ProShare Advisors LLC Increases Holdings in ResMed Inc. (NYSE:RMD)

ProShare Advisors LLC boosted its stake in ResMed Inc. (NYSE:RMD) by 10.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,631 shares of the medical equipment provider’s stock after purchasing an additional 2,410 shares during the period. ProShare Advisors LLC’s holdings in ResMed were worth $6,090,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. First Horizon Advisors Inc. grew its stake in shares of ResMed by 285.1% in the fourth quarter. First Horizon Advisors Inc. now owns 593 shares of the medical equipment provider’s stock valued at $136,000 after buying an additional 439 shares in the last quarter. Spire Wealth Management grew its position in ResMed by 11.3% in the fourth quarter. Spire Wealth Management now owns 10,800 shares of the medical equipment provider’s stock valued at $2,470,000 after acquiring an additional 1,100 shares in the last quarter. Asset Management One Co. Ltd. grew its position in ResMed by 2.8% in the fourth quarter. Asset Management One Co. Ltd. now owns 60,489 shares of the medical equipment provider’s stock valued at $14,105,000 after acquiring an additional 1,629 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of ResMed by 38.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,830 shares of the medical equipment provider’s stock valued at $2,989,000 after purchasing an additional 3,576 shares during the period. Finally, Cumberland Partners Ltd lifted its position in shares of ResMed by 550.0% during the fourth quarter. Cumberland Partners Ltd now owns 13,000 shares of the medical equipment provider’s stock worth $2,973,000 after purchasing an additional 11,000 shares in the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RMD. Royal Bank of Canada raised their price target on shares of ResMed from $247.00 to $255.00 and gave the company a “sector perform” rating in a report on Thursday, April 24th. Piper Sandler lowered their target price on ResMed from $260.00 to $248.00 and set a “neutral” rating for the company in a research note on Thursday, April 24th. JPMorgan Chase & Co. boosted their price target on ResMed from $286.00 to $290.00 and gave the stock an “overweight” rating 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. Finally, Citigroup upgraded 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, five have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $258.83.

Insider Transactions at ResMed

In related news, CEO Michael J. Farrell sold 8,009 shares of the firm’s stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $243.23, for a total value of $1,948,029.07. Following the sale, the chief executive officer now owns 455,503 shares of the company’s stock, valued at approximately $110,791,994.69. This trade represents a 1.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $227.71, for a total value of $455,420.00. Following the transaction, the director now owns 75,218 shares of the company’s stock, valued at approximately $17,127,890.78. The trade was a 2.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,949 shares of company stock worth $11,335,320. 0.71% of the stock is currently owned by insiders.

ResMed Trading Up 1.3%

Shares of NYSE RMD opened at $251.75 on Monday. The company has a quick ratio of 2.29, a current ratio of 3.33 and a debt-to-equity ratio of 0.13. The stock’s 50 day moving average price is $225.34 and its two-hundred day moving average price is $234.11. ResMed Inc. has a 52-week low of $179.42 and a 52-week high of $263.05. The stock has a market capitalization of $36.91 billion, a P/E ratio of 29.72, a PEG ratio of 1.53 and a beta of 0.78.

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

ResMed Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 8th will be issued a dividend of $0.53 per share. The ex-dividend date is Thursday, May 8th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.84%. ResMed’s dividend payout ratio (DPR) is 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.