Confluence Investment Management LLC Lowers Holdings in ResMed Inc. (NYSE:RMD)

Confluence Investment Management LLC reduced its position in shares of ResMed Inc. (NYSE:RMD) by 2.4% in the fourth quarter, Holdings Channel reports. The firm owned 123,764 shares of the medical equipment provider’s stock after selling 3,100 shares during the period. Confluence Investment Management LLC’s holdings in ResMed were worth $28,304,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in RMD. True Wealth Design LLC grew its position in ResMed by 2,200.0% during the third quarter. True Wealth Design LLC now owns 115 shares of the medical equipment provider’s stock worth $28,000 after buying an additional 110 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of ResMed during the third quarter worth about $34,000. Rothschild Investment LLC bought a new position in shares of ResMed in the second quarter worth approximately $44,000. Capital Performance Advisors LLP purchased a new stake in ResMed in the third quarter valued at approximately $60,000. Finally, Quest Partners LLC lifted its position in ResMed by 44.1% during the second quarter. Quest Partners LLC now owns 327 shares of the medical equipment provider’s stock valued at $63,000 after purchasing an additional 100 shares during the last quarter. Institutional investors own 54.98% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Baird R W upgraded shares of ResMed to a “strong-buy” rating in a research report on Tuesday, September 24th. StockNews.com upgraded ResMed from a “hold” rating to a “buy” rating in a research report on Tuesday, October 15th. Royal Bank of Canada lifted their price target on ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a research note on Friday, October 25th. Bank of America raised their price objective on ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Finally, KeyCorp upped their target price on ResMed from $251.00 to $266.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, ResMed has a consensus rating of “Moderate Buy” and an average target price of $227.91.

ResMed Trading Up 0.1 %

ResMed stock traded up $0.31 during trading hours on Thursday, reaching $229.00. The stock had a trading volume of 94,131 shares, compared to its average volume of 1,011,464. The stock has a market cap of $33.62 billion, a PE ratio of 30.33, a PEG ratio of 1.73 and a beta of 0.68. The company has a fifty day simple moving average of $241.42 and a 200-day simple moving average of $229.69. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.92 and a quick ratio of 1.91. ResMed Inc. has a 52 week low of $164.12 and a 52 week high of $260.49.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.17. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the previous year, the business earned $1.64 EPS. ResMed’s revenue was up 11.1% compared to the same quarter last year. Analysts forecast that ResMed Inc. will post 9.34 EPS for the current fiscal year.

ResMed Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 7th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date was Thursday, November 7th. ResMed’s payout ratio is 28.08%.

Insider Activity at ResMed

In other news, CEO Michael J. Farrell sold 14,683 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $231.91, for a total value of $3,405,134.53. Following the completion of the transaction, the chief executive officer now owns 464,169 shares of the company’s stock, valued at approximately $107,645,432.79. This represents a 3.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brett Sandercock sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $233.47, for a total value of $233,470.00. Following the completion of the transaction, the chief financial officer now owns 95,812 shares of the company’s stock, valued at approximately $22,369,227.64. The trade was a 1.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 45,725 shares of company stock worth $10,779,048 over the last 90 days. 0.71% of the stock is owned by company 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.