Envestnet Asset Management Inc. Raises Stock Position in ResMed Inc. (NYSE:RMD)

Envestnet Asset Management Inc. grew its holdings in ResMed Inc. (NYSE:RMD) by 68.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 124,635 shares of the medical equipment provider’s stock after acquiring an additional 50,815 shares during the period. Envestnet Asset Management Inc.’s holdings in ResMed were worth $28,503,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Aviva PLC lifted its holdings in ResMed by 658.8% in the 4th quarter. Aviva PLC now owns 62,305 shares of the medical equipment provider’s stock worth $14,249,000 after purchasing an additional 54,094 shares in the last quarter. Resona Asset Management Co. Ltd. purchased a new position in shares of ResMed in the fourth quarter worth $9,895,000. Wells Fargo & Company MN lifted its holdings in shares of ResMed by 2.4% in the fourth quarter. Wells Fargo & Company MN now owns 151,180 shares of the medical equipment provider’s stock worth $34,573,000 after buying an additional 3,568 shares in the last quarter. Kidder Stephen W bought a new position in shares of ResMed during the fourth quarter worth $203,000. Finally, Prudential PLC grew its stake in ResMed by 7.9% during the fourth quarter. Prudential PLC now owns 18,995 shares of the medical equipment provider’s stock valued at $4,344,000 after acquiring an additional 1,392 shares in the last quarter. Institutional investors own 54.98% of the company’s stock.

Insider Activity at ResMed

In other news, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $209.85, for a total transaction of $1,680,688.65. Following the completion of the sale, the chief executive officer now owns 455,472 shares of the company’s stock, valued at approximately $95,580,799.20. The trade was a 1.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kaushik Ghoshal sold 9,113 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $235.40, for a total value of $2,145,200.20. Following the completion of the transaction, the insider now directly owns 9,725 shares in the company, valued at approximately $2,289,265. This trade represents a 48.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 49,013 shares of company stock worth $11,298,816 in the last quarter. 0.71% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RMD. Morgan Stanley initiated coverage on shares of ResMed in a research note on Wednesday, March 19th. They issued an “overweight” rating and a $280.00 price target on the stock. StockNews.com lowered ResMed from a “buy” rating to a “hold” rating in a research note on Wednesday, April 2nd. Needham & Company LLC restated a “hold” rating on shares of ResMed in a report on Friday, January 31st. Piper Sandler upped their price objective on ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Finally, Citigroup raised shares of ResMed from a “neutral” rating to a “buy” rating in a report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $249.73.

ResMed Trading Up 1.4 %

Shares of RMD opened at $213.59 on Friday. The company’s fifty day simple moving average is $225.64 and its 200-day simple moving average is $235.44. The company has a market cap of $31.37 billion, a P/E ratio of 25.22, a P/E/G ratio of 1.53 and a beta of 0.75. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13. ResMed Inc. has a twelve month low of $172.19 and a twelve month high of $263.05.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 EPS for the quarter, beating the consensus estimate of $2.29 by $0.14. ResMed had a net margin of 25.34% and a return on equity of 26.17%. As a group, analysts expect that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Thursday, February 13th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date of this dividend was Thursday, February 13th. ResMed’s dividend payout ratio is currently 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.