Congress Asset Management Co. MA Boosts Stock Holdings in ResMed Inc. (NYSE:RMD)

Congress Asset Management Co. MA boosted its stake in ResMed Inc. (NYSE:RMD) by 9.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 577,979 shares of the medical equipment provider’s stock after purchasing an additional 48,523 shares during the quarter. Congress Asset Management Co. MA’s holdings in ResMed were worth $99,424,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Morgan Stanley increased its holdings in shares of ResMed by 102.4% in the third quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider’s stock worth $344,481,000 after purchasing an additional 1,178,547 shares during the last quarter. Norges Bank bought a new stake in ResMed in the 4th quarter worth approximately $233,966,000. Charles Schwab Investment Management Inc. increased its stake in ResMed by 5.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 863,289 shares of the medical equipment provider’s stock worth $148,503,000 after acquiring an additional 46,113 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of ResMed by 15.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 698,905 shares of the medical equipment provider’s stock worth $120,225,000 after acquiring an additional 95,689 shares in the last quarter. Finally, LGT Capital Partners LTD. bought a new position in shares of ResMed during the 4th quarter valued at approximately $117,621,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Brett Sandercock sold 1,000 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $209.81, for a total transaction of $209,810.00. Following the transaction, the chief financial officer now directly owns 91,056 shares of the company’s stock, valued at approximately $19,104,459.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other ResMed news, Director Karen Drexler sold 425 shares of the firm’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $214.92, for a total value of $91,341.00. Following the completion of the transaction, the director now owns 8,446 shares of the company’s stock, valued at $1,815,214.32. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Brett Sandercock sold 1,000 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $209.81, for a total transaction of $209,810.00. Following the sale, the chief financial officer now directly owns 91,056 shares in the company, valued at $19,104,459.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,151 shares of company stock valued at $6,666,409. 1.21% of the stock is currently owned by insiders.

ResMed Stock Down 0.3 %

NYSE RMD traded down $0.65 during trading on Friday, reaching $211.73. 1,113,732 shares of the company’s stock traded hands, compared to its average volume of 786,775. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.04 and a quick ratio of 1.97. The firm has a market cap of $31.10 billion, a price-to-earnings ratio of 32.52, a price-to-earnings-growth ratio of 2.09 and a beta of 0.68. The company’s 50 day simple moving average is $205.71 and its two-hundred day simple moving average is $188.68. ResMed Inc. has a 12-month low of $132.24 and a 12-month high of $229.97.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 EPS for the quarter, beating analysts’ consensus estimates of $1.91 by $0.22. ResMed had a net margin of 20.91% and a return on equity of 24.43%. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter last year, the firm posted $1.68 EPS. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. As a group, sell-side analysts forecast that ResMed Inc. will post 7.7 EPS for the current fiscal year.

ResMed Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Thursday, May 9th were issued a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 0.91%. The ex-dividend date of this dividend was Wednesday, May 8th. ResMed’s dividend payout ratio is currently 29.49%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. KeyCorp lifted their price target on shares of ResMed from $227.00 to $238.00 and gave the stock an “overweight” rating in a research note on Friday, April 26th. Royal Bank of Canada upped their target price on ResMed from $187.00 to $200.00 and gave the company a “sector perform” rating in a research note on Friday, April 26th. Oppenheimer decreased their price target on ResMed from $205.00 to $200.00 and set an “outperform” rating for the company in a research note on Friday, April 26th. Mizuho restated a “buy” rating and set a $215.00 price objective on shares of ResMed in a report on Wednesday, March 27th. Finally, Needham & Company LLC increased their target price on ResMed from $224.00 to $236.00 and gave the stock a “buy” rating in a research note on Friday, April 26th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $202.80.

ResMed Company Profile

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.