Bridgewater Associates LP Reduces Position in ResMed Inc. (NYSE:RMD)

Bridgewater Associates LP trimmed its position in ResMed Inc. (NYSE:RMD) by 43.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 93,897 shares of the medical equipment provider’s stock after selling 72,216 shares during the quarter. Bridgewater Associates LP’s holdings in ResMed were worth $22,922,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RMD. Bank of New York Mellon Corp increased its position in shares of ResMed by 51.4% in the second quarter. Bank of New York Mellon Corp now owns 5,772,761 shares of the medical equipment provider’s stock valued at $1,105,022,000 after acquiring an additional 1,959,642 shares during the period. Marshall Wace LLP bought a new stake in shares of ResMed in the second quarter worth about $77,285,000. Greenvale Capital LLP lifted its stake in 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 holdings in 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 valued at $141,694,000 after acquiring an additional 241,195 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in ResMed during the 2nd quarter valued at $42,036,000. 54.98% of the stock is currently owned by institutional investors.

ResMed Price Performance

NYSE RMD opened at $249.33 on Thursday. ResMed Inc. has a one year low of $151.95 and a one year high of $260.49. The stock has a 50-day moving average of $242.03 and a 200 day moving average of $225.21. 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 company has a market capitalization of $36.60 billion, a price-to-earnings ratio of 33.02, a PEG ratio of 1.82 and a beta of 0.69.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 EPS for the quarter, topping 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 in the previous year, the business posted $1.64 earnings per share. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, sell-side analysts forecast that ResMed Inc. will post 9.28 EPS for the current year.

ResMed Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Wolfe Research reaffirmed an “underperform” rating and issued a $180.00 target price on shares of ResMed in a research report on Wednesday, September 18th. StockNews.com upgraded ResMed from a “hold” rating to a “buy” rating in a research note on Tuesday, October 15th. Bank of America raised their price objective on ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. KeyCorp boosted their target price on ResMed from $251.00 to $266.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Finally, Robert W. Baird raised their price target on ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $225.70.

Insider Buying and Selling at ResMed

In other news, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $239.90, for a total transaction of $479,800.00. Following the completion of the sale, the director now owns 87,204 shares of the company’s stock, valued at $20,920,239.60. This represents a 2.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Kaushik Ghoshal sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $252.56, for a total transaction of $1,262,800.00. Following the completion of the transaction, the insider now directly owns 21,788 shares in the company, valued at approximately $5,502,777.28. The trade was a 18.67 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 68,334 shares of company stock worth $16,379,713. Insiders own 0.71% of the company’s stock.

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.