Financial Advocates Investment Management Cuts Position in ResMed Inc. $RMD

Financial Advocates Investment Management reduced its position in shares of ResMed Inc. (NYSE:RMD) by 14.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,193 shares of the medical equipment provider’s stock after selling 379 shares during the period. Financial Advocates Investment Management’s holdings in ResMed were worth $566,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in ResMed by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 18,746,925 shares of the medical equipment provider’s stock valued at $4,836,707,000 after acquiring an additional 253,223 shares during the period. Geode Capital Management LLC lifted its position in shares of ResMed by 2.4% during the second quarter. Geode Capital Management LLC now owns 4,215,145 shares of the medical equipment provider’s stock worth $1,083,409,000 after purchasing an additional 98,717 shares in the last quarter. Northern Trust Corp boosted its stake in shares of ResMed by 2.5% in the first quarter. Northern Trust Corp now owns 1,744,541 shares of the medical equipment provider’s stock valued at $390,516,000 after purchasing an additional 41,951 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of ResMed by 2.3% in the second quarter. Charles Schwab Investment Management Inc. now owns 1,021,001 shares of the medical equipment provider’s stock valued at $263,418,000 after purchasing an additional 22,873 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of ResMed by 2.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 977,401 shares of the medical equipment provider’s stock valued at $218,791,000 after purchasing an additional 22,789 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

ResMed Stock Performance

NYSE:RMD opened at $255.23 on Thursday. ResMed Inc. has a 12 month low of $199.92 and a 12 month high of $293.81. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. The firm has a market capitalization of $37.25 billion, a PE ratio of 26.84, a price-to-earnings-growth ratio of 1.75 and a beta of 0.87. The business’s fifty day moving average price is $262.31 and its 200 day moving average price is $263.43.

ResMed (NYSE:RMD) last released its quarterly earnings data on Friday, October 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.49 by $0.06. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The business had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the prior year, the firm posted $2.20 EPS. The business’s quarterly revenue was up 9.1% compared to the same quarter last year. On average, sell-side analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 18th. Shareholders of record on Thursday, November 13th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 0.9%. The ex-dividend date is Thursday, November 13th. ResMed’s dividend payout ratio is currently 24.56%.

Wall Street Analyst Weigh In

RMD has been the topic of a number of research reports. Wells Fargo & Company began coverage on shares of ResMed in a report on Monday, October 13th. They set an “equal weight” rating and a $280.00 target price on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of ResMed in a research report on Thursday, November 20th. Royal Bank Of Canada lifted their target price on ResMed from $300.00 to $303.00 and gave the company an “outperform” rating in a report on Friday, October 31st. Morgan Stanley set a $305.00 price target on ResMed in a report on Friday, October 31st. Finally, CLSA raised ResMed from a “hold” rating to an “outperform” rating in a research report on Tuesday, September 2nd. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $297.45.

Insider Activity at ResMed

In related news, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $252.05, for a total value of $504,100.00. Following the transaction, the director directly owned 66,110 shares of the company’s stock, valued at $16,663,025.50. This trade represents a 2.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Witte Jan De sold 2,055 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $255.00, for a total value of $524,025.00. Following the transaction, the director directly owned 4,261 shares in the company, valued at approximately $1,086,555. The trade was a 32.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 20,662 shares of company stock worth $5,443,526 in the last ninety days. Company insiders own 0.65% of the company’s stock.

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.