ResMed Inc. (NYSE:RMD) Shares Bought by Cognios Beta Neutral Large Cap Fund LP

Cognios Beta Neutral Large Cap Fund LP grew its stake in shares of ResMed Inc. (NYSE:RMD) by 7.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,411 shares of the medical equipment provider’s stock after acquiring an additional 174 shares during the period. Cognios Beta Neutral Large Cap Fund LP’s holdings in ResMed were worth $415,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of RMD. Morgan Stanley increased its stake in shares of ResMed by 102.4% during the 3rd quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider’s stock worth $344,481,000 after purchasing an additional 1,178,547 shares in the last quarter. LGT Capital Partners LTD. purchased a new position in shares of ResMed during the 4th quarter worth approximately $117,621,000. abrdn plc increased its stake in shares of ResMed by 79.2% during the 3rd quarter. abrdn plc now owns 901,485 shares of the medical equipment provider’s stock worth $133,303,000 after purchasing an additional 398,302 shares in the last quarter. Hsbc Holdings PLC increased its stake in shares of ResMed by 109.9% during the 3rd quarter. Hsbc Holdings PLC now owns 490,214 shares of the medical equipment provider’s stock worth $72,785,000 after purchasing an additional 256,624 shares in the last quarter. Finally, UBS Group AG increased its stake in shares of ResMed by 109.3% during the 3rd quarter. UBS Group AG now owns 457,717 shares of the medical equipment provider’s stock worth $67,683,000 after purchasing an additional 239,001 shares in the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RMD has been the subject of several recent analyst reports. Royal Bank of Canada lifted their target price on shares of ResMed from $181.00 to $182.00 and gave the stock a “sector perform” rating in a research note on Thursday, January 25th. UBS Group lifted their target price on shares of ResMed from $175.00 to $180.00 and gave the stock a “neutral” rating in a research note on Thursday, January 25th. JPMorgan Chase & Co. lifted their price target on shares of ResMed from $160.00 to $195.00 and gave the company an “overweight” rating in a report on Tuesday, January 9th. Needham & Company LLC lifted their price target on shares of ResMed from $215.00 to $224.00 and gave the company a “buy” rating in a report on Monday, April 1st. Finally, KeyCorp started coverage on shares of ResMed in a report on Tuesday, February 6th. They issued an “overweight” rating and a $227.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $199.20.

Insiders Place Their Bets

In other ResMed news, Director Peter C. Farrell sold 10,935 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $182.66, for a total value of $1,997,387.10. Following the transaction, the director now owns 157,404 shares in the company, valued at approximately $28,751,414.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other ResMed news, Director Peter C. Farrell sold 10,935 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $182.66, for a total value of $1,997,387.10. Following the transaction, the director now owns 157,404 shares in the company, valued at approximately $28,751,414.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Michael J. Rider sold 200 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $173.25, for a total transaction of $34,650.00. Following the completion of the transaction, the general counsel now owns 6,688 shares in the company, valued at approximately $1,158,696. The disclosure for this sale can be found here. Insiders have sold 11,216 shares of company stock worth $2,046,617 in the last quarter. 1.21% of the stock is owned by corporate insiders.

ResMed Stock Down 0.3 %

Shares of NYSE:RMD traded down $0.48 during midday trading on Wednesday, hitting $183.74. 973,427 shares of the company’s stock traded hands, compared to its average volume of 1,013,908. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.89 and a current ratio of 3.11. The company has a market cap of $27.03 billion, a PE ratio of 30.44, a P/E/G ratio of 2.21 and a beta of 0.67. The firm’s fifty day moving average price is $186.24 and its two-hundred day moving average price is $171.30. ResMed Inc. has a twelve month low of $132.24 and a twelve month high of $243.52.

ResMed (NYSE:RMD) last posted its earnings results on Wednesday, January 24th. The medical equipment provider reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.81 by $0.07. ResMed had a net margin of 19.77% and a return on equity of 23.86%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the business posted $1.66 EPS. The business’s quarterly revenue was up 12.5% on a year-over-year basis. On average, equities research analysts anticipate that ResMed Inc. will post 7.47 EPS for the current fiscal year.

About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.