Resona Asset Management Co. Ltd. Reduces Stock Holdings in ResMed Inc. $RMD

Resona Asset Management Co. Ltd. trimmed its holdings in shares of ResMed Inc. (NYSE:RMD) by 5.9% during the 4th quarter, Holdings Channel reports. The institutional investor owned 44,168 shares of the medical equipment provider’s stock after selling 2,746 shares during the period. Resona Asset Management Co. Ltd.’s holdings in ResMed were worth $10,654,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Terra Nova Asset Management LLC grew its stake in ResMed by 0.6% during the 3rd quarter. Terra Nova Asset Management LLC now owns 7,805 shares of the medical equipment provider’s stock worth $2,136,000 after buying an additional 46 shares during the last quarter. IMA Advisory Services Inc. grew its stake in ResMed by 52.7% during the 3rd quarter. IMA Advisory Services Inc. now owns 139 shares of the medical equipment provider’s stock valued at $38,000 after purchasing an additional 48 shares during the last quarter. Occidental Asset Management LLC grew its stake in ResMed by 3.0% during the 4th quarter. Occidental Asset Management LLC now owns 1,699 shares of the medical equipment provider’s stock valued at $409,000 after purchasing an additional 49 shares during the last quarter. New Wave Wealth Advisors LLC grew its stake in ResMed by 2.8% during the 3rd quarter. New Wave Wealth Advisors LLC now owns 1,899 shares of the medical equipment provider’s stock valued at $520,000 after purchasing an additional 52 shares during the last quarter. Finally, Wedmont Private Capital grew its stake in ResMed by 2.7% during the 4th quarter. Wedmont Private Capital now owns 2,183 shares of the medical equipment provider’s stock valued at $542,000 after purchasing an additional 57 shares during the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Wells Fargo & Company dropped their price target on ResMed from $270.00 to $227.00 and set an “equal weight” rating on the stock in a research note on Friday, May 1st. Stifel Nicolaus boosted their price target on ResMed from $260.00 to $265.00 and gave the company a “hold” rating in a research note on Friday, January 30th. Evercore set a $255.00 price target on ResMed and gave the company an “outperform” rating in a research note on Monday, April 13th. Wall Street Zen downgraded ResMed from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. Finally, Citigroup dropped their price target on ResMed from $345.00 to $340.00 and set a “buy” rating on the stock in a research note on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $286.18.

Insider Transactions at ResMed

In other news, Director Peter C. Farrell sold 2,000 shares of the company’s 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 sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $207.82, for a total value of $1,037,229.62. Following the completion of the sale, the chief executive officer owned 466,223 shares in the company, valued at $96,890,463.86. The trade was a 1.06% decrease in their position. 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. Insiders sold 18,973 shares of company stock worth $4,386,031 in the last 90 days. Company insiders own 0.65% of the company’s stock.

ResMed Stock Up 1.1%

Shares of RMD opened at $209.99 on Thursday. ResMed Inc. has a 52 week low of $198.61 and a 52 week high of $293.81. The company has a quick ratio of 2.33, a current ratio of 3.01 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $30.59 billion, a price-to-earnings ratio of 20.25, a PEG ratio of 1.32 and a beta of 0.84. The stock’s 50-day moving average price is $221.14 and its 200-day moving average price is $241.42.

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

ResMed Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Thursday, May 14th will be paid a $0.60 dividend. The ex-dividend date is Thursday, May 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.1%. ResMed’s dividend payout ratio is presently 23.14%.

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.