Harvest Fund Management Co. Ltd Reduces Stock Position in ResMed Inc. (NYSE:RMD)

Harvest Fund Management Co. Ltd decreased its stake in shares of ResMed Inc. (NYSE:RMD) by 24.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 991 shares of the medical equipment provider’s stock after selling 315 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in ResMed were worth $242,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new position in shares of ResMed during the 2nd quarter worth $32,000. Ashton Thomas Securities LLC acquired a new stake in ResMed during the third quarter worth about $34,000. Versant Capital Management Inc raised its stake in ResMed by 196.7% during the second quarter. Versant Capital Management Inc now owns 181 shares of the medical equipment provider’s stock worth $35,000 after purchasing an additional 120 shares during the period. Financial Connections Group Inc. acquired a new position in ResMed in the 2nd quarter valued at about $37,000. Finally, Blue Trust Inc. grew its stake in shares of ResMed by 182.7% in the 2nd quarter. Blue Trust Inc. now owns 212 shares of the medical equipment provider’s stock valued at $42,000 after buying an additional 137 shares during the period. Institutional investors and hedge funds own 54.98% of the company’s stock.

Insider Buying and Selling at ResMed

In related news, insider Justin Leong sold 6,160 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $243.09, for a total value of $1,497,434.40. Following the completion of the transaction, the insider now directly owns 21,718 shares of the company’s stock, valued at $5,279,428.62. This represents a 22.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Witte Jan De sold 796 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $248.81, for a total transaction of $198,052.76. Following the sale, the director now directly owns 6,723 shares in the company, valued at approximately $1,672,749.63. The trade was a 10.59 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 68,334 shares of company stock valued at $16,379,713. Insiders own 0.71% of the company’s stock.

ResMed Trading Up 0.2 %

NYSE RMD opened at $249.99 on Wednesday. The firm has a 50 day simple moving average of $241.80 and a 200-day simple moving average of $225.04. The firm has a market cap of $36.70 billion, a price-to-earnings ratio of 33.11, a PEG ratio of 1.77 and a beta of 0.69. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.92. ResMed Inc. has a one year low of $151.95 and a one year high of $260.49.

ResMed (NYSE:RMD) last announced 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. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter last year, the business posted $1.64 EPS. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. Equities research analysts anticipate that ResMed Inc. will post 9.28 EPS for the current fiscal year.

ResMed Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 7th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.85%. The ex-dividend date of this dividend is Thursday, November 7th. ResMed’s dividend payout ratio (DPR) is presently 28.08%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. KeyCorp lifted their price target on shares of ResMed from $251.00 to $266.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Wolfe Research reaffirmed an “underperform” rating and issued a $180.00 price target on shares of ResMed in a research note on Wednesday, September 18th. Needham & Company LLC reissued a “hold” rating on shares of ResMed in a research report on Friday, October 25th. StockNews.com raised shares of ResMed from a “hold” rating to a “buy” rating in a research report on Tuesday, October 15th. Finally, Bank of America lifted their price target on shares of ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, ResMed currently has a consensus rating of “Moderate Buy” and a consensus target price of $225.70.

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.