Baird Financial Group Inc. Lowers Stock Position in ResMed Inc. (NYSE:RMD)

Baird Financial Group Inc. trimmed its position in ResMed Inc. (NYSE:RMD) by 8.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 165,071 shares of the medical equipment provider’s stock after selling 15,820 shares during the quarter. Baird Financial Group Inc.’s holdings in ResMed were worth $37,750,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of ResMed by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 18,173,462 shares of the medical equipment provider’s stock worth $4,156,089,000 after purchasing an additional 160,590 shares in the last quarter. Geode Capital Management LLC increased its stake in ResMed by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 3,944,084 shares of the medical equipment provider’s stock worth $899,860,000 after buying an additional 85,270 shares in the last quarter. Invesco Ltd. increased its stake in ResMed by 32.2% in the 4th quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider’s stock worth $531,706,000 after buying an additional 566,046 shares in the last quarter. Northern Trust Corp raised its holdings in ResMed by 20.6% during the fourth quarter. Northern Trust Corp now owns 1,702,590 shares of the medical equipment provider’s stock valued at $389,365,000 after acquiring an additional 290,664 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of ResMed by 3.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 957,020 shares of the medical equipment provider’s stock valued at $218,861,000 after acquiring an additional 32,973 shares in the last quarter. Institutional investors own 54.98% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on RMD shares. UBS Group decreased their target price on ResMed from $290.00 to $285.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Needham & Company LLC reissued a “hold” rating on shares of ResMed in a report on Friday, January 31st. Piper Sandler cut their target price on shares of ResMed from $260.00 to $248.00 and set a “neutral” rating for the company in a research note on Thursday, April 24th. Royal Bank of Canada boosted their price target on shares of ResMed from $247.00 to $255.00 and gave the stock a “sector perform” rating in a research note on Thursday, April 24th. Finally, StockNews.com upgraded ResMed from a “hold” rating to a “buy” rating in a research report on Friday. One analyst has rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, ResMed has an average rating of “Moderate Buy” and a consensus target price of $258.83.

Insider Buying and Selling at ResMed

In other news, insider Kaushik Ghoshal sold 9,113 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $235.40, for a total transaction of $2,145,200.20. Following the completion of the sale, the insider now directly owns 9,725 shares of the company’s stock, valued at approximately $2,289,265. The trade was a 48.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the firm’s stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $209.85, for a total transaction of $1,680,688.65. Following the completion of the transaction, the chief executive officer now directly owns 455,472 shares in the company, valued at $95,580,799.20. This represents a 1.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 48,949 shares of company stock worth $11,283,302 over the last 90 days. Company insiders own 0.71% of the company’s stock.

ResMed Price Performance

Shares of ResMed stock opened at $240.66 on Tuesday. The stock has a market cap of $35.29 billion, a price-to-earnings ratio of 28.41, a price-to-earnings-growth ratio of 1.53 and a beta of 0.75. 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 50 day moving average price of $222.44 and a 200-day moving average price of $233.91. ResMed Inc. has a one year low of $179.42 and a one year high of $263.05.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.01. The business had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.28 billion. ResMed had a net margin of 25.34% and a return on equity of 26.17%. The business’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.13 earnings per share. Equities analysts expect that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 8th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend is Thursday, May 8th. ResMed’s payout ratio is currently 23.79%.

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.