Ameriprise Financial Inc. Increases Stock Position in ResMed Inc. (NYSE:RMD)

Ameriprise Financial Inc. lifted its stake in ResMed Inc. (NYSE:RMD) by 25.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 305,237 shares of the medical equipment provider’s stock after acquiring an additional 62,010 shares during the quarter. Ameriprise Financial Inc. owned 0.21% of ResMed worth $69,801,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of ResMed by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 18,173,462 shares of the medical equipment provider’s stock worth $4,156,089,000 after buying an additional 160,590 shares during the period. Geode Capital Management LLC grew its position in ResMed by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 3,944,084 shares of the medical equipment provider’s stock valued at $899,860,000 after acquiring an additional 85,270 shares in the last quarter. Invesco Ltd. increased its stake in ResMed by 32.2% during the fourth quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider’s stock worth $531,706,000 after purchasing an additional 566,046 shares during the period. Northern Trust Corp lifted its position in shares of ResMed by 20.6% during the fourth quarter. Northern Trust Corp now owns 1,702,590 shares of the medical equipment provider’s stock worth $389,365,000 after purchasing an additional 290,664 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of ResMed by 3.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 957,020 shares of the medical equipment provider’s stock valued at $218,861,000 after purchasing an additional 32,973 shares during the period. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insiders Place Their Bets

In other ResMed news, insider Kaushik Ghoshal sold 9,113 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $235.40, for a total value of $2,145,200.20. Following the transaction, the insider now directly owns 9,725 shares of the company’s stock, valued at approximately $2,289,265. The trade was a 48.38 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael J. Farrell sold 8,009 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $229.20, for a total transaction of $1,835,662.80. Following the completion of the sale, the chief executive officer now owns 455,472 shares of the company’s stock, valued at $104,394,182.40. This trade represents a 1.73 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,949 shares of company stock valued at $11,335,320. Insiders own 0.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Stifel Nicolaus reduced their target price on shares of ResMed from $250.00 to $240.00 and set a “hold” rating on the stock in a report on Wednesday, March 5th. The Goldman Sachs Group started coverage on ResMed in a research note on Thursday, January 16th. They issued a “buy” rating on the stock. UBS Group lowered their target price on ResMed from $290.00 to $285.00 and set a “buy” rating for the company in a research note on Thursday, April 24th. Mizuho set a $265.00 price target on ResMed in a research report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. boosted their price objective on ResMed from $286.00 to $290.00 and gave the stock an “overweight” rating in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $258.83.

ResMed Stock Performance

NYSE RMD opened at $245.12 on Friday. The company has a fifty day moving average of $223.37 and a two-hundred day moving average of $234.09. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.33 and a quick ratio of 2.29. ResMed Inc. has a 1 year low of $179.42 and a 1 year high of $263.05. The company has a market capitalization of $35.94 billion, a PE ratio of 28.94, a P/E/G ratio of 1.53 and a beta of 0.78.

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

ResMed Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Thursday, May 8th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date is Thursday, May 8th. ResMed’s dividend payout ratio is currently 23.79%.

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.