Hartford Investment Management Co. Decreases Stock Position in ResMed Inc. (NYSE:RMD)

Hartford Investment Management Co. decreased its stake in shares of ResMed Inc. (NYSE:RMD) by 1.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,260 shares of the medical equipment provider’s stock after selling 154 shares during the quarter. Hartford Investment Management Co.’s holdings in ResMed were worth $2,261,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of RMD. BOK Financial Private Wealth Inc. acquired a new stake in shares of ResMed in the 1st quarter valued at $35,000. OFI Invest Asset Management purchased a new position in ResMed in the second quarter valued at $32,000. Versant Capital Management Inc raised its stake in ResMed by 196.7% in the second quarter. Versant Capital Management Inc now owns 181 shares of the medical equipment provider’s stock valued at $35,000 after buying an additional 120 shares in the last quarter. Financial Connections Group Inc. purchased a new stake in ResMed during the 2nd quarter worth about $37,000. Finally, Blue Trust Inc. lifted its holdings in ResMed by 182.7% during the 2nd quarter. Blue Trust Inc. now owns 212 shares of the medical equipment provider’s stock worth $42,000 after buying an additional 137 shares during the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

ResMed Stock Performance

NYSE RMD opened at $239.05 on Friday. The firm has a market cap of $35.09 billion, a P/E ratio of 34.49, a P/E/G ratio of 1.94 and a beta of 0.69. ResMed Inc. has a 52-week low of $132.24 and a 52-week high of $255.18. The business’s 50-day moving average price is $239.99 and its 200 day moving average price is $217.20. The company has a quick ratio of 1.69, a current ratio of 2.59 and a debt-to-equity ratio of 0.14.

ResMed (NYSE:RMD) last released its earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.05. ResMed had a return on equity of 25.00% and a net margin of 21.79%. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the previous year, the company posted $1.60 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities research analysts expect that ResMed Inc. will post 9.08 earnings per share for the current year.

ResMed Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Thursday, August 15th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $2.12 dividend on an annualized basis and a yield of 0.89%. This is an increase from ResMed’s previous quarterly dividend of $0.48. ResMed’s dividend payout ratio is presently 30.59%.

Analyst Upgrades and Downgrades

RMD has been the topic of several research analyst reports. Royal Bank of Canada raised their target price on ResMed from $206.00 to $224.00 and gave the stock a “sector perform” rating in a research report on Tuesday, October 1st. Baird R W raised shares of ResMed to a “strong-buy” rating in a report on Tuesday, September 24th. KeyCorp upped their target price on shares of ResMed from $238.00 to $251.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Bank of America lifted their price target on shares of ResMed from $240.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Finally, Wolfe Research restated an “underperform” rating and issued a $180.00 price objective on shares of ResMed in a research note on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, ResMed has a consensus rating of “Moderate Buy” and a consensus price target of $218.18.

Insider Activity

In related news, insider Justin Leong sold 48,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $217.07, for a total value of $10,419,360.00. Following the completion of the sale, the insider now owns 18,741 shares in the company, valued at $4,068,108.87. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, General Counsel Michael J. Rider sold 882 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $231.00, for a total transaction of $203,742.00. Following the transaction, the general counsel now owns 10,512 shares of the company’s stock, valued at $2,428,272. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Justin Leong sold 48,000 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $217.07, for a total value of $10,419,360.00. Following the completion of the transaction, the insider now owns 18,741 shares of the company’s stock, valued at $4,068,108.87. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 123,874 shares of company stock valued at $28,151,142 over the last quarter. Corporate insiders own 0.71% of the company’s stock.

ResMed Company 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.