ResMed Inc. $RMD Stock Sold by Mawer Investment Management Ltd.

Mawer Investment Management Ltd. reduced its position in shares of ResMed Inc. (NYSE:RMD) by 11.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 78,783 shares of the medical equipment provider’s stock after selling 10,584 shares during the period. Mawer Investment Management Ltd. owned about 0.06% of ResMed worth $17,419,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its holdings in ResMed by 26.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 10,972 shares of the medical equipment provider’s stock valued at $2,427,000 after purchasing an additional 2,267 shares in the last quarter. Chicago Partners Investment Group LLC lifted its holdings in ResMed by 61.9% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 4,680 shares of the medical equipment provider’s stock worth $1,183,000 after buying an additional 1,790 shares in the last quarter. Rakuten Investment Management Inc. lifted its holdings in ResMed by 9.0% in the 3rd quarter. Rakuten Investment Management Inc. now owns 25,890 shares of the medical equipment provider’s stock worth $5,769,000 after buying an additional 2,129 shares in the last quarter. Provenance Wealth Advisors LLC acquired a new position in ResMed in the 3rd quarter worth $55,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in ResMed in the 3rd quarter valued at about $7,916,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

ResMed Stock Up 0.3%

RMD stock traded up $0.68 during mid-day trading on Friday, hitting $239.57. 853,163 shares of the company were exchanged, compared to its average volume of 1,510,457. The firm has a fifty day simple moving average of $232.20 and a 200 day simple moving average of $224.41. The company has a market capitalization of $33.70 billion, a PE ratio of 21.82, a price-to-earnings-growth ratio of 1.45 and a beta of 0.77. ResMed Inc. has a twelve month low of $180.26 and a twelve month high of $277.67. The company has a current ratio of 2.65, a quick ratio of 1.88 and a debt-to-equity ratio of 0.04.

ResMed (NYSE:RMD) last issued its earnings results on Thursday, October 29th. The medical equipment provider reported $2.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.67 by $0.24. ResMed had a net margin of 27.79% and a return on equity of 26.42%. The business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same quarter in the prior year, the business posted $2.55 EPS. The company’s revenue for the quarter was up 5.9% on a year-over-year basis. On average, research analysts forecast that ResMed Inc. will post 12.14 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 17th. Investors of record on Thursday, November 12th will be issued a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Thursday, November 12th. ResMed’s payout ratio is currently 24.04%.

Analyst Ratings Changes

Several brokerages have recently weighed in on RMD. Wells Fargo & Company raised their target price on ResMed from $215.00 to $250.00 and gave the company an “equal weight” rating in a research note on Friday, October 30th. Rothschild & Co Redburn started coverage on ResMed in a research note on Wednesday, August 19th. They issued a “neutral” rating and a $230.00 price target on the stock. Canaccord Genuity Group cut ResMed from a “buy” rating to a “hold” rating in a research note on Monday, November 2nd. Citigroup increased their price target on ResMed from $240.00 to $270.00 and gave the company a “neutral” rating in a report on Friday, October 30th. Finally, Mizuho set a $270.00 price target on ResMed in a report on Friday, October 30th. Seven analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, ResMed has a consensus rating of “Hold” and a consensus target price of $253.69.

Insider Activity at ResMed

In other ResMed news, General Counsel Michael Rider sold 400 shares of the company’s stock in a transaction that occurred on Friday, October 23rd. The stock was sold at an average price of $255.00, for a total transaction of $102,000.00. Following the sale, the general counsel owned 12,318 shares in the company, valued at $3,141,090. This represents a 3.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Farrell sold 4,993 shares of the company’s stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $235.35, for a total value of $1,175,102.55. Following the sale, the chief executive officer owned 479,803 shares in the company, valued at $112,921,636.05. The trade was a 1.03% 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 a total of 16,345 shares of company stock valued at $3,744,602 over the last three months. 0.58% of the stock is owned by insiders.

ResMed Profile

ResMed is a medical technology company that develops products and software for people with sleep apnea, chronic obstructive pulmonary disease and other respiratory conditions. Its devices include continuous positive airway pressure (CPAP) and bilevel machines, ventilators and related masks and accessories. The company also provides cloud-connected software for managing sleep and respiratory care, along with digital tools used by home medical equipment providers and post-acute care organizations.