Quantbot Technologies LP Reduces Stock Position in ResMed Inc. $RMD

Quantbot Technologies LP reduced its holdings in shares of ResMed Inc. (NYSE:RMD) by 79.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,572 shares of the medical equipment provider’s stock after selling 28,783 shares during the quarter. Quantbot Technologies LP’s holdings in ResMed were worth $2,073,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in RMD. Vanguard Group Inc. raised its holdings in ResMed by 1.6% in the third quarter. Vanguard Group Inc. now owns 19,040,440 shares of the medical equipment provider’s stock valued at $5,211,940,000 after acquiring an additional 293,515 shares in the last quarter. State Street Corp increased its position in shares of ResMed by 1.0% in the 2nd quarter. State Street Corp now owns 6,615,852 shares of the medical equipment provider’s stock worth $1,706,890,000 after purchasing an additional 64,448 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of ResMed by 2.4% in the 2nd quarter. Geode Capital Management LLC now owns 4,215,145 shares of the medical equipment provider’s stock valued at $1,083,409,000 after purchasing an additional 98,717 shares in the last quarter. Norges Bank bought a new position in shares of ResMed during the second quarter worth about $306,452,000. Finally, Charles Schwab Investment Management Inc. grew its stake in ResMed by 2.3% in the second quarter. Charles Schwab Investment Management Inc. now owns 1,021,001 shares of the medical equipment provider’s stock worth $263,418,000 after purchasing an additional 22,873 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on RMD shares. KeyCorp reissued an “overweight” rating and issued a $302.00 price objective on shares of ResMed in a report on Friday, January 30th. Wells Fargo & Company boosted their price target on ResMed from $265.00 to $270.00 and gave the company an “equal weight” rating in a report on Friday, January 30th. Weiss Ratings upgraded ResMed from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 9th. Royal Bank Of Canada lifted their price objective on shares of ResMed from $311.00 to $314.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. Finally, Piper Sandler boosted their target price on shares of ResMed from $270.00 to $275.00 and gave the company a “neutral” rating in a research note on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, ResMed presently has a consensus rating of “Moderate Buy” and a consensus price target of $299.27.

ResMed Price Performance

Shares of RMD opened at $259.18 on Thursday. The company has a market cap of $37.76 billion, a P/E ratio of 25.64, a PEG ratio of 1.71 and a beta of 0.88. The stock has a fifty day moving average price of $254.84 and a 200 day moving average price of $260.47. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.06 and a quick ratio of 2.32. ResMed Inc. has a 12 month low of $199.92 and a 12 month high of $293.81.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, January 29th. The medical equipment provider reported $2.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.68 by $0.13. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.40 billion. ResMed had a return on equity of 25.20% and a net margin of 27.53%.The firm’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period last year, the business posted $2.43 earnings per share. On average, research analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders of record on Thursday, February 12th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Thursday, February 12th. ResMed’s payout ratio is presently 23.74%.

Insider Transactions at ResMed

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $251.31, for a total value of $502,620.00. Following the completion of the transaction, the director owned 64,773 shares in the company, valued at approximately $16,278,102.63. This represents a 3.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $248.46, for a total transaction of $1,240,063.86. Following the completion of the sale, the chief executive officer owned 466,223 shares in the company, valued at $115,837,766.58. The trade was a 1.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 14,082 shares of company stock valued at $3,631,867 over the last three months. 0.65% of the stock is currently owned by company insiders.

ResMed Company Profile

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.