Atria Investments Inc Cuts Position in ResMed Inc. (NYSE:RMD)

Atria Investments Inc cut its stake in ResMed Inc. (NYSE:RMD) by 7.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,734 shares of the medical equipment provider’s stock after selling 134 shares during the period. Atria Investments Inc’s holdings in ResMed were worth $423,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its holdings in shares of ResMed by 51.4% during the second quarter. Bank of New York Mellon Corp now owns 5,772,761 shares of the medical equipment provider’s stock worth $1,105,022,000 after purchasing an additional 1,959,642 shares during the period. Marshall Wace LLP purchased a new stake in shares of ResMed during the second quarter worth about $77,285,000. Greenvale Capital LLP boosted its holdings in shares of ResMed by 61.1% during the second quarter. Greenvale Capital LLP now owns 725,000 shares of the medical equipment provider’s stock worth $138,780,000 after purchasing an additional 275,000 shares during the period. Los Angeles Capital Management LLC boosted its holdings in shares of ResMed by 48.3% during the second quarter. Los Angeles Capital Management LLC now owns 740,226 shares of the medical equipment provider’s stock worth $141,694,000 after purchasing an additional 241,195 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in shares of ResMed during the second quarter worth about $42,036,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at ResMed

In other news, CEO Michael J. Farrell sold 14,683 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $231.91, for a total value of $3,405,134.53. Following the transaction, the chief executive officer now directly owns 464,169 shares in the company, valued at $107,645,432.79. This trade represents a 3.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $239.90, for a total value of $479,800.00. Following the completion of the transaction, the director now owns 87,204 shares in the company, valued at approximately $20,920,239.60. This trade represents a 2.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 62,174 shares of company stock worth $14,882,278. Insiders own 0.71% of the company’s stock.

Analyst Ratings Changes

RMD has been the subject of a number of analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of ResMed in a report on Friday, October 25th. Royal Bank of Canada increased their price target on shares of ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a research note on Friday, October 25th. Wolfe Research reissued an “underperform” rating and issued a $180.00 price target on shares of ResMed in a research note on Wednesday, September 18th. Baird R W raised shares of ResMed to a “strong-buy” rating in a research note on Tuesday, September 24th. Finally, StockNews.com raised shares of ResMed from a “hold” rating to a “buy” rating in a research note on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, ResMed currently has a consensus rating of “Moderate Buy” and an average price target of $225.70.

ResMed Price Performance

Shares of NYSE RMD opened at $241.55 on Thursday. The company has a 50 day simple moving average of $242.10 and a two-hundred day simple moving average of $224.10. ResMed Inc. has a fifty-two week low of $150.39 and a fifty-two week high of $260.49. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.92. The company has a market capitalization of $35.46 billion, a price-to-earnings ratio of 31.99, a P/E/G ratio of 1.71 and a beta of 0.69.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.17. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same period in the prior year, the firm posted $1.64 EPS. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. Analysts expect that ResMed Inc. will post 9.28 EPS for the current fiscal year.

ResMed Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 7th will be paid a dividend of $0.53 per share. The ex-dividend date is Thursday, November 7th. This represents a $2.12 annualized dividend and a yield of 0.88%. ResMed’s dividend payout ratio is 28.08%.

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.