Jericho Financial LLP Takes Position in ResMed Inc. (NYSE:RMD)

Jericho Financial LLP purchased a new position in shares of ResMed Inc. (NYSE:RMD) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 15,555 shares of the medical equipment provider’s stock, valued at approximately $3,557,000. ResMed comprises 2.6% of Jericho Financial LLP’s holdings, making the stock its 20th biggest holding.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RMD. UMB Bank n.a. raised its stake in shares of ResMed by 1.9% in the third quarter. UMB Bank n.a. now owns 2,465 shares of the medical equipment provider’s stock valued at $602,000 after buying an additional 47 shares during the period. Ascent Group LLC boosted its position in shares of ResMed by 1.7% in the third quarter. Ascent Group LLC now owns 2,924 shares of the medical equipment provider’s stock valued at $714,000 after acquiring an additional 48 shares during the period. SkyView Investment Advisors LLC grew its position in shares of ResMed by 2.0% during the 3rd quarter. SkyView Investment Advisors LLC now owns 2,610 shares of the medical equipment provider’s stock valued at $637,000 after purchasing an additional 51 shares in the last quarter. Wedmont Private Capital increased its stake in ResMed by 2.6% in the 4th quarter. Wedmont Private Capital now owns 2,032 shares of the medical equipment provider’s stock worth $475,000 after acquiring an additional 52 shares during the last quarter. Finally, Concurrent Investment Advisors LLC lifted its position in ResMed by 3.1% during the third quarter. Concurrent Investment Advisors LLC now owns 1,919 shares of the medical equipment provider’s stock valued at $469,000 after purchasing an additional 57 shares during the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ResMed

In related news, Director Witte Jan De sold 796 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $248.81, for a total value of $198,052.76. Following the transaction, the director now directly owns 6,723 shares of the company’s stock, valued at approximately $1,672,749.63. This trade represents a 10.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Justin Leong sold 6,160 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $243.09, for a total value of $1,497,434.40. Following the completion of the transaction, the insider now owns 21,718 shares in the company, valued at $5,279,428.62. The trade was a 22.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,094 shares of company stock worth $2,220,721 in the last three months. Company insiders own 0.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. KeyCorp increased their price objective on ResMed from $266.00 to $280.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. The Goldman Sachs Group assumed coverage on ResMed in a research report on Thursday, January 16th. They set a “buy” rating for the company. Robert W. Baird raised their target price on ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. UBS Group upgraded ResMed from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 31st. Finally, Piper Sandler boosted their target price on ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a research report on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $244.73.

ResMed Stock Up 0.1 %

Shares of RMD stock opened at $240.73 on Wednesday. The stock’s fifty day moving average price is $240.00 and its 200 day moving average price is $236.89. 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 $170.56 and a 1-year high of $263.05. The company has a market cap of $35.34 billion, a price-to-earnings ratio of 28.42, a price-to-earnings-growth ratio of 1.69 and a beta of 0.70.

ResMed (NYSE:RMD) last issued its earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.14. ResMed had a return on equity of 26.17% and a net margin of 25.34%. On average, research analysts expect that ResMed Inc. will post 9.41 earnings per share for the current fiscal year.

ResMed Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date of this dividend is Thursday, February 13th. ResMed’s payout ratio is presently 25.03%.

About ResMed

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.