QRG Capital Management Inc. Has $4.65 Million Stake in ResMed Inc. $RMD

QRG Capital Management Inc. lowered its holdings in ResMed Inc. (NYSE:RMD) by 78.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,997 shares of the medical equipment provider’s stock after selling 63,696 shares during the period. QRG Capital Management Inc.’s holdings in ResMed were worth $4,652,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of ResMed during the 2nd quarter worth about $306,452,000. Vanguard Group Inc. raised its holdings in ResMed by 1.4% during the second quarter. Vanguard Group Inc. now owns 18,746,925 shares of the medical equipment provider’s stock worth $4,836,707,000 after acquiring an additional 253,223 shares in the last quarter. Ilex Capital Partners UK LLP acquired a new position in ResMed during the second quarter valued at approximately $39,306,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in ResMed during the second quarter valued at approximately $34,443,000. Finally, Swedbank AB grew its stake in ResMed by 25.4% in the third quarter. Swedbank AB now owns 542,711 shares of the medical equipment provider’s stock valued at $148,556,000 after purchasing an additional 109,760 shares in the last quarter. 54.98% of the stock is owned by institutional investors.

ResMed Price Performance

Shares of RMD opened at $257.71 on Monday. The company’s 50-day moving average is $249.44 and its 200-day moving average is $263.31. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.89 and a quick ratio of 2.13. The firm has a market capitalization of $37.61 billion, a PE ratio of 26.38, a PEG ratio of 1.73 and a beta of 0.88. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.81.

ResMed (NYSE:RMD) last announced its earnings results on Friday, October 31st. The medical equipment provider reported $2.55 EPS for the quarter, topping the consensus estimate of $2.49 by $0.06. The business had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.33 billion. ResMed had a net margin of 27.35% and a return on equity of 25.45%. ResMed’s revenue was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.20 EPS. Equities analysts forecast that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 18th. Stockholders of record on Thursday, November 13th were paid a dividend of $0.60 per share. The ex-dividend date was Thursday, November 13th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. ResMed’s dividend payout ratio (DPR) is 24.56%.

Insider Buying and Selling

In related news, Director Witte Jan De sold 2,055 shares of the business’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $255.00, for a total value of $524,025.00. Following the completion of the sale, the director directly owned 4,261 shares in the company, valued at $1,086,555. The trade was a 32.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $248.46, for a total value of $1,240,063.86. Following the transaction, the chief executive officer owned 466,223 shares in the company, valued at $115,837,766.58. The trade was a 1.06% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 21,594 shares of company stock valued at $5,403,495. Insiders own 0.65% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. KeyCorp upped their price objective on ResMed from $298.00 to $299.00 and gave the stock an “overweight” rating in a research note on Friday, October 31st. Mizuho dropped their price target on shares of ResMed from $310.00 to $300.00 and set an “outperform” rating on the stock in a research report on Friday, October 31st. UBS Group reiterated a “buy” rating and issued a $345.00 price target on shares of ResMed in a research note on Friday, December 12th. Weiss Ratings restated a “hold (c+)” rating on shares of ResMed in a research note on Monday, December 29th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $275.00 target price (down from $300.00) on shares of ResMed in a research note on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $296.09.

ResMed Profile

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.