Ritholtz Wealth Management Decreases Stake in ResMed Inc. (NYSE:RMD)

Ritholtz Wealth Management lessened its holdings in ResMed Inc. (NYSE:RMD) by 79.7% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,529 shares of the medical equipment provider’s stock after selling 9,923 shares during the period. Ritholtz Wealth Management’s holdings in ResMed were worth $578,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. State Street Corp boosted its position in ResMed by 1.9% in the third quarter. State Street Corp now owns 6,261,633 shares of the medical equipment provider’s stock worth $1,528,590,000 after purchasing an additional 116,918 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of ResMed by 10.9% in the 3rd quarter. Geode Capital Management LLC now owns 3,858,814 shares of the medical equipment provider’s stock worth $939,114,000 after buying an additional 380,383 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in ResMed by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 924,047 shares of the medical equipment provider’s stock valued at $225,578,000 after buying an additional 13,985 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in ResMed by 0.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 742,411 shares of the medical equipment provider’s stock worth $181,237,000 after buying an additional 2,406 shares during the last quarter. Finally, Greenvale Capital LLP raised its position in ResMed by 61.1% in the second quarter. Greenvale Capital LLP now owns 725,000 shares of the medical equipment provider’s stock worth $138,780,000 after acquiring an additional 275,000 shares during the period. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Price Performance

Shares of NYSE:RMD opened at $239.89 on Tuesday. ResMed Inc. has a 12 month low of $170.39 and a 12 month high of $260.49. The company has a current ratio of 2.92, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. The stock has a market cap of $35.22 billion, a P/E ratio of 31.77, a P/E/G ratio of 1.69 and a beta of 0.70. The company has a 50 day moving average of $238.51 and a 200 day moving average of $233.07.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.17. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.19 billion. ResMed had a net margin of 23.15% and a return on equity of 25.53%. The business’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.64 earnings per share. As a group, sell-side analysts forecast that ResMed Inc. will post 9.36 EPS for the current fiscal year.

ResMed Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 7th were paid a $0.53 dividend. The ex-dividend date was Thursday, November 7th. This represents a $2.12 dividend on an annualized basis and a yield of 0.88%. ResMed’s dividend payout ratio is presently 28.08%.

Insider Buying and Selling

In other news, insider Justin Leong sold 6,160 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $243.09, for a total value of $1,497,434.40. Following the completion of the transaction, the insider now directly owns 21,718 shares in the company, valued at approximately $5,279,428.62. This represents a 22.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $248.74, for a total value of $497,480.00. Following the transaction, the director now owns 83,204 shares in the company, valued at $20,696,162.96. This trade represents a 2.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,099 shares of company stock worth $2,719,385. Corporate insiders own 0.71% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RMD. The Goldman Sachs Group initiated coverage on shares of ResMed in a research note on Thursday, January 16th. They set a “buy” rating for the company. Robert W. Baird boosted their target price on ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Royal Bank of Canada increased their price target on ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a research note on Friday, October 25th. Needham & Company LLC restated a “hold” rating on shares of ResMed in a research note on Friday, October 25th. Finally, Stifel Nicolaus started coverage on shares of ResMed in a research report on Friday, December 13th. They set a “hold” rating and a $250.00 target price for the company. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $233.09.

About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company 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 ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.