Sovereign s Capital Management LLC lessened its position in ResMed Inc. (NYSE:RMD – Free Report) by 56.2% in the fourth quarter, HoldingsChannel reports. The fund owned 3,435 shares of the medical equipment provider’s stock after selling 4,404 shares during the quarter. Sovereign s Capital Management LLC’s holdings in ResMed were worth $827,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in the company. Terra Nova Asset Management LLC grew its stake in ResMed by 0.6% in the third quarter. Terra Nova Asset Management LLC now owns 7,805 shares of the medical equipment provider’s stock valued at $2,136,000 after acquiring an additional 46 shares during the period. Occidental Asset Management LLC grew its stake in ResMed by 3.0% in the fourth quarter. Occidental Asset Management LLC now owns 1,699 shares of the medical equipment provider’s stock valued at $409,000 after acquiring an additional 49 shares during the period. Andina Capital Management LLC grew its stake in ResMed by 2.9% in the fourth quarter. Andina Capital Management LLC now owns 1,988 shares of the medical equipment provider’s stock valued at $479,000 after acquiring an additional 56 shares during the period. Wedmont Private Capital grew its stake in ResMed by 2.7% in the fourth quarter. Wedmont Private Capital now owns 2,183 shares of the medical equipment provider’s stock valued at $542,000 after acquiring an additional 57 shares during the period. Finally, New Wave Wealth Advisors LLC grew its stake in ResMed by 3.0% in the fourth quarter. New Wave Wealth Advisors LLC now owns 1,956 shares of the medical equipment provider’s stock valued at $471,000 after acquiring an additional 57 shares during the period. Institutional investors and hedge funds own 54.98% of the company’s stock.
ResMed Stock Up 0.7%
Shares of NYSE:RMD opened at $194.13 on Wednesday. The stock has a market cap of $28.16 billion, a price-to-earnings ratio of 18.72, a PEG ratio of 1.23 and a beta of 0.80. The company has a quick ratio of 2.33, a current ratio of 3.01 and a debt-to-equity ratio of 0.06. ResMed Inc. has a 12-month low of $180.26 and a 12-month high of $293.81. The business’s 50 day moving average is $209.09 and its 200 day moving average is $234.41.
ResMed Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Thursday, May 14th will be given a $0.60 dividend. The ex-dividend date of this dividend is Thursday, May 14th. This represents a $2.40 annualized dividend and a yield of 1.2%. ResMed’s payout ratio is currently 23.14%.
Insider Buying and Selling at ResMed
In other ResMed news, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total value of $450,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael J. Farrell sold 4,991 shares of the business’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $193.96, for a total value of $968,054.36. Following the completion of the transaction, the chief executive officer directly owned 466,256 shares in the company, valued at approximately $90,435,013.76. This represents a 1.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 16,973 shares of company stock worth $3,580,754. Insiders own 0.65% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts recently issued reports on RMD shares. Wells Fargo & Company cut their target price on ResMed from $270.00 to $227.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Citigroup cut their target price on ResMed to $270.00 and set a “buy” rating on the stock in a research report on Monday. KeyCorp cut their target price on ResMed from $302.00 to $290.00 and set an “overweight” rating on the stock in a research report on Monday, April 27th. Weiss Ratings cut ResMed from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 22nd. Finally, Evercore set a $255.00 target price on ResMed and gave the company an “outperform” rating in a research report on Monday, April 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $279.82.
Get Our Latest Stock Analysis on RMD
ResMed Company Profile
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.
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