ResMed Inc. (NYSE:RMD) Holdings Raised by Simplicity Solutions LLC

Simplicity Solutions LLC lifted its stake in shares of ResMed Inc. (NYSE:RMD) by 20.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,532 shares of the medical equipment provider’s stock after purchasing an additional 604 shares during the quarter. Simplicity Solutions LLC’s holdings in ResMed were worth $608,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Geode Capital Management LLC raised its stake in shares of ResMed by 3.3% during the first quarter. Geode Capital Management LLC now owns 3,231,885 shares of the medical equipment provider’s stock valued at $706,314,000 after purchasing an additional 103,438 shares in the last quarter. Morgan Stanley raised its stake in shares of ResMed by 102.4% during the third quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider’s stock valued at $344,481,000 after purchasing an additional 1,178,547 shares in the last quarter. Norges Bank bought a new stake in shares of ResMed during the fourth quarter valued at about $244,477,000. abrdn plc raised its stake in shares of ResMed by 79.2% during the third quarter. abrdn plc now owns 901,485 shares of the medical equipment provider’s stock valued at $133,303,000 after purchasing an additional 398,302 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of ResMed by 12.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 849,576 shares of the medical equipment provider’s stock valued at $176,822,000 after purchasing an additional 92,261 shares in the last quarter. 54.98% of the stock is currently owned by institutional investors.

Insider Activity

In other news, General Counsel Michael J. Rider sold 200 shares of ResMed stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $173.25, for a total transaction of $34,650.00. Following the completion of the sale, the general counsel now directly owns 6,688 shares in the company, valued at approximately $1,158,696. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Peter C. Farrell sold 10,935 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $182.66, for a total value of $1,997,387.10. Following the completion of the sale, the director now directly owns 157,404 shares in the company, valued at approximately $28,751,414.64. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Michael J. Rider sold 200 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $173.25, for a total value of $34,650.00. Following the completion of the sale, the general counsel now owns 6,688 shares of the company’s stock, valued at $1,158,696. The disclosure for this sale can be found here. Insiders sold a total of 11,216 shares of company stock worth $2,046,617 in the last three months. 1.21% of the stock is owned by insiders.

ResMed Trading Down 6.0 %

NYSE:RMD opened at $173.86 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.11 and a quick ratio of 1.89. ResMed Inc. has a fifty-two week low of $132.24 and a fifty-two week high of $243.52. The stock’s 50-day moving average is $186.42 and its two-hundred day moving average is $170.17. The stock has a market cap of $25.57 billion, a PE ratio of 28.74, a price-to-earnings-growth ratio of 2.29 and a beta of 0.67.

ResMed (NYSE:RMD) last released its earnings results on Wednesday, January 24th. The medical equipment provider reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.81 by $0.07. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. ResMed had a return on equity of 23.86% and a net margin of 19.77%. The business’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.66 EPS. As a group, equities research analysts forecast that ResMed Inc. will post 7.46 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Stockholders of record on Thursday, February 8th were issued a dividend of $0.48 per share. The ex-dividend date was Wednesday, February 7th. This represents a $1.92 annualized dividend and a dividend yield of 1.10%. ResMed’s dividend payout ratio is 31.74%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RMD. UBS Group boosted their price target on shares of ResMed from $175.00 to $180.00 and gave the stock a “neutral” rating in a research report on Thursday, January 25th. Royal Bank of Canada boosted their price target on shares of ResMed from $181.00 to $182.00 and gave the stock a “sector perform” rating in a research report on Thursday, January 25th. Oppenheimer boosted their price target on shares of ResMed from $185.00 to $205.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 30th. Mizuho reiterated a “buy” rating and issued a $215.00 price target on shares of ResMed in a research report on Wednesday, March 27th. Finally, Needham & Company LLC boosted their price target on shares of ResMed from $215.00 to $224.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $199.20.

About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.