Geode Capital Management LLC Buys 85,270 Shares of ResMed Inc. (NYSE:RMD)

Geode Capital Management LLC increased its stake in shares of ResMed Inc. (NYSE:RMD) by 2.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,944,084 shares of the medical equipment provider’s stock after purchasing an additional 85,270 shares during the period. Geode Capital Management LLC owned approximately 2.69% of ResMed worth $899,860,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RMD. HighPoint Advisor Group LLC lifted its holdings in shares of ResMed by 2.6% during the 4th quarter. HighPoint Advisor Group LLC now owns 2,570 shares of the medical equipment provider’s stock valued at $610,000 after buying an additional 64 shares during the period. Franklin Resources Inc. lifted its holdings in ResMed by 13.9% in the fourth quarter. Franklin Resources Inc. now owns 198,372 shares of the medical equipment provider’s stock valued at $45,366,000 after acquiring an additional 24,259 shares during the period. Mawer Investment Management Ltd. lifted its holdings in ResMed by 14.2% in the fourth quarter. Mawer Investment Management Ltd. now owns 87,443 shares of the medical equipment provider’s stock valued at $19,997,000 after acquiring an additional 10,889 shares during the period. Schroder Investment Management Group boosted its position in ResMed by 59.0% in the fourth quarter. Schroder Investment Management Group now owns 94,088 shares of the medical equipment provider’s stock worth $21,593,000 after purchasing an additional 34,924 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of ResMed by 9.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 216,127 shares of the medical equipment provider’s stock valued at $49,426,000 after purchasing an additional 17,951 shares during the last quarter. Institutional investors own 54.98% of the company’s stock.

Insider Activity

In related news, insider Kaushik Ghoshal sold 9,745 shares of the stock in a transaction dated 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 completion of the transaction, the insider now owns 9,725 shares of the company’s stock, valued at approximately $2,327,289.75. This trade represents a 50.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $242.11, for a total value of $484,220.00. Following the transaction, the director now directly owns 77,218 shares in the company, valued at approximately $18,695,249.98. This represents a 2.52 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,940 shares of company stock worth $9,164,385. 0.71% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

RMD has been the topic of a number of research reports. Piper Sandler raised their price objective on shares of ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. UBS Group upgraded shares of ResMed from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 31st. StockNews.com lowered ResMed from a “buy” rating to a “hold” rating in a research note on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of ResMed in a research report on Friday, January 31st. Finally, Citigroup raised ResMed from a “neutral” rating to a “buy” rating in a research note on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, ResMed presently has a consensus rating of “Moderate Buy” and a consensus target price of $249.73.

ResMed Stock Performance

RMD opened at $222.78 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33. The stock has a market capitalization of $32.72 billion, a price-to-earnings ratio of 26.30, a PEG ratio of 1.53 and a beta of 0.74. The company has a fifty day moving average of $232.37 and a 200 day moving average of $237.54. ResMed Inc. has a fifty-two week low of $172.19 and a fifty-two week high of $263.05.

ResMed (NYSE:RMD) last issued its 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, sell-side analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Thursday, February 13th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $2.12 annualized dividend and a dividend yield of 0.95%. ResMed’s dividend payout ratio (DPR) is 25.03%.

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.