Advisors LLC grew its stake in ResMed by 23.4% in the 4th quarter. LVW Advisors LLC now owns 3,098 shares of the medical equipment provider’s stock worth $708,000 after buying an additional 587 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its stake in ResMed by 1.6% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 66,597 shares of the medical equipment provider’s stock worth $15,230,000 after buying an additional 1,027 shares in the last quarter. Institutional investors own 54.98% of the company’s stock.

ResMed Trading Up 0.5%

Shares of RMD opened at $252.96 on Tuesday. The firm has a 50 day moving average price of $226.00 and a 200-day moving average price of $234.17. ResMed Inc. has a fifty-two week low of $179.42 and a fifty-two week high of $263.05. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33. The firm has a market cap of $37.09 billion, a price-to-earnings ratio of 29.87, a PEG ratio of 1.53 and a beta of 0.78.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.01. ResMed had a net margin of 25.34% and a return on equity of 26.17%. The company had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same period in the prior year, the business posted $2.13 EPS. The firm’s revenue was up 7.9% compared to the same quarter last year. As a group, equities research analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Thursday, May 8th will be issued 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 0.84%. ResMed’s dividend payout ratio is currently 23.79%.

Insider Activity at ResMed

In related news, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $227.71, for a total transaction of $455,420.00. Following the completion of the sale, the director now directly owns 75,218 shares in the company, valued at $17,127,890.78. This represents a 2.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the company’s stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $243.23, for a total transaction of $1,948,029.07. Following the sale, the chief executive officer now owns 455,503 shares of the company’s stock, valued at $110,791,994.69. This represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 48,949 shares of company stock worth $11,335,320 in the last three months. 0.71% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on RMD shares. StockNews.com raised shares of ResMed from a “hold” rating to a “buy” rating in a research note on Friday, May 2nd. Morgan Stanley started coverage on shares of ResMed in a research note on Wednesday, March 19th. They issued an “overweight” rating and a $280.00 price target for the company. Stifel Nicolaus cut their price target on shares of ResMed from $250.00 to $240.00 and set a “hold” rating for the company in a research note on Wednesday, March 5th. Needham & Company LLC reissued a “hold” rating on shares of ResMed in a research note on Friday, January 31st. Finally, UBS Group cut their price target on shares of ResMed from $290.00 to $285.00 and set a “buy” rating for the company in a research note 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $258.83.

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.