Tidal Investments LLC Boosts Stock Position in ResMed Inc. (NYSE:RMD)

Tidal Investments LLC raised its stake in shares of ResMed Inc. (NYSE:RMD) by 5.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 111,069 shares of the medical equipment provider’s stock after acquiring an additional 6,131 shares during the period. Tidal Investments LLC owned approximately 0.08% of ResMed worth $25,400,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Colonial Trust Co SC increased its position in ResMed by 6,250.0% during the 4th quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider’s stock worth $29,000 after purchasing an additional 125 shares during the period. Optiver Holding B.V. acquired a new position in ResMed during the 4th quarter worth approximately $33,000. Itau Unibanco Holding S.A. increased its position in ResMed by 1,000.0% during the 4th quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider’s stock worth $38,000 after purchasing an additional 150 shares during the period. OFI Invest Asset Management acquired a new position in ResMed during the 4th quarter worth approximately $39,000. Finally, Coppell Advisory Solutions LLC increased its position in ResMed by 1,750.0% during the 4th quarter. Coppell Advisory Solutions LLC now owns 185 shares of the medical equipment provider’s stock worth $42,000 after purchasing an additional 175 shares during the period. 54.98% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at ResMed

In other ResMed news, insider Kaushik Ghoshal sold 9,113 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $235.40, for a total transaction of $2,145,200.20. Following the transaction, the insider now owns 9,725 shares of the company’s stock, valued at $2,289,265. This represents a 48.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $243.23, for a total value of $1,948,029.07. Following the transaction, the chief executive officer now directly owns 455,503 shares in the company, valued at approximately $110,791,994.69. This represents a 1.73% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,949 shares of company stock worth $11,335,320. 0.71% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. UBS Group dropped their target price on ResMed from $290.00 to $285.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Needham & Company LLC reiterated a “hold” rating on shares of ResMed in a research report on Friday, January 31st. Piper Sandler lowered their price target on ResMed from $260.00 to $248.00 and set a “neutral” rating on the stock in a report on Thursday, April 24th. Morgan Stanley began coverage on ResMed in a report on Wednesday, March 19th. They issued an “overweight” rating and a $280.00 price target on the stock. Finally, Mizuho set a $265.00 price target on ResMed in a report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, ResMed has an average rating of “Moderate Buy” and an average target price of $258.83.

ResMed Price Performance

Shares of NYSE:RMD opened at $251.75 on Friday. The business’s fifty day moving average price is $225.34 and its two-hundred day moving average price is $234.17. The stock has a market cap of $36.91 billion, a PE ratio of 29.72, a price-to-earnings-growth ratio of 1.53 and a beta of 0.78. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33. ResMed Inc. has a one year low of $179.42 and a one year high of $263.05.

ResMed (NYSE:RMD) last announced its 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. The firm had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.28 billion. ResMed had a return on equity of 26.17% and a net margin of 25.34%. ResMed’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.13 EPS. On average, analysts forecast that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 8th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date of this dividend is Thursday, May 8th. ResMed’s dividend payout ratio (DPR) is presently 23.79%.

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.