ABLE Financial Group LLC Trims Stake in ResMed Inc. (NYSE:RMD)

ABLE Financial Group LLC cut its holdings in ResMed Inc. (NYSE:RMD) by 10.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,567 shares of the medical equipment provider’s stock after selling 299 shares during the period. ABLE Financial Group LLC’s holdings in ResMed were worth $627,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in ResMed by 24.9% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 177,083 shares of the medical equipment provider’s stock worth $35,068,000 after purchasing an additional 35,273 shares during the period. State Board of Administration of Florida Retirement System grew its stake in shares of ResMed by 8.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 171,632 shares of the medical equipment provider’s stock valued at $37,586,000 after acquiring an additional 13,894 shares during the period. SG Americas Securities LLC grew its stake in shares of ResMed by 211.1% during the 1st quarter. SG Americas Securities LLC now owns 19,625 shares of the medical equipment provider’s stock valued at $3,886,000 after acquiring an additional 13,316 shares during the period. iA Global Asset Management Inc. purchased a new stake in ResMed in the 1st quarter worth approximately $3,055,000. Finally, Versor Investments LP raised its stake in ResMed by 327.3% during the 2nd quarter. Versor Investments LP now owns 4,700 shares of the medical equipment provider’s stock worth $900,000 after acquiring an additional 3,600 shares during the period. Hedge funds and other institutional investors own 54.98% of the company’s stock.

ResMed Price Performance

Shares of NYSE RMD traded up $4.04 during midday trading on Friday, reaching $252.58. 111,435 shares of the stock traded hands, compared to its average volume of 1,047,215. The company’s 50 day moving average is $243.12 and its 200 day moving average is $221.39. ResMed Inc. has a one year low of $140.81 and a one year high of $260.49. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.92 and a quick ratio of 1.91. The stock has a market capitalization of $37.08 billion, a PE ratio of 32.90, a P/E/G ratio of 1.78 and a beta of 0.69.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, October 24th. The medical equipment provider reported $2.20 EPS for the quarter, beating the consensus estimate of $2.03 by $0.17. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.19 billion. ResMed had a net margin of 23.15% and a return on equity of 25.53%. ResMed’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.64 earnings per share. On average, equities research analysts anticipate that ResMed Inc. will post 9.22 earnings per share for the current year.

ResMed Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 7th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $2.12 annualized dividend and a yield of 0.84%. ResMed’s payout ratio is currently 28.08%.

Insider Buying and Selling at ResMed

In other news, General Counsel Michael J. Rider sold 882 shares of ResMed stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $231.00, for a total value of $203,742.00. Following the completion of the transaction, the general counsel now owns 10,512 shares in the company, valued at approximately $2,428,272. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other ResMed news, insider Kaushik Ghoshal sold 4,260 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $238.48, for a total transaction of $1,015,924.80. Following the completion of the transaction, the insider now owns 21,788 shares in the company, valued at $5,196,002.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Michael J. Rider sold 882 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $231.00, for a total value of $203,742.00. Following the completion of the sale, the general counsel now owns 10,512 shares in the company, valued at approximately $2,428,272. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 60,260 shares of company stock worth $14,390,487 over the last ninety days. Company insiders own 0.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Wolfe Research reiterated an “underperform” rating and issued a $180.00 price target on shares of ResMed in a research report on Wednesday, September 18th. Royal Bank of Canada upped their target price on shares of ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. Baird R W raised ResMed to a “strong-buy” rating in a report on Tuesday, September 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a research note on Friday, October 25th. Finally, KeyCorp increased their target price on ResMed from $251.00 to $266.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $225.70.

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.