Swiss Life Asset Management Ltd Sells 14,421 Shares of ResMed Inc. $RMD

Swiss Life Asset Management Ltd lessened its holdings in shares of ResMed Inc. (NYSE:RMD) by 34.3% in the 4th quarter, Holdings Channel reports. The institutional investor owned 27,602 shares of the medical equipment provider’s stock after selling 14,421 shares during the quarter. Swiss Life Asset Management Ltd’s holdings in ResMed were worth $6,648,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Jones Financial Companies Lllp raised its holdings in shares of ResMed by 52.6% in the first quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider’s stock worth $645,000 after buying an additional 994 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in ResMed during the 2nd quarter valued at $389,000. Brown Advisory Inc. grew its position in ResMed by 17.8% in the 2nd quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider’s stock valued at $409,000 after acquiring an additional 240 shares during the last quarter. Cresset Asset Management LLC purchased a new stake in ResMed in the second quarter worth $206,000. Finally, Alliancebernstein L.P. increased its stake in ResMed by 24.2% in the second quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider’s stock worth $73,808,000 after purchasing an additional 55,790 shares during the period. Institutional investors own 54.98% of the company’s stock.

Insider Activity

In other news, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $225.00, for a total transaction of $450,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $207.82, for a total transaction of $1,037,229.62. Following the transaction, the chief executive officer directly owned 466,223 shares in the company, valued at approximately $96,890,463.86. The trade was a 1.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 18,973 shares of company stock valued at $4,386,031. Company insiders own 0.65% of the company’s stock.

Wall Street Analysts Forecast Growth

RMD has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. started coverage on shares of ResMed in a research note on Wednesday, April 15th. They set an “overweight” rating for the company. Wall Street Zen downgraded shares of ResMed from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. Evercore set a $255.00 price objective on shares of ResMed and gave the company an “outperform” rating in a report on Monday, April 13th. Stifel Nicolaus boosted their price objective on shares of ResMed from $260.00 to $265.00 and gave the company a “hold” rating in a research report on Friday, January 30th. Finally, Citigroup dropped their target price on shares of ResMed from $345.00 to $340.00 and set a “buy” rating on the stock in a research note on Thursday, April 9th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, ResMed currently has a consensus rating of “Moderate Buy” and an average target price of $286.18.

ResMed Price Performance

Shares of RMD stock opened at $202.42 on Thursday. ResMed Inc. has a twelve month low of $198.61 and a twelve month high of $293.81. The company has a current ratio of 3.01, a quick ratio of 2.33 and a debt-to-equity ratio of 0.06. The stock has a fifty day simple moving average of $226.19 and a two-hundred day simple moving average of $243.21. The stock has a market capitalization of $29.49 billion, a price-to-earnings ratio of 19.52, a P/E/G ratio of 1.30 and a beta of 0.84.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, beating the consensus estimate of $2.79 by $0.07. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The business’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter last year, the firm posted $2.37 earnings per share. On average, analysts predict that ResMed Inc. will post 11.13 EPS for the current fiscal year.

ResMed Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Thursday, May 14th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, May 14th. This represents a $2.40 dividend on an annualized basis and a yield of 1.2%. ResMed’s dividend payout ratio (DPR) is 23.14%.

About ResMed

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.