Sei Investments Co. Sells 43,559 Shares of ResMed Inc. $RMD

Sei Investments Co. reduced its stake in shares of ResMed Inc. (NYSE:RMD) by 33.9% in the 1st quarter, HoldingsChannel.com reports. The fund owned 85,055 shares of the medical equipment provider’s stock after selling 43,559 shares during the quarter. Sei Investments Co.’s holdings in ResMed were worth $19,092,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. First Trust Advisors LP increased its position in shares of ResMed by 240.9% during the 4th quarter. First Trust Advisors LP now owns 1,517,592 shares of the medical equipment provider’s stock worth $365,542,000 after purchasing an additional 1,072,394 shares in the last quarter. Norges Bank acquired a new position in ResMed in the fourth quarter valued at about $249,068,000. Deutsche Bank AG grew its stake in ResMed by 126.0% during the fourth quarter. Deutsche Bank AG now owns 1,413,477 shares of the medical equipment provider’s stock worth $340,464,000 after buying an additional 787,949 shares during the last quarter. Morgan Stanley grew its stake in ResMed by 25.0% during the fourth quarter. Morgan Stanley now owns 2,891,697 shares of the medical equipment provider’s stock worth $696,523,000 after buying an additional 578,559 shares during the last quarter. Finally, Swedbank AB grew its stake in ResMed by 103.1% during the fourth quarter. Swedbank AB now owns 1,102,476 shares of the medical equipment provider’s stock worth $265,553,000 after buying an additional 559,765 shares during the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

ResMed Trading Up 2.6%

RMD opened at $214.36 on Thursday. ResMed Inc. has a 1-year low of $180.26 and a 1-year high of $293.81. The stock has a market capitalization of $31.09 billion, a PE ratio of 20.67, a PEG ratio of 1.27 and a beta of 0.78. The company has a current ratio of 3.01, a quick ratio of 2.33 and a debt-to-equity ratio of 0.06. The firm has a 50-day moving average price of $198.80 and a two-hundred day moving average price of $223.98.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, beating the consensus estimate of $2.79 by $0.07. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. ResMed had a net margin of 27.44% and a return on equity of 25.35%. ResMed’s revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.37 earnings per share. As a group, equities analysts anticipate that ResMed Inc. will post 11.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $218.55, for a total transaction of $1,090,783.05. Following the transaction, the chief executive officer owned 466,223 shares of the company’s stock, valued at approximately $101,893,036.65. This represents a 1.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 14,973 shares of company stock valued at $3,096,067. Insiders own 0.65% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on RMD shares. The Goldman Sachs Group reiterated a “buy” rating on shares of ResMed in a research note on Wednesday, July 1st. Mizuho decreased their price target on ResMed from $235.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 15th. Wells Fargo & Company dropped their price target on ResMed from $227.00 to $225.00 and set an “equal weight” rating for the company in a report on Wednesday, July 8th. Evercore set a $255.00 price objective on ResMed and gave the company an “outperform” rating in a research report on Monday, April 13th. Finally, KeyCorp reduced their price objective on ResMed from $290.00 to $266.00 and set an “overweight” rating on the stock in a research note on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $246.25.

About ResMed

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.