Envestnet Asset Management Inc. Lowers Position in ResMed Inc. (NYSE:RMD)

Envestnet Asset Management Inc. decreased its position in shares of ResMed Inc. (NYSE:RMD) by 9.7% during the second quarter, according to its most recent filing with the SEC. The firm owned 72,086 shares of the medical equipment provider’s stock after selling 7,747 shares during the period. Envestnet Asset Management Inc.’s holdings in ResMed were worth $13,799,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. OFI Invest Asset Management purchased a new stake in ResMed in the second quarter worth $32,000. BOK Financial Private Wealth Inc. bought a new stake in shares of ResMed during the 1st quarter valued at $35,000. Versant Capital Management Inc grew its position in shares of ResMed by 196.7% in the 2nd quarter. Versant Capital Management Inc now owns 181 shares of the medical equipment provider’s stock worth $35,000 after buying an additional 120 shares during the period. Financial Connections Group Inc. bought a new position in shares of ResMed in the 2nd quarter worth about $37,000. Finally, Riverview Trust Co bought a new position in shares of ResMed in the 1st quarter worth about $42,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Buying and Selling

In other news, CFO Brett Sandercock sold 1,000 shares of the firm’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $194.35, for a total value of $194,350.00. Following the transaction, the chief financial officer now directly owns 90,056 shares in the company, valued at approximately $17,502,383.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CFO Brett Sandercock sold 1,000 shares of the stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $194.35, for a total value of $194,350.00. Following the transaction, the chief financial officer now owns 90,056 shares in the company, valued at approximately $17,502,383.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael J. Farrell sold 14,683 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $192.97, for a total transaction of $2,833,378.51. Following the sale, the chief executive officer now owns 440,799 shares of the company’s stock, valued at $85,060,983.03. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 102,931 shares of company stock worth $22,644,807. 1.21% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on RMD shares. Citigroup lowered shares of ResMed from a “buy” rating to a “neutral” rating in a research note on Monday, June 24th. Royal Bank of Canada upped their price target on ResMed from $204.00 to $206.00 and gave the stock a “sector perform” rating in a research note on Friday, August 2nd. Wolfe Research reaffirmed an “underperform” rating and set a $180.00 price objective on shares of ResMed in a research report on Wednesday, September 18th. StockNews.com downgraded ResMed from a “buy” rating to a “hold” rating in a report on Friday, August 30th. Finally, Oppenheimer downgraded ResMed from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, ResMed currently has an average rating of “Hold” and an average price target of $207.00.

ResMed Stock Up 0.4 %

RMD stock opened at $247.15 on Wednesday. The stock has a market capitalization of $36.31 billion, a P/E ratio of 37.96, a P/E/G ratio of 2.50 and a beta of 0.69. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.59 and a quick ratio of 1.69. ResMed Inc. has a 1-year low of $132.24 and a 1-year high of $255.18. The business has a fifty day moving average price of $228.54 and a 200-day moving average price of $210.41.

ResMed (NYSE:RMD) last issued its earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.05. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.22 billion. ResMed had a return on equity of 25.00% and a net margin of 21.79%. ResMed’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.60 EPS. Equities analysts forecast that ResMed Inc. will post 8.92 earnings per share for the current fiscal year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Thursday, August 15th were given a dividend of $0.53 per share. This is an increase from ResMed’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $2.12 dividend on an annualized basis and a yield of 0.86%. ResMed’s dividend payout ratio is 32.57%.

ResMed Profile

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.