ResMed Inc. $RMD Position Trimmed by Kovitz Investment Group Partners LLC

Kovitz Investment Group Partners LLC lessened its holdings in shares of ResMed Inc. (NYSE:RMD) by 5.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,937 shares of the medical equipment provider’s stock after selling 171 shares during the period. Kovitz Investment Group Partners LLC’s holdings in ResMed were worth $658,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in ResMed by 1.8% in the first quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider’s stock valued at $4,139,815,000 after buying an additional 320,240 shares during the last quarter. Northern Trust Corp increased its holdings in shares of ResMed by 20.6% in the 4th quarter. Northern Trust Corp now owns 1,702,590 shares of the medical equipment provider’s stock worth $389,365,000 after acquiring an additional 290,664 shares during the period. Charles Schwab Investment Management Inc. lifted its position in ResMed by 4.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 998,128 shares of the medical equipment provider’s stock valued at $223,431,000 after purchasing an additional 41,108 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in ResMed by 28.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 954,612 shares of the medical equipment provider’s stock valued at $218,310,000 after purchasing an additional 212,201 shares during the period. Finally, Los Angeles Capital Management LLC grew its position in ResMed by 15.6% in the 1st quarter. Los Angeles Capital Management LLC now owns 773,159 shares of the medical equipment provider’s stock worth $173,072,000 after purchasing an additional 104,251 shares during the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on RMD shares. Stifel Nicolaus upped their price objective on shares of ResMed from $240.00 to $270.00 and gave the stock a “hold” rating in a report on Friday, August 1st. UBS Group increased their price objective on shares of ResMed from $285.00 to $325.00 and gave the company a “buy” rating in a report on Friday, August 1st. Piper Sandler upped their target price on ResMed from $248.00 to $270.00 and gave the stock a “neutral” rating in a research report on Friday, August 1st. Morgan Stanley set a $286.00 price target on ResMed and gave the company an “overweight” rating in a research report on Tuesday, May 20th. Finally, Mizuho upped their price objective on ResMed from $270.00 to $290.00 and gave the company an “outperform” rating in a report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $274.83.

ResMed Trading Up 1.0%

Shares of NYSE RMD opened at $289.0290 on Thursday. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11. ResMed Inc. has a one year low of $199.92 and a one year high of $293.08. The business has a 50-day moving average price of $266.30 and a two-hundred day moving average price of $243.84. The firm has a market capitalization of $42.32 billion, a PE ratio of 30.39, a PEG ratio of 1.92 and a beta of 0.77.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.08. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The firm’s revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.08 earnings per share. As a group, analysts predict that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 14th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Wednesday, August 13th. This is a positive change from ResMed’s previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a yield of 0.8%. ResMed’s payout ratio is 25.24%.

Insider Buying and Selling at ResMed

In related news, Director John Hernandez sold 2,575 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $287.10, for a total value of $739,282.50. Following the transaction, the director owned 4,045 shares in the company, valued at approximately $1,161,319.50. This represents a 38.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Peter C. Farrell sold 945 shares of ResMed stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total transaction of $241,438.05. Following the completion of the sale, the director owned 68,273 shares of the company’s stock, valued at $17,443,068.77. This trade represents a 1.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,638 shares of company stock worth $7,311,177 over the last 90 days. 0.71% of the stock is currently owned by corporate insiders.

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.