Orion Capital Management LLC Trims Stock Position in ResMed Inc. (NYSE:RMD)

Orion Capital Management LLC reduced its stake in shares of ResMed Inc. (NYSE:RMD) by 7.5% during the third quarter, Holdings Channel reports. The firm owned 3,010 shares of the medical equipment provider’s stock after selling 245 shares during the quarter. Orion Capital Management LLC’s holdings in ResMed were worth $735,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. State Street Corp grew its position in shares of ResMed by 1.9% in the 3rd quarter. State Street Corp now owns 6,261,633 shares of the medical equipment provider’s stock worth $1,528,590,000 after buying an additional 116,918 shares during the period. Bank of New York Mellon Corp grew its position in shares of ResMed by 51.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,772,761 shares of the medical equipment provider’s stock worth $1,105,022,000 after buying an additional 1,959,642 shares during the period. Geode Capital Management LLC grew its position in shares of ResMed by 10.9% in the 3rd quarter. Geode Capital Management LLC now owns 3,858,814 shares of the medical equipment provider’s stock worth $939,114,000 after buying an additional 380,383 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of ResMed by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 924,047 shares of the medical equipment provider’s stock worth $225,578,000 after buying an additional 13,985 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of ResMed by 0.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 742,411 shares of the medical equipment provider’s stock worth $181,237,000 after buying an additional 2,406 shares during the period. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Trading Up 1.3 %

RMD stock opened at $244.63 on Tuesday. The firm has a fifty day moving average price of $242.31 and a 200 day moving average price of $226.81. ResMed Inc. has a fifty-two week low of $162.18 and a fifty-two week high of $260.49. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.92. The firm has a market cap of $35.91 billion, a PE ratio of 32.40, a price-to-earnings-growth ratio of 1.75 and a beta of 0.68.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.17. ResMed had a net margin of 23.15% and a return on equity of 25.53%. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same period last year, the firm posted $1.64 earnings per share. ResMed’s revenue for the quarter was up 11.1% compared to the same quarter last year. Sell-side analysts anticipate that ResMed Inc. will post 9.34 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 12th. Investors of record on Thursday, November 7th will be given a $0.53 dividend. The ex-dividend date is Thursday, November 7th. This represents a $2.12 dividend on an annualized basis and a yield of 0.87%. ResMed’s dividend payout ratio is presently 28.08%.

Analyst Ratings Changes

A number of research firms have recently weighed in on RMD. Robert W. Baird upped their target price on shares of ResMed from $280.00 to $283.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Baird R W raised shares of ResMed to a “strong-buy” rating in a research report on Tuesday, September 24th. Royal Bank of Canada increased their price objective on shares of ResMed from $224.00 to $232.00 and gave the company a “sector perform” rating in a research report on Friday, October 25th. Wolfe Research reissued an “underperform” rating and set a $180.00 price objective on shares of ResMed in a research report on Wednesday, September 18th. Finally, Bank of America increased their price objective on shares of ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $225.70.

Insider Buying and Selling

In related news, CFO Brett Sandercock sold 1,000 shares of the firm’s stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $233.47, for a total value of $233,470.00. Following the completion of the sale, the chief financial officer now directly owns 95,812 shares in the company, valued at $22,369,227.64. This trade represents a 1.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $245.65, for a total value of $491,300.00. Following the sale, the director now owns 81,218 shares of the company’s stock, valued at approximately $19,951,201.70. This trade represents a 2.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,725 shares of company stock worth $12,516,248 over the last three months. 0.71% of the stock is owned by insiders.

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.