Edgestream Partners L.P. Reduces Stock Position in ResMed Inc. $RMD

Edgestream Partners L.P. cut its stake in ResMed Inc. (NYSE:RMD) by 20.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 39,740 shares of the medical equipment provider’s stock after selling 10,096 shares during the quarter. Edgestream Partners L.P.’s holdings in ResMed were worth $8,921,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in RMD. State Street Corp boosted its holdings in ResMed by 1.2% in the fourth quarter. State Street Corp now owns 6,625,408 shares of the medical equipment provider’s stock worth $1,595,862,000 after purchasing an additional 76,244 shares during the last quarter. Bank of New York Mellon Corp raised its stake in ResMed by 0.7% during the 1st quarter. Bank of New York Mellon Corp now owns 4,925,386 shares of the medical equipment provider’s stock valued at $1,105,651,000 after buying an additional 34,732 shares during the last quarter. Geode Capital Management LLC raised its stake in ResMed by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 4,302,906 shares of the medical equipment provider’s stock valued at $1,032,877,000 after buying an additional 51,218 shares during the last quarter. Morgan Stanley raised its stake in ResMed by 25.0% during the 4th quarter. Morgan Stanley now owns 2,891,697 shares of the medical equipment provider’s stock valued at $696,523,000 after buying an additional 578,559 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of ResMed by 5.2% during the 4th quarter. Northern Trust Corp now owns 1,785,384 shares of the medical equipment provider’s stock valued at $430,045,000 after buying an additional 87,502 shares during the period. 54.98% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on RMD. JPMorgan Chase & Co. initiated coverage on ResMed in a report on Wednesday, April 15th. They issued an “overweight” rating for the company. Evercore set a $255.00 target price on ResMed and gave the company an “outperform” rating in a report on Monday, April 13th. Royal Bank Of Canada cut ResMed from an “outperform” rating to a “sector perform” rating and set a $234.00 target price on the stock. in a research report on Thursday, July 16th. KeyCorp cut their price target on ResMed from $290.00 to $266.00 and set an “overweight” rating for the company in a research note on Monday, June 22nd. Finally, Wells Fargo & Company reduced their price target on shares of ResMed from $227.00 to $225.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $246.25.

ResMed Trading Up 2.6%

Shares of ResMed stock opened at $214.36 on Thursday. ResMed Inc. has a 1-year low of $180.26 and a 1-year high of $293.81. The company’s fifty day simple moving average is $198.80 and its 200-day simple moving average is $223.98. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.01 and a quick ratio of 2.33. The stock has a market capitalization of $31.09 billion, a PE ratio of 20.67, a P/E/G ratio of 1.27 and a beta of 0.78.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, topping the consensus estimate of $2.79 by $0.07. The firm had revenue of $1.43 billion during 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%.ResMed’s revenue was up 10.8% on a year-over-year basis. During the same period in the prior year, the business posted $2.37 EPS. As a group, equities analysts anticipate that ResMed Inc. will post 11.14 earnings per share for the current year.

Insider Transactions at ResMed

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $218.55, for a total value of $1,090,783.05. Following the completion of the sale, the chief executive officer owned 466,223 shares in the company, valued at $101,893,036.65. This represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 14,973 shares of company stock worth $3,096,067 over the last three months. Insiders own 0.65% of the company’s stock.

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.