Gateway Investment Advisers LLC Lowers Stock Position in ResMed Inc. (NYSE:RMD)

Gateway Investment Advisers LLC lowered its position in ResMed Inc. (NYSE:RMD) by 14.4% during the fourth quarter, Holdings Channel.com reports. The fund owned 4,640 shares of the medical equipment provider’s stock after selling 782 shares during the quarter. Gateway Investment Advisers LLC’s holdings in ResMed were worth $1,061,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RMD. True Wealth Design LLC increased its holdings in shares of ResMed by 2,200.0% in the 3rd quarter. True Wealth Design LLC now owns 115 shares of the medical equipment provider’s stock valued at $28,000 after acquiring an additional 110 shares during the last quarter. Ashton Thomas Securities LLC bought a new position in ResMed in the third quarter valued at $34,000. Rosenberg Matthew Hamilton acquired a new position in ResMed during the fourth quarter valued at approximately $54,000. Capital Performance Advisors LLP bought a new position in ResMed during the 3rd quarter worth approximately $60,000. Finally, Quarry LP lifted its holdings in ResMed by 271.9% in the second quarter. Quarry LP now owns 331 shares of the medical equipment provider’s stock valued at $63,000 after buying an additional 242 shares during the period. 54.98% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on RMD. Baird R W upgraded ResMed to a “strong-buy” rating in a research note on Tuesday, September 24th. Stifel Nicolaus initiated coverage on ResMed in a report on Friday, December 13th. They set a “hold” rating and a $250.00 price objective on the stock. KeyCorp boosted their target price on ResMed from $251.00 to $266.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. The Goldman Sachs Group began coverage on ResMed in a research note on Thursday. They issued a “buy” rating on the stock. Finally, Piper Sandler began coverage on ResMed in a research note on Friday, January 10th. They issued a “neutral” rating and a $252.00 target price on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, ResMed presently has an average rating of “Hold” and a consensus price target of $233.09.

Insider Buying and Selling

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $248.74, for a total transaction of $497,480.00. Following the completion of the sale, the director now owns 83,204 shares of the company’s stock, valued at $20,696,162.96. This represents a 2.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Witte Jan De sold 796 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $248.81, for a total transaction of $198,052.76. Following the completion of the transaction, the director now owns 6,723 shares of the company’s stock, valued at $1,672,749.63. This trade represents a 10.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 11,099 shares of company stock valued at $2,719,385. 0.71% of the stock is owned by insiders.

ResMed Price Performance

Shares of RMD opened at $239.89 on Friday. The firm has a market capitalization of $35.22 billion, a PE ratio of 31.77, a P/E/G ratio of 1.69 and a beta of 0.70. The stock has a 50 day simple moving average of $238.51 and a 200 day simple moving average of $232.77. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.92. ResMed Inc. has a 52-week low of $170.39 and a 52-week high of $260.49.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.17. The firm had revenue of $1.22 billion for 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%. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period last year, the firm posted $1.64 earnings per share. Sell-side analysts predict that ResMed Inc. will post 9.36 EPS for the current fiscal year.

ResMed Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 7th were paid a dividend of $0.53 per share. The ex-dividend date was Thursday, November 7th. This represents a $2.12 annualized dividend and a dividend yield of 0.88%. ResMed’s payout ratio is 28.08%.

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.