Hartford Investment Management Co. Sells 131 Shares of ResMed Inc. $RMD

Hartford Investment Management Co. cut its position in shares of ResMed Inc. (NYSE:RMD) by 1.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,860 shares of the medical equipment provider’s stock after selling 131 shares during the period. Hartford Investment Management Co.’s holdings in ResMed were worth $2,286,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Ballentine Partners LLC increased its stake in shares of ResMed by 6.3% during the 1st quarter. Ballentine Partners LLC now owns 1,782 shares of the medical equipment provider’s stock worth $399,000 after purchasing an additional 105 shares during the last quarter. Inspire Investing LLC increased its stake in shares of ResMed by 29.3% during the 1st quarter. Inspire Investing LLC now owns 28,578 shares of the medical equipment provider’s stock worth $6,397,000 after purchasing an additional 6,472 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of ResMed by 2.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 977,401 shares of the medical equipment provider’s stock worth $218,791,000 after purchasing an additional 22,789 shares during the last quarter. Intech Investment Management LLC increased its stake in shares of ResMed by 63.2% during the 1st quarter. Intech Investment Management LLC now owns 15,325 shares of the medical equipment provider’s stock worth $3,430,000 after purchasing an additional 5,934 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of ResMed by 8.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 739,007 shares of the medical equipment provider’s stock worth $165,427,000 after purchasing an additional 58,155 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at ResMed

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of the business’s stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $279.48, for a total value of $2,238,355.32. Following the completion of the sale, the chief executive officer owned 455,503 shares of the company’s stock, valued at $127,303,978.44. The trade was a 1.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John Hernandez sold 2,575 shares of the business’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $287.10, for a total transaction of $739,282.50. Following the completion of the sale, the director directly owned 4,045 shares of the company’s stock, valued at $1,161,319.50. This represents a 38.90% decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,588 shares of company stock valued at $5,289,241 in the last quarter. Company insiders own 0.71% of the company’s stock.

ResMed Stock Performance

NYSE RMD opened at $270.54 on Friday. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $39.61 billion, a P/E ratio of 28.45, a P/E/G ratio of 1.82 and a beta of 0.85. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $293.81. The firm has a 50-day moving average price of $277.76 and a two-hundred day moving average price of $251.87.

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

ResMed Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th were issued a $0.60 dividend. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $2.40 dividend on an annualized basis and a yield of 0.9%. This is an increase from ResMed’s previous quarterly dividend of $0.53. ResMed’s payout ratio is presently 25.24%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on RMD shares. Stifel Nicolaus boosted their price objective on shares of ResMed from $240.00 to $270.00 and gave the stock a “hold” rating in a research note on Friday, August 1st. Citigroup began coverage on shares of ResMed in a research note on Thursday, September 18th. They issued a “buy” rating and a $330.00 price target on the stock. Mizuho upped their price target on shares of ResMed from $270.00 to $290.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. CLSA upgraded shares of ResMed from a “hold” rating to an “outperform” rating in a research note on Tuesday, September 2nd. Finally, Piper Sandler upped their price target on shares of ResMed from $248.00 to $270.00 and gave the company a “neutral” rating in a research note on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $294.20.

About ResMed

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.