Avior Wealth Management LLC Trims Stake in ResMed Inc. (NYSE:RMD)

Avior Wealth Management LLC cut its position in ResMed Inc. (NYSE:RMD) by 68.9% in the third quarter, Holdings Channel reports. The firm owned 116 shares of the medical equipment provider’s stock after selling 257 shares during the period. Avior Wealth Management LLC’s holdings in ResMed were worth $28,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in RMD. Bank of New York Mellon Corp raised its position in ResMed by 51.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,772,761 shares of the medical equipment provider’s stock valued at $1,105,022,000 after purchasing an additional 1,959,642 shares during the last quarter. Los Angeles Capital Management LLC boosted its stake 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 buying an additional 241,195 shares during the period. Greenvale Capital LLP boosted its stake 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 buying an additional 275,000 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of ResMed by 19.3% during the second quarter. Dimensional Fund Advisors LP now owns 661,717 shares of the medical equipment provider’s stock worth $126,670,000 after buying an additional 107,279 shares during the last quarter. Finally, Tandem Investment Advisors Inc. increased its position in ResMed by 3.0% in the 2nd quarter. Tandem Investment Advisors Inc. now owns 501,391 shares of the medical equipment provider’s stock valued at $95,976,000 after acquiring an additional 14,590 shares during the period. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Analyst Upgrades and Downgrades

RMD has been the subject of a number of recent research reports. StockNews.com raised ResMed from a “hold” rating to a “buy” rating in a research report on Tuesday, October 15th. KeyCorp upped their price target on shares of ResMed from $251.00 to $266.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Bank of America raised their price objective on ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Royal Bank of Canada upped their price target on shares of ResMed from $224.00 to $232.00 and gave the company a “sector perform” rating in a report on Friday, October 25th. Finally, Wolfe Research restated an “underperform” rating and set a $180.00 price objective on shares of ResMed in a research report on Wednesday, September 18th. One analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ResMed currently has an average rating of “Moderate Buy” and a consensus price target of $225.70.

ResMed Trading Up 2.4 %

Shares of RMD opened at $249.68 on Tuesday. ResMed Inc. has a fifty-two week low of $151.95 and a fifty-two week high of $260.49. The company has a market capitalization of $36.65 billion, a PE ratio of 33.07, a price-to-earnings-growth ratio of 1.77 and a beta of 0.69. The stock has a fifty day moving average of $241.82 and a two-hundred day moving average of $224.79. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.92.

ResMed (NYSE:RMD) last released its earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 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 firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same period in the prior year, the firm posted $1.64 earnings per share. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, analysts forecast that ResMed Inc. will post 9.28 EPS for the current year.

ResMed Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 7th will be issued a dividend of $0.53 per share. The ex-dividend date is Thursday, November 7th. This represents a $2.12 annualized dividend and a dividend yield of 0.85%. ResMed’s payout ratio is currently 28.08%.

Insider Buying and Selling

In other news, CFO Brett Sandercock sold 1,000 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $246.42, for a total transaction of $246,420.00. Following the completion of the sale, the chief financial officer now directly owns 96,812 shares in the company, valued at $23,856,413.04. This represents a 1.02 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Justin Leong sold 6,160 shares of ResMed stock in a transaction on Friday, November 22nd. The shares were 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 owns 21,718 shares in the company, valued at $5,279,428.62. The trade was a 22.10 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 68,334 shares of company stock valued at $16,379,713. Insiders own 0.71% of the company’s stock.

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.