Prudential Financial Inc. Trims Stock Position in ResMed Inc. (NYSE:RMD)

Prudential Financial Inc. trimmed its position in ResMed Inc. (NYSE:RMD) by 5.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 86,895 shares of the medical equipment provider’s stock after selling 4,635 shares during the quarter. Prudential Financial Inc. owned about 0.06% of ResMed worth $19,872,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. True Wealth Design LLC lifted its holdings in ResMed by 2,200.0% in the third quarter. True Wealth Design LLC now owns 115 shares of the medical equipment provider’s stock valued at $28,000 after acquiring an additional 110 shares during the last quarter. OFI Invest Asset Management acquired a new position in shares of ResMed in the 4th quarter valued at $39,000. BankPlus Trust Department purchased a new position in shares of ResMed during the 4th quarter worth $44,000. Rosenberg Matthew Hamilton acquired a new stake in shares of ResMed during the 4th quarter worth about $54,000. Finally, SBI Securities Co. Ltd. purchased a new stake in ResMed in the 4th quarter valued at about $67,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insiders Place Their Bets

In related news, insider Kaushik Ghoshal sold 9,745 shares of ResMed stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $239.31, for a total transaction of $2,332,075.95. Following the completion of the sale, the insider now owns 9,725 shares in the company, valued at approximately $2,327,289.75. This trade represents a 50.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the business’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $236.77, for a total transaction of $1,896,290.93. Following the completion of the transaction, the chief executive officer now directly owns 455,472 shares of the company’s stock, valued at $107,842,105.44. The trade was a 1.73 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 38,940 shares of company stock valued at $9,164,385. Corporate insiders own 0.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RMD. JPMorgan Chase & Co. lifted their price target on shares of ResMed from $270.00 to $286.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. KeyCorp lifted their target price on shares of ResMed from $266.00 to $280.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Needham & Company LLC restated a “hold” rating on shares of ResMed in a research note on Friday, January 31st. Morgan Stanley began coverage on ResMed in a research note on Wednesday, March 19th. They issued an “overweight” rating and a $280.00 price objective for the company. Finally, UBS Group raised ResMed from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 31st. One research analyst has rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $246.83.

ResMed Stock Performance

RMD opened at $221.90 on Thursday. The stock’s 50 day simple moving average is $234.39 and its 200 day simple moving average is $238.55. The stock has a market cap of $32.59 billion, a P/E ratio of 26.20, 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 debt-to-equity ratio of 0.13, a current ratio of 3.33 and a quick ratio of 2.29.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share (EPS) for the quarter, topping 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%. As a group, equities analysts anticipate that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date of this dividend was Thursday, February 13th. ResMed’s dividend payout ratio (DPR) is presently 25.03%.

ResMed 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.