ResMed Inc. (NYSE:RMD) Stock Holdings Increased by Wealthfront Advisers LLC

Wealthfront Advisers LLC raised its holdings in shares of ResMed Inc. (NYSE:RMD) by 447.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,768 shares of the medical equipment provider’s stock after acquiring an additional 34,950 shares during the period. Wealthfront Advisers LLC’s holdings in ResMed were worth $9,781,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Howard Capital Management Inc. raised its stake in ResMed by 5.3% during the 4th quarter. Howard Capital Management Inc. now owns 900 shares of the medical equipment provider’s stock valued at $206,000 after acquiring an additional 45 shares in the last quarter. Ascent Group LLC raised its stake in ResMed by 1.7% during the 3rd quarter. Ascent Group LLC now owns 2,924 shares of the medical equipment provider’s stock valued at $714,000 after acquiring an additional 48 shares in the last quarter. SkyView Investment Advisors LLC increased its position in shares of ResMed by 2.0% during the 3rd quarter. SkyView Investment Advisors LLC now owns 2,610 shares of the medical equipment provider’s stock valued at $637,000 after purchasing an additional 51 shares during the period. Wedmont Private Capital increased its position in shares of ResMed by 2.6% during the 4th quarter. Wedmont Private Capital now owns 2,032 shares of the medical equipment provider’s stock valued at $475,000 after purchasing an additional 52 shares during the period. Finally, Brooklyn Investment Group increased its position in shares of ResMed by 8.1% during the 4th quarter. Brooklyn Investment Group now owns 911 shares of the medical equipment provider’s stock valued at $208,000 after purchasing an additional 68 shares during the period. Institutional investors own 54.98% of the company’s stock.

Insiders Place Their Bets

In other news, insider Kaushik Ghoshal sold 9,745 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $239.31, for a total value of $2,332,075.95. Following the transaction, the insider now directly owns 9,725 shares of the company’s stock, valued at approximately $2,327,289.75. This represents a 50.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction on Friday, March 7th. The shares were sold at an average price of $229.20, for a total value of $1,835,662.80. Following the sale, the chief executive officer now directly owns 455,472 shares of the company’s stock, valued at approximately $104,394,182.40. The trade was a 1.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,940 shares of company stock worth $9,164,385 in the last quarter. 0.71% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RMD. KeyCorp lifted their price target on ResMed from $266.00 to $280.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Citigroup upgraded ResMed from a “neutral” rating to a “buy” rating in a research report on Wednesday, March 5th. Stifel Nicolaus lowered their price target on ResMed from $250.00 to $240.00 and set a “hold” rating on the stock in a research report on Wednesday, March 5th. Piper Sandler lifted their price target on ResMed from $252.00 to $260.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. lifted their price target on ResMed from $270.00 to $286.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. One research analyst has rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $243.82.

ResMed Stock Performance

Shares of RMD stock opened at $220.09 on Thursday. The company has a market capitalization of $32.32 billion, a price-to-earnings ratio of 25.98, a P/E/G ratio of 1.53 and a beta of 0.74. ResMed Inc. has a 1-year low of $172.19 and a 1-year high of $263.05. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13. The stock’s fifty day simple moving average is $236.63 and its 200-day simple moving average is $239.99.

ResMed (NYSE:RMD) last released its earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.14. ResMed had a return on equity of 26.17% and a net margin of 25.34%. On average, sell-side analysts predict that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Thursday, February 13th. This represents a $2.12 annualized dividend and a yield of 0.96%. ResMed’s dividend payout ratio is presently 25.03%.

ResMed Company Profile

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.