Paloma Partners Management Co Decreases Stock Position in ResMed Inc. (NYSE:RMD)

Paloma Partners Management Co cut its stake in ResMed Inc. (NYSE:RMD) by 83.8% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,665 shares of the medical equipment provider’s stock after selling 8,631 shares during the quarter. Paloma Partners Management Co’s holdings in ResMed were worth $406,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. UMB Bank n.a. grew its position in shares of ResMed by 1.9% in the third quarter. UMB Bank n.a. now owns 2,465 shares of the medical equipment provider’s stock valued at $602,000 after purchasing an additional 47 shares in the last quarter. QRG Capital Management Inc. increased its holdings in ResMed by 4.5% during the 2nd quarter. QRG Capital Management Inc. now owns 1,291 shares of the medical equipment provider’s stock valued at $247,000 after purchasing an additional 56 shares during the period. Inspire Advisors LLC increased its holdings in ResMed by 1.9% during the 2nd quarter. Inspire Advisors LLC now owns 3,060 shares of the medical equipment provider’s stock valued at $586,000 after purchasing an additional 56 shares during the period. Concurrent Investment Advisors LLC increased its holdings in ResMed by 3.1% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 1,919 shares of the medical equipment provider’s stock valued at $469,000 after purchasing an additional 57 shares during the period. Finally, Moss Adams Wealth Advisors LLC increased its holdings in ResMed by 2.0% during the 3rd quarter. Moss Adams Wealth Advisors LLC now owns 3,043 shares of the medical equipment provider’s stock valued at $743,000 after purchasing an additional 60 shares during the period. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RMD. Baird R W upgraded ResMed to a “strong-buy” rating in a report on Tuesday, September 24th. Wolfe Research reiterated an “underperform” rating and set a $180.00 target price on shares of ResMed in a report on Wednesday, September 18th. Royal Bank of Canada upped their target price on ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. StockNews.com upgraded ResMed from a “hold” rating to a “buy” rating in a report on Tuesday, October 15th. Finally, Bank of America upped their target price on ResMed from $240.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $225.70.

ResMed Stock Performance

Shares of RMD opened at $245.80 on Thursday. The stock has a market cap of $36.08 billion, a P/E ratio of 32.56, a P/E/G ratio of 1.78 and a beta of 0.68. ResMed Inc. has a 52 week low of $160.16 and a 52 week high of $260.49. The company has a quick ratio of 1.91, a current ratio of 2.92 and a debt-to-equity ratio of 0.13. The business’s 50 day moving average price is $242.31 and its 200-day moving average price is $226.21.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.17. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.19 billion. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.64 EPS. Equities research analysts anticipate that ResMed Inc. will post 9.28 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 7th will be given a $0.53 dividend. The ex-dividend date is Thursday, November 7th. This represents a $2.12 annualized dividend and a yield of 0.86%. ResMed’s dividend payout ratio (DPR) is presently 28.08%.

Insider Activity at ResMed

In other news, CEO Michael J. Farrell sold 14,683 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $248.38, for a total transaction of $3,646,963.54. Following the transaction, the chief executive officer now directly owns 464,169 shares of the company’s stock, valued at $115,290,296.22. This represents a 3.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Kaushik Ghoshal sold 5,000 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $252.56, for a total value of $1,262,800.00. Following the transaction, the insider now directly owns 21,788 shares in the company, valued at $5,502,777.28. The trade was a 18.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,408 shares of company stock valued at $15,918,332. 0.71% of the stock is owned by corporate insiders.

ResMed 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.