DnB Asset Management AS Increases Stock Position in ResMed Inc. (NYSE:RMD)

DnB Asset Management AS raised its stake in shares of ResMed Inc. (NYSE:RMD) by 6.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,702 shares of the medical equipment provider’s stock after purchasing an additional 1,729 shares during the quarter. DnB Asset Management AS’s holdings in ResMed were worth $6,106,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. True Wealth Design LLC raised its position in shares of ResMed by 2,200.0% during the 3rd quarter. True Wealth Design LLC now owns 115 shares of the medical equipment provider’s stock valued at $28,000 after buying an additional 110 shares in the last quarter. OFI Invest Asset Management bought a new position in ResMed in the fourth quarter valued at $39,000. BankPlus Trust Department purchased a new stake in ResMed during the fourth quarter valued at about $44,000. Rosenberg Matthew Hamilton bought a new stake in ResMed during the fourth quarter worth about $54,000. Finally, SBI Securities Co. Ltd. purchased a new position in shares of ResMed in the 4th quarter worth about $67,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on RMD shares. Citigroup raised ResMed from a “neutral” rating to a “buy” rating in a report on Wednesday, March 5th. Morgan Stanley assumed coverage on shares of ResMed in a report on Wednesday, March 19th. They issued an “overweight” rating and a $280.00 price objective for the company. KeyCorp increased their target price on shares of ResMed from $266.00 to $280.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Piper Sandler boosted their price target on shares of ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a research note on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $249.73.

ResMed Trading Down 1.2 %

NYSE RMD opened at $219.85 on Monday. The stock has a market cap of $32.29 billion, a P/E ratio of 25.96, a price-to-earnings-growth ratio of 1.53 and a beta of 0.74. ResMed Inc. has a fifty-two week low of $172.19 and a fifty-two week high of $263.05. The stock has a 50 day simple moving average of $233.70 and a two-hundred day simple moving average of $238.02. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 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, analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Thursday, February 13th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date was Thursday, February 13th. ResMed’s payout ratio is 25.03%.

Insider Activity at ResMed

In related news, insider Kaushik Ghoshal sold 9,113 shares of ResMed stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $235.40, for a total transaction of $2,145,200.20. Following the sale, the insider now directly owns 9,725 shares in the company, valued at $2,289,265. The trade was a 48.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $242.11, for a total value of $484,220.00. Following the completion of the transaction, the director now owns 77,218 shares of the company’s stock, valued at approximately $18,695,249.98. This trade represents a 2.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 38,940 shares of company stock worth $9,164,385 over the last 90 days. 0.71% of the stock is owned by company insiders.

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.