Confluence Investment Management LLC Trims Holdings in ResMed Inc. (NYSE:RMD)

Confluence Investment Management LLC decreased its position in shares of ResMed Inc. (NYSE:RMD) by 1.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 126,864 shares of the medical equipment provider’s stock after selling 1,868 shares during the period. Confluence Investment Management LLC’s holdings in ResMed were worth $30,970,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its holdings in 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. Marshall Wace LLP purchased a new position in shares of ResMed in the second quarter valued at about $77,285,000. Greenvale Capital LLP boosted its stake in shares of ResMed by 61.1% in the second quarter. Greenvale Capital LLP now owns 725,000 shares of the medical equipment provider’s stock worth $138,780,000 after acquiring an additional 275,000 shares during the period. Los Angeles Capital Management LLC boosted its stake in shares of ResMed by 48.3% in the second quarter. Los Angeles Capital Management LLC now owns 740,226 shares of the medical equipment provider’s stock worth $141,694,000 after acquiring an additional 241,195 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in shares of ResMed during the second quarter worth about $42,036,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on RMD. Bank of America upped their price target on ResMed from $240.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Baird R W upgraded shares of ResMed to a “strong-buy” rating in a research report on Tuesday, September 24th. Wolfe Research reaffirmed an “underperform” rating and issued a $180.00 target price on shares of ResMed in a report on Wednesday, September 18th. Needham & Company LLC restated a “hold” rating on shares of ResMed in a research report on Friday, October 25th. Finally, Robert W. Baird increased their price objective on shares of ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $225.70.

ResMed Stock Up 1.4 %

Shares of NYSE RMD opened at $248.42 on Friday. ResMed Inc. has a 1 year low of $140.81 and a 1 year high of $260.49. The firm has a 50-day simple moving average of $243.12 and a two-hundred day simple moving average of $221.39. The company has a market cap of $36.47 billion, a P/E ratio of 32.90, a PEG ratio of 1.78 and a beta of 0.69. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.92 and a quick ratio of 1.91.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.17. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.19 billion. ResMed had a return on equity of 25.53% and a net margin of 23.15%. ResMed’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period last year, the company earned $1.64 EPS. Research analysts anticipate that ResMed Inc. will post 9.22 earnings per share for the current year.

ResMed Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 7th will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date is Thursday, November 7th. ResMed’s payout ratio is presently 28.08%.

Insider Buying and Selling

In related news, insider Kaushik Ghoshal sold 4,260 shares of ResMed stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $238.48, for a total transaction of $1,015,924.80. Following the completion of the sale, the insider now owns 21,788 shares in the company, valued at $5,196,002.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Kaushik Ghoshal sold 4,260 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $238.48, for a total transaction of $1,015,924.80. Following the transaction, the insider now directly owns 21,788 shares of the company’s stock, valued at approximately $5,196,002.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Michael J. Rider sold 882 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $231.00, for a total value of $203,742.00. Following the completion of the sale, the general counsel now owns 10,512 shares of the company’s stock, valued at $2,428,272. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 60,260 shares of company stock valued at $14,390,487 in the last 90 days. Company insiders own 0.71% of the company’s stock.

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.