Summit Trail Advisors LLC Reduces Stock Position in ResMed Inc. (NYSE:RMD)

Summit Trail Advisors LLC lowered its stake in shares of ResMed Inc. (NYSE:RMD) by 13.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,227 shares of the medical equipment provider’s stock after selling 197 shares during the period. Summit Trail Advisors LLC’s holdings in ResMed were worth $211,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Morgan Stanley raised its position in shares of ResMed by 102.4% in the third quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider’s stock worth $344,481,000 after buying an additional 1,178,547 shares in the last quarter. abrdn plc raised its position in shares of ResMed by 79.2% in the third quarter. abrdn plc now owns 901,485 shares of the medical equipment provider’s stock worth $133,303,000 after buying an additional 398,302 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of ResMed by 0.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 817,176 shares of the medical equipment provider’s stock worth $120,836,000 after buying an additional 2,882 shares in the last quarter. LGT Capital Partners LTD. purchased a new stake in shares of ResMed in the fourth quarter worth $117,621,000. Finally, Hsbc Holdings PLC raised its position in ResMed by 109.9% during the third quarter. Hsbc Holdings PLC now owns 490,214 shares of the medical equipment provider’s stock valued at $72,785,000 after purchasing an additional 256,624 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Buying and Selling

In related news, Director Karen Drexler sold 425 shares of the firm’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $214.92, for a total value of $91,341.00. Following the sale, the director now directly owns 8,446 shares of the company’s stock, valued at $1,815,214.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other ResMed news, Director Karen Drexler sold 425 shares of ResMed stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $214.92, for a total transaction of $91,341.00. Following the sale, the director now directly owns 8,446 shares of the company’s stock, valued at approximately $1,815,214.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Michael J. Rider sold 200 shares of ResMed stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $173.25, for a total value of $34,650.00. Following the sale, the general counsel now directly owns 6,688 shares in the company, valued at $1,158,696. The disclosure for this sale can be found here. Insiders have sold 11,641 shares of company stock valued at $2,137,958 over the last ninety days. 1.21% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on RMD. Needham & Company LLC raised their price target on ResMed from $224.00 to $236.00 and gave the company a “buy” rating in a research report on Friday, April 26th. UBS Group raised their price target on ResMed from $175.00 to $180.00 and gave the company a “neutral” rating in a research report on Thursday, January 25th. KeyCorp raised their price target on ResMed from $227.00 to $238.00 and gave the company an “overweight” rating in a research report on Friday, April 26th. Mizuho restated a “buy” rating and set a $215.00 price target on shares of ResMed in a research report on Wednesday, March 27th. Finally, Oppenheimer reduced their price objective on ResMed from $205.00 to $200.00 and set an “outperform” rating on the stock in a research note on Friday, April 26th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $202.80.

ResMed Stock Down 1.5 %

NYSE RMD opened at $212.89 on Thursday. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.04 and a quick ratio of 1.97. The stock has a market capitalization of $31.28 billion, a PE ratio of 32.70, a PEG ratio of 2.68 and a beta of 0.64. ResMed Inc. has a 1 year low of $132.24 and a 1 year high of $237.26. The business’s 50-day moving average is $192.67 and its 200 day moving average is $176.28.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.91 by $0.22. The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.17 billion. ResMed had a return on equity of 24.43% and a net margin of 20.91%. ResMed’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period last year, the firm earned $1.68 earnings per share. Sell-side analysts forecast that ResMed Inc. will post 7.59 earnings per share for the current year.

ResMed Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 13th. Investors of record on Thursday, May 9th will be paid a $0.48 dividend. The ex-dividend date is Wednesday, May 8th. This represents a $1.92 annualized dividend and a dividend yield of 0.90%. ResMed’s payout ratio is presently 29.49%.

About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.