Park Avenue Securities LLC Sells 80 Shares of ResMed Inc. (NYSE:RMD)

Park Avenue Securities LLC reduced its position in ResMed Inc. (NYSE:RMD) by 3.5% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,203 shares of the medical equipment provider’s stock after selling 80 shares during the period. Park Avenue Securities LLC’s holdings in ResMed were worth $538,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in ResMed by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 17,743,457 shares of the medical equipment provider’s stock valued at $3,052,229,000 after acquiring an additional 173,635 shares during the period. Bank of New York Mellon Corp increased its stake 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 worth $1,105,022,000 after purchasing an additional 1,959,642 shares in the last quarter. Los Angeles Capital Management LLC increased 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 purchasing an additional 241,195 shares in the last quarter. Greenvale Capital LLP raised its position 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 valued at $138,780,000 after purchasing an additional 275,000 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of ResMed by 15.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 698,905 shares of the medical equipment provider’s stock valued at $120,225,000 after buying an additional 95,689 shares in the last quarter. 54.98% of the stock is currently owned by institutional investors.

ResMed Trading Up 1.1 %

Shares of RMD opened at $240.51 on Friday. ResMed Inc. has a 1-year low of $132.24 and a 1-year high of $255.18. The company has a market capitalization of $35.33 billion, a P/E ratio of 36.94, a P/E/G ratio of 2.14 and a beta of 0.69. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.59 and a quick ratio of 1.69. The firm’s 50 day simple moving average is $236.01 and its 200 day simple moving average is $214.01.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.05. ResMed had a net margin of 21.79% and a return on equity of 25.00%. The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter last year, the company posted $1.60 EPS. The business’s quarterly revenue was up 6.9% on a year-over-year basis. Sell-side analysts forecast that ResMed Inc. will post 9.02 earnings per share for the current fiscal year.

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Thursday, August 15th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $2.12 annualized dividend and a yield of 0.88%. This is a positive change from ResMed’s previous quarterly dividend of $0.48. ResMed’s payout ratio is 32.57%.

Insider Transactions at ResMed

In related news, insider Justin Leong sold 48,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $217.07, for a total transaction of $10,419,360.00. Following the transaction, the insider now directly owns 18,741 shares of the company’s stock, valued at approximately $4,068,108.87. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider Justin Leong sold 48,000 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $217.07, for a total transaction of $10,419,360.00. Following the transaction, the insider now owns 18,741 shares of the company’s stock, valued at approximately $4,068,108.87. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was 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 directly owns 87,204 shares of the company’s stock, valued at $20,920,239.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 119,614 shares of company stock worth $27,135,217. 1.21% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

RMD has been the subject of a number of recent research reports. Royal Bank of Canada lifted their price objective on shares of ResMed from $206.00 to $224.00 and gave the company a “sector perform” rating in a research note on Tuesday, October 1st. Wolfe Research reiterated an “underperform” rating and issued a $180.00 price target on shares of ResMed in a research report on Wednesday, September 18th. KeyCorp increased their price objective on ResMed from $238.00 to $251.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Needham & Company LLC reiterated a “hold” rating on shares of ResMed in a research report on Tuesday, October 1st. Finally, Citigroup downgraded shares of ResMed from a “buy” rating to a “neutral” rating in a report on Monday, June 24th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $218.18.

ResMed Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.