Los Angeles Capital Management LLC Reduces Stock Position in ResMed Inc. $RMD

Los Angeles Capital Management LLC cut its stake in ResMed Inc. (NYSE:RMD) by 62.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 142,574 shares of the medical equipment provider’s stock after selling 242,214 shares during the quarter. Los Angeles Capital Management LLC’s holdings in ResMed were worth $35,966,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in RMD. Norges Bank purchased a new stake in shares of ResMed in the fourth quarter valued at approximately $249,068,000. Swedbank AB lifted its holdings in ResMed by 103.1% in the fourth quarter. Swedbank AB now owns 1,102,476 shares of the medical equipment provider’s stock valued at $265,553,000 after acquiring an additional 559,765 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in ResMed by 7.4% in the fourth quarter. Bank of New York Mellon Corp now owns 4,890,654 shares of the medical equipment provider’s stock valued at $1,178,012,000 after acquiring an additional 337,738 shares during the last quarter. First Trust Advisors LP lifted its holdings in ResMed by 285.1% in the third quarter. First Trust Advisors LP now owns 445,198 shares of the medical equipment provider’s stock valued at $121,864,000 after acquiring an additional 329,588 shares during the last quarter. Finally, Marshall Wace LLP lifted its holdings in ResMed by 2,373.1% in the third quarter. Marshall Wace LLP now owns 310,987 shares of the medical equipment provider’s stock valued at $85,126,000 after acquiring an additional 298,412 shares during the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on RMD shares. KeyCorp decreased their price objective on ResMed from $302.00 to $290.00 and set an “overweight” rating on the stock in a report on Monday, April 27th. Weiss Ratings cut ResMed from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 22nd. JPMorgan Chase & Co. started coverage on ResMed in a report on Wednesday, April 15th. They issued an “overweight” rating on the stock. Citigroup decreased their price objective on ResMed from $345.00 to $340.00 and set a “buy” rating on the stock in a report on Thursday, April 9th. Finally, Evercore set a $255.00 price objective on ResMed and gave the company an “outperform” rating in a report on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $286.18.

Insider Activity

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total value of $450,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $207.82, for a total value of $1,037,229.62. Following the completion of the transaction, the chief executive officer directly owned 466,223 shares of the company’s stock, valued at approximately $96,890,463.86. This represents a 1.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 11,982 shares of company stock valued at $2,612,700. 0.65% of the stock is currently owned by corporate insiders.

ResMed Price Performance

RMD stock opened at $195.95 on Monday. 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 company has a market capitalization of $28.42 billion, a PE ratio of 18.90, a P/E/G ratio of 1.25 and a beta of 0.80. ResMed Inc. has a 12-month low of $180.26 and a 12-month high of $293.81. The business’s fifty day moving average price is $213.11 and its 200 day moving average price is $237.15.

ResMed (NYSE:RMD) last released its earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share for the quarter, beating the consensus estimate of $2.79 by $0.07. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. ResMed had a return on equity of 25.35% and a net margin of 27.44%.ResMed’s revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the company posted $2.37 EPS. On average, sell-side analysts anticipate that ResMed Inc. will post 11.13 EPS for the current year.

ResMed Dividend Announcement

The company 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 $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, May 14th. ResMed’s payout ratio is currently 23.14%.

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.