Confluence Investment Management LLC Has $18.34 Million Holdings in ResMed Inc. $RMD

Confluence Investment Management LLC cut its holdings in ResMed Inc. (NYSE:RMD) by 5.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 94,086 shares of the medical equipment provider’s stock after selling 5,759 shares during the period. Confluence Investment Management LLC’s holdings in ResMed were worth $18,335,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of RMD. International Assets Investment Management LLC acquired a new stake in shares of ResMed in the fourth quarter worth about $25,000. Imprint Wealth LLC acquired a new position in shares of ResMed during the 3rd quarter valued at about $26,000. WFA of San Diego LLC acquired a new position in shares of ResMed during the 2nd quarter valued at about $26,000. Sunbelt Securities Inc. bought a new position in shares of ResMed in the 3rd quarter valued at approximately $31,000. Finally, Reflection Asset Management bought a new position in shares of ResMed in the 4th quarter valued at approximately $34,000. 54.98% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $218.55, for a total transaction of $1,090,783.05. Following the completion of the transaction, the chief executive officer directly owned 466,223 shares in the company, valued at $101,893,036.65. The trade was a 1.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 14,973 shares of company stock valued at $3,096,067. Insiders own 0.65% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on RMD. Weiss Ratings cut ResMed from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, July 24th. Jefferies Financial Group dropped their price target on shares of ResMed from $240.00 to $225.00 and set a “hold” rating on the stock in a research report on Friday, July 10th. Evercore set a $255.00 price target on shares of ResMed and gave the company an “outperform” rating in a research report on Monday, April 13th. Wells Fargo & Company reduced their price objective on shares of ResMed from $227.00 to $225.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 8th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of ResMed in a report on Wednesday, July 1st. Seven analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $246.25.

ResMed Price Performance

Shares of NYSE:RMD opened at $215.12 on Tuesday. The business has a 50 day moving average price of $199.00 and a 200 day moving average price of $223.06. ResMed Inc. has a twelve month low of $180.26 and a twelve month high of $293.81. The company has a market cap of $31.20 billion, a price-to-earnings ratio of 20.74, a PEG ratio of 1.28 and a beta of 0.78. The company has a quick ratio of 2.33, a current ratio of 3.01 and a debt-to-equity ratio of 0.06.

ResMed 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.