Fmr LLC Sells 766,999 Shares of ResMed Inc. (NYSE:RMD)

Fmr LLC cut its stake in ResMed Inc. (NYSE:RMD) by 75.2% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 253,011 shares of the medical equipment provider’s stock after selling 766,999 shares during the quarter. Fmr LLC’s holdings in ResMed were worth $61,765,000 as of its most recent SEC filing.

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 bought a new stake in shares of ResMed during the second quarter valued at approximately $32,000. Ashton Thomas Securities LLC bought a new stake in shares of ResMed during the 3rd quarter valued at $34,000. Financial Connections Group Inc. purchased a new stake in shares of ResMed in the 2nd quarter worth about $37,000. Blue Trust Inc. increased its stake in shares of ResMed by 182.7% in the 2nd quarter. Blue Trust Inc. now owns 212 shares of the medical equipment provider’s stock worth $42,000 after acquiring an additional 137 shares in the last quarter. Finally, Rothschild Investment LLC purchased a new position in ResMed during the 2nd quarter valued at about $44,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Transactions at ResMed

In other news, Director Witte Jan De sold 796 shares of ResMed stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $248.81, for a total transaction of $198,052.76. Following the transaction, the director now owns 6,723 shares in the company, valued at $1,672,749.63. This trade represents a 10.59 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $245.65, for a total value of $491,300.00. Following the completion of the sale, the director now owns 81,218 shares of the company’s stock, valued at $19,951,201.70. This trade represents a 2.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 68,408 shares of company stock worth $16,409,632 in the last ninety days. Insiders own 0.71% of the company’s stock.

ResMed Price Performance

NYSE RMD opened at $241.28 on Friday. ResMed Inc. has a one year low of $162.05 and a one year high of $260.49. The stock has a 50-day moving average of $242.30 and a 200 day moving average of $226.46. 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 $35.42 billion, a price-to-earnings ratio of 31.96, a PEG ratio of 1.80 and a beta of 0.68.

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

ResMed Dividend Announcement

The company also recently declared 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 of this dividend is Thursday, November 7th. This represents a $2.12 annualized dividend and a dividend yield of 0.88%. ResMed’s payout ratio is 28.08%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on RMD. Royal Bank of Canada upped their price objective on shares of ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. Needham & Company LLC restated a “hold” rating on shares of ResMed in a research note on Friday, October 25th. Bank of America lifted 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. Robert W. Baird increased their target price on ResMed from $280.00 to $283.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Finally, Wolfe Research reaffirmed an “underperform” rating and issued a $180.00 price target 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $225.70.

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.